Products Liability IQRM

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What is IQRM?

The IQRM (Intelligence Quotient for Risk Management) is the first step to identifying the risks that most greatly affect your business.

Why IQRM?

With this integral piece of The Insurance Market’s Armour 360® process, we will ensure you receive a comprehensive program that maximizes your insurance investment.

How IQRM works?

We will work together to analyze the effectiveness of managing risks, develop strategies to protect your assets, and improve your risk profile. Additionally reducing your insurance costs, monitoring, and fine-tuning risk management programs as your business evolves.

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1. To what extent is senior management aware of your product safety risks and committed to addressing them?(Required)
2. How effective has the organization been in establishing a product safety leader(s) who has the independence and status to enable them to deliver hard messages to senior management?(Required)
3. To what degree does your organization perform mock recalls; analyze and evaluate the results; and use the analysis after an actual product recall/product defect event?(Required)
4. How effective is your organization in retaining a team of outside experts who can be called on as a resource to deal with a potential product recall?(Required)
5. How would you rank the quality control procedures and policies that your organization currently has in place?(Required)
6. How effective are new product design processes with regards to including safety reviews, change management, and manufacturing controls?(Required)
7. How effective is the organization’s supplier qualification process with regards to requiring all suppliers to be approved and periodically audited?(Required)
8. How effective is the organization’s product safety policies and procedures at addressing both product design and after-manufacture performance and failure?(Required)
9. How effective is your organization at performing Failure Modes and Effect Analyses (FMEA) on all product platforms and after significant product changes?(Required)
10. To what extent does your organization have an active crisis response team and a product recall procedures manual?(Required)
11. How effective is your organization in training employees to understand their critical responsibilities in the production of a safe product along with the roles they need to assume in the event of a product recall?(Required)
12. How effective is the organization’s customer complaint process, and are all safety-related complaints promptly evaluated by safety professionals?(Required)
13. How effective is your organization in making business leaders and product designers aware of all relevant industry standards and governmental regulations for all products in the markets where they are certified and/or sold?(Required)
14. How effective is your organization in holding regular reviews with its insurance carrier and in promptly communicating all claims involving potential product safety risks to the product safety professionals?(Required)
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