Case Study: Risk Management
A large retailer with multiple locations met with Underwriters Group and Blue Ocean Advisors to see about retaining them for risk management services. This particular retailer had been in business for over ten years, yet had never been questioned about how the organization was managing their day to day risk and, in turn, keeping their costs minimized.
Strategy/Action:
Once the contract had been negotiated and the business partnership formed, our risk management professionals worked closely with the retail company to complete a customized TCOR Analysis (total cost of risk). This analysis allowed us to identify pains and issues that existed in their daily operations that were not currently being addressed. Based on the findings of the TCOR, a need for a disaster recovery program was one of the issues identified.
Result:
Within months after the completion of the disaster recovery program, a tornado severely damaged one of the critical locations of the business, rendering it non-operational. Due to the proactive approach taken by Blue Ocean Advisors and the initiative taken by the client in instituting the plan, the retail group was back in functional order within one week's time and minimized their insurance claim.