Operational risk refers to the potential of business losses that occur due to inadequate actions or failures on the part of the business or external factors. Some reasons for implementing an operational risk management strategy include the following:

• Internal fraud
• External fraud
• Employment practices
• Client and business practices (including vendor risks)
• Risk transfer strategy (including insurance and contractual risk transfer)
• Liability and business interruption
• Business continuity practices

GCR also has the capability to offer Virtual Risk Management (VRM) Services to small to medium-sized businesses (SMBs) or to large companies that need specialized risk expertise on a one-off basis.

We can help you with day-to-day or specialized risk management services, including assisting you with your company’s risk management strategy.

Examples of services include:

• Identify key risks or vulnerabilities
• Discuss appropriate risk mitigation efforts/strategies
• Review insurance policies to ensure you have the right coverage
• Insurance policy training to learn more about the actual coverages& pitfalls to avoid
• Review vendor contracts for contractual risk transfer issues
• Review sales contracts to better manage accepted risks
• Advise on claims management
• Analyze past or open claims to identify potential changes needed in coverage
• Insurance broker review or assist in development of broker RFP
• Advise on business continuity strategy and/or ways to implement or improve it

The VRM services can help you develop a robust risk management strategy,avoid litigation, and protect your reputation in an increasingly complex world.

Our goal is to help you plan, prevent and protect!