Measures exposures and determines the general effectiveness of strategies to manage risk.
The key to better risk management. This powerful tool uses a systematic approach to assess risk and benchmark performance against industry standards. Crafted by Subject Matter Experts, the IQRM™ helps organizations understand risk issues and design effective control and mitigation strategies. As a key component of The Insurance Markets’ ARMOR 360° Process, the IQRM™ measures exposures and enhances your organization’s risk profile for improved performance.
The IQRM™ assesses the management of risks in your organization by scoring the effectiveness of policies, procedures, and controls.
In determining the effectiveness through the Risk Check Survey, consider these criteria for determining effectiveness:
Tasks and actions that create or implement risk management policies, practices, procedures and programs.
Actions and conduct that affect performance – positively or negatively.
Internal processes, assessments and framework for ensuring compliance with program goals.
Risks that have the potential to cause loss, peril, or vulnerability; or that create opportunities for organizational success.
Qualitative and quantitative measurements and metrics that assure the achievement of risk management and organizational goals and objectives.
Yes! It is taken seriously by the underwriting community because it documents an understanding of risk and activities that improve your organization’s risk profile thereby reducing claim frequency and severity.
ARMOR 360° utilizes a variety of techniques to identify, measure, and reduce risk while enhancing an organization’s performance through non-insurance solutions. Each decision about how to manage risk is designed to improve your business’ bottom line.