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Risk Management

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Risk Management

What is the IQRM (Intelligence Quotient for Risk Management™)?

The IQRM™ is a quantifiable risk assessment tool consisting of a systematic method to better understand the risk issues facing your organization. It also benchmarks performance against ideal industry standards and facilitates the design of risk control and mitigation strategies. Each module has been crafted by one or more Subject Matter Experts.

The IQRM is an integral piece of the Viall Insurance Agency’s Beyond Insurance® Process as it measures exposures and determines the general effectiveness of strategies to manage risk. Most importantly, the IQRM facilitates Viall Insurance Agency’s ability to improve your organization’s risk profile.

IQRM modules available for the following Risk Issues:

  1. Business Continuity / Crisis Management
  2. Claims Management
  3. Cyber Liability
  4. Directors and Officers Liability
  5. Discipline and Termination
  6. Employment Practices Liability
  7. Environmental Liability
  8. Fleet Safety
  9. General Liability
  10. Pre Employment Screening
  11. Product Contamination and Recall
  12. Products Liability
  13. Professional Liability
  14. Recruitment, Selection & Hiring
  15. Substance Abuse
  16. Wage & Hour
  17. Workers’ Compensation
  18. Workplace Discrimination
  19. Workplace Safety
  20. Workplace Sexual Harassment

Pick a topic and use the Questions and Comments form above to obtain a complimentary IQRM review!

Specifically, the IQRM modules facilitate your ability to:           

  • Become better educated about risk issues facing your organization;
  • Benchmark performance against ideal industry standards;
  • Consider “Best Practices” to control and mitigate risks;
  • Access reference resources to gain further knowledge of the implications of the risks;
  • Design an Action Plan to improve the IQRM Score;
  • Have a positive impact on business performance by taking an enterprise-wide solutions approach; and
  • Leverage the IQRM improvement process to achieve positive results in the insurance marketplace.

Scoring Process

The IQRM is designed to evaluate your organization’s management of risk. The scoring system determines effectiveness through the assessment of policies, procedures and controls.

When evaluating risks based on the criteria contained in the Risk Check Survey, you should consider the following in determining effectiveness:

  • Activities – tasks and actions that create or implement risk management policies, practices, procedures and programs.
  • Behaviors – actions and conduct that affect performance – positively or negatively.
  • Internal Assessments – risks that have the potential to cause loss, peril, or vulnerability; or that create opportunities for organizational success.
  • Internal Controls – internal processes, assessments and framework for ensuring compliance with program goals.
  • Outcomes – qualitative and quantitative measurements and metrics that assure the achievement of risk management and organizational goals and objectives. 

The IQRM, as part of the Beyond Insurance Process, 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. The following represent a few quotations from regional and branch managers of national insurance companies.