Intelligence Quotient for Risk Management™
Measures exposures and determines the general effectiveness of strategies to manage risk.
What is the IQRM?
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 Highpoint Insurance Group’s RISE365® Process as it measures exposures and determines the general effectiveness of strategies to manage risk. Most importantly, the IQRM facilitates our ability to improve your organization’s risk profile.
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 risk.
- Design an action plan to improve the IQRM Score.
- Have a positive impact on business performance by taking an enterprise-wide solutions approach.
- Leverage the IQRM improvement process to achieve positive results in the insurance marketplace.
What is the 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:
Tasks and actions that create or implement risk management policies, practices, procedures and programs.
Actions and conduct that affect performance – positively or negatively.
Internal processes, assessments and framework for ensuring compliance with program goals.
Risks that have the potential to cause loss, peril, or vulnerability; or that create opportunities for organizational success.
Qualitative and quantitative measurements and metrics that assure the achievement of risk management and organizational goals and objectives.
RISE365® is a Five-Step Process
RISE365® utilizes a variety of techniques to identify, measure, and reduce risk while enhancing an organization’s performance through non-insurance solutions. Each decision about how to manage risk is designed to improve your business’ bottom line.