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Every organization, no matter how large or small, inherently possesses exposures to risk. Management of these risks requires a coordinated, disciplined approach to eliminate or control the risks.
Be prepared.
Red River Services offers risk management services that will help you reduce overall costs for risks and accidents, provide adequate protection in the event you encounter a risk/accident, integrate a stronger safety plan for your organization and be able to plan and budget more effectively.
Defining Risk Management
Risk management is an ongoing process that identifies risk exposure, or the possibility for loss or injury due to peril or other causes, measuring them against the firm’s loss management capabilities and the handling of risk with appropriate control, transfer and financing techniques.
Simply stated, risk management is the process of identifying and controlling an organization’s losses.
Risk Management focuses on economic threats to the well being of your organization and whether or not the exposure, or chance of loss, is insurable. 
Objectives of Risk Management
Reducing the cost of risk is the primary objective of a risk management program. In order to carry out this goal, specific objectives are to:
- Minimize exposures to financial losses
- Protect physical assets
- Reduce frequency and severity of accidents
- Integrate safety plans and provide a safe environment for employees and members of the public
Types of Risk
- Economic
- Operations
- Marketplace
- Financial
- Entrepreneurial
- Legal
- Compliance
- Statutory
- Liability
- Political
- Legal changes
- Governmental
- Social
- Public relations
- Image
- Cultural issues
- Losing touch with social direction
- Physical
- Property
- People
- Other resources
- Juridical
- Judge or jury decisions
The Cost of Risk
- Replacement value of equipment damaged or lost
- Total claims expenditures, including legal expenditures
- The cost of insurance premiums
- Lost productivity
- Administrative and overhead costs
Insurance Bid Specifications for Public and Private Entities
- Insurance placement through existing and new brokers
- Comprehensive needs analysis with completed specifications for insurance requirements. Red River Services will work with your current agent or broker to determine appropriate coverage at competitive pricing. (This is a fee-based program and Red River Services will not place the insurance for the client.)
Safety Engineering, Loss Control and Inspections
- Complete risk analysis with recommendations
- Recommendations for loss control, follow up and safety manuals
- Property inspections for carriers, brokers and clients, analyzing hazards, construction, replacement cost valuations and recommendations
Our Qualifications
- Knowledgeable, trained risk managers (CIC, FSR, LCR certifications)
- More than 40 years of underwriting, loss control and insurance marketing experience
- Claims and insurance knowledge
- Analytic, negotiation and administrative skills
- Thorough, honest, responsible representatives
Insurance Companies and Managing General Agencies (MGAs)
- We focus on acuracy and timeliness of loss control reports
- We meet all insurance carrier deadlines
- You have the ability to check the status of your report online
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