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What is Risk Management?

At Dominion Risk Advisors, our experts help clients with complex needs develop a unique Strategic Risk Management program.

This is the discipline by which your organization assesses, controls, exploits, finances and monitors risks from all sources for the purpose of increasing the organization’s short- and long-term value to its stakeholders.

What is the difference between insurance and risk management and why do you spend so much time talking about managing risk?

We carefully picked our name; we advise you on how to manage your risk which will save you directly on insurance costs and indirectly through higher productivity and less disruptions to the business.  Creating a strategy to manage risks is the best way to protect your assets and control the costs for your business (or family).

At Dominion Risk Advisors, our experts help clients with complex needs develop a unique Strategic Risk Management program.  This is the discipline by which your organization assesses, controls, exploits, finances and monitors risks from all sources for the purpose of increasing the organization’s short- and long-term value to its stakeholders.

Why does this matter?

  • risk managementThe direct cost of insurance is a fraction of your overall cost of risk. Risk Managers calculate that your total cost is 4 to 10 times more than your direct insurance premiums.
  • Losses will increase your costs.
  • Claims management yields the best outcome for injured workers or any other type of loss that your business may suffer.
  • Reputational risk matters – Your relationships are the value of your business. You must protect your employees, your client relationships and your brand.
  • Insurance carriers will compete for business when you have controls and standards.

Specifically, at DRA, we work to identify and manage your Total Cost of Risk.

We will conduct an analysis that calculates your total cost of risk and create the best strategy. Some of the tools that we use include:

  • Risk Identification
  • Risk Analysis
  • Foster Risk Awareness
  • Establish Goals and Accountability
  • Customized Critical Path Timelines for your Strategic Risk Management Plan
  • Annual Experience Modification Review before NCCI promulgates your experience mod
  • Aggressive Claims Management
  • Zywave – Risk Management and Safety Portal
  • Accident Investigation Program and Training
  • Risk Control and Safety Specialists and Resources
  • Comprehensive Internal Risk Management Training including the Certificate in Risk Management Courses
Learn About Our Referral ProgramSupport local!

Refer a friend or business to Dominion Risk Advisors and you can earn a gift card to a local business or we'll make a charitable contribution in your name.

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