Risk Managers are being asked to do more with less. Decreasing municipal revenue, slow consumer spending, and high unemployment have led to some of the most difficult municipal budget-balancing decisions in decades. Cities have eliminated staff, cut services, and canceled projects. With a weak economic recovery and the dissolution of redevelopment agencies, cities continue to endure additional budget cuts.
Severe cuts in the risk management arena can result in a disproportionate effect on the cost of risk as a whole, and cutbacks may have left cities more exposed to costs when incidents occur. Risk management has also been spread around to multiple positions throughout the organization. At times duties are delegated to staff who are not qualified, which results in a fragmented and disjointed effort. Quite simply, important elements are overlooked and simply fall between the cracks.
ICRMA Rent a Risk Manager Solution
The Rent a Risk Manager Program offers a relief for these challenges. The Rent a Risk Manager Program is not intended to replace in-house risk managers, but rather provide expertise in certain areas and to complement the city’s staff. Using the Rent a Risk Manager in a temporary role can assist with catch-up work or time-consuming but short-lived projects that don’t support the addition of an employee.
Rent a Risk Manager services include:
- Contractual Risk Transfer
- Review specifications, contracts, and leases to ensure insurance requirements fit the situation
- Secure and review certificates of insurance from contractors and others with which the City does business
- Oversee third party administrator (TPA) performance and claim settlements
- Perform accident investigations
- Work with the TPA to provide in-depth loss analysis
- Loss prevention and control
- Identify open compliance issues and seek appropriate solutions
- Participate in department safety meetings
- Policy review and revision
- Staffing Support
- Research and prepare reports to management as requested
- Provide advice at key meetings
- Take advantage of specialized knowledge
- Utilize the services of an experienced risk manager
- Increase/decrease the hours to meet the city’s needs
- Option to use the city’s ICRMA Risk Management Fund to pay for the service
- Less costly than hiring an employee or using a full-time consultant
- No employment contract or benefits
Contact ICRMA’s Executive Director and Loss Control Director to learn more or schedule a needs-assessment. Their contact information may be found on the clicking here to redirect to the contacts page.