Enterprise Risk Management (ERM) is a method of identifying and assessing critical risks facing an organization, quantifying their financial and strategic impact then implementing solutions to minimize or eliminate threats. The COVID pandemic added another dimension to this assessment.

Commercial insurance is a key element of traditional risk transfer. However, insurance may not protect an organization from all inherent business risks. Examples include technology failures, supply chain interruptions, occurrences of data breach, acts of domestic terrorism and the aftermath of COVID as businesses begin to reopen.

Risk mapping helps an organization identify risks that will materially affect the ability to remain in business. Moreover, risk mapping is not limited to large organizations; inherent business risks affect all organizations both large and small.

The ability of an organization to identify and manage a diversity of risks will also benefit an organization’s investors, lending partners and other stakeholders. The ability to share an overall risk profile along with a holistic approach to risk management will be well received by those with a financial interest in the organization.

At Fairfield County Bank Insurance Services, we endeavor to understand our client’s business objectives and operations along with associated risks. Collaboratively we work to establish a comprehensive risk retention, risk transfer program protecting employees, assets and income.