ABD Forms Risk Management Solutions Unit

Redwood City, Calif.-based ABD Insurance and Financial Services, a provider of global risk management and employee benefits solutions, has announced the establishment of its Applied Risk Management Solutions (ARMS) Group. The new unit provides clients with a wide range of consulting services in risk identification, risk analysis, risk control and risk financing.

According to John Schaefer, ABD’s vice president of Enterprise Risk Management and director of the ARMS unit, “The high cost of insurance, combined with upward trends in property and casualty losses, have increased the desire of many companies to consider the role of non-insurance solutions in their overall program. Our Applied Risk Management Solutions service is primarily aimed at companies that need additional risk management expertise but choose not to hire full-time risk management resources. Our goal is to help clients reduce the total cost of risk.”

The five major services provided by the ARMS Group are:

Risk management administration — Establishing customized policies and procedures, allocation models, organizational tools and information gathering for insurance and risk management programs.

Risk identification — Helping to determine potential exposures through on-site inspections and interviews, surveys, and review of company information. Review may be for specific exposures (such as workplace safety) or enterprise-wide.

Risk analysis — Assisting with the prioritization of risk based upon frequency and severity.

Risk control — Reducing the number of occurrences and the cost of each occurrence through physical improvements, training, education and policy administration.

Risk financing — Evaluating the feasibility of non-insurance solutions.

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