Three Vital Components of a RiskPoint Analysis
1 - Comprehensive and Objective Risk Analysis
An objective and disciplined diagnosis by an unbiased third party should be used to assess all of the business risks against a rules-based library of options. The results should be presented to key stakeholders in a preliminary findings report that provides a baseline description of all risks discovered.
2 – Professional Solutions Team Management
Once risk has been diagnosed properly, a team of professionals should be coordinated by a third-party entity, and strategic solutions chosen and agreed upon by the key stakeholders and all members of the team. One of the major frustrations faced by business owners is the lack of coordination of the outside professionals’ efforts (attorneys, accountants, insurance brokers, benefits administrators, business consultants, wealth managers, and others). Although most of them do a great job individually, their efforts are seldom coordinated so each knows what the other is doing. It is imperative that the efforts of the Solutions Strategy Team be orchestrated, coordinated, monitored, and measured by an unbiased third-party entity.
3 - Monitor, Measure, and Adjust
Since the process of effective risk management is dynamic, an objective system that monitors, measures, and makes recommendations for adjustment and improvement should be in place. Businesses are in a constant state of change, with many factors occurring outside the control of the owner or other key stakeholders. These “Change Factors” must be accounted for and dealt with in a timely manner.
RiskPoint Zone has positioned itself as the this third party, using a proprietary Cloud-based process known as RiskPoint Analysis. It is an objective, metric-based process that analyzes all risks that might lessen the value of business related assets. The system then coordinates the efforts of the professional solutions advisors, and monitors and measures the results of the elimination, mitigation, or transfer of those risks over time. A result of this process will be the growth of business value.