Managing Service Providers

Today risk managers are asked to do more with less. As the risk world becomes more complex, the importance of solid and effective working relationships with key service providers is even more critical to the overall mission of effective risk management. These relationships can be spread across numerous firms, each with different missions and needs — brokers, agents, consultants, engineers, third party claims administrators, actuaries, attorneys, etc. — each bringing different skills and assets to the overall effectiveness of the risk management process. Sometimes it seems today’s risk manager is less the manager of risk and more the conductor of an orchestra of risk management providers, internal (employees) and external (service providers), who in turn create the music of managed risk.