Plan for risk with greater confidence
Navacord’s enterprise risk management services help you understand the risks facing your business and make informed decisions. Our advisors assess your operations, identify exposures and develop a practical plan to strengthen resilience and support long-term growth.
Risk management support
Enterprise risk management services for your business
From on-site assessments to specialized inspections, our services help identify hazards, prevent losses and inform insurance decisions. We tailor our approach to your operations, priorities and industry.
Risk control surveys
Risk control surveys support underwriting and identify hazards across your operations. Based on the findings, our advisors recommend practical measures to reduce exposure, improve safety and help prevent losses.
Risk control representation and insurer support
When an insurer’s risk control survey includes recommendations, our advisors help you understand the requirements and identify practical ways to address them. We can also communicate with the insurer on your behalf to support compliance and keep the process moving.
Infrared thermography inspections
Our team uses specialized infrared cameras to identify potential faults in electrical and mechanical systems before they become more serious. The non-contact inspection usually does not require equipment to be shut down, helping support safer operations and reduce unplanned downtime.
The Navacord advantage
Why choose Navacord for enterprise risk management?
Build a risk management program tailored to your business with local insight, national capabilities and specialized expertise.
Industry-specific risk management experience
Our advisors bring extensive risk management experience and specialized knowledge across many industries. We tailor our recommendations to your sector, business model, objectives and operational exposures.
Expert guidance to identify and mitigate risk
Our risk professionals help you identify and prioritize operational exposures, then recommend practical ways to reduce or transfer risk. We also help align your insurance program with your changing needs and opportunities.
Independent advice focused on your business
As a Canadian brokerage with no ties to specific insurance companies, Navacord puts your needs first. Our advisors provide objective guidance and access to broad market relationships, helping you make confident risk and insurance decisions.
Enterprise risk management FAQs
Enterprise risk management is a structured process for identifying, assessing and managing risks that could affect your operations or objectives. It helps your organization prioritize exposures and decide whether to prevent, reduce, transfer or prepare for them.
Enterprise risk management can help businesses assess a wide range of operational, financial, strategic and external exposures, including:
- Business interruption
- Breakdown of essential equipment
- Car accidents
- Cybercrime
- Data breaches
- Economic instability
- Employee crime
- Fire
- Flooding
- Hail
- Industry-specific risks
- Supply chain interruption
- Theft
- Vandalism
- Storms
Navacord helps businesses understand these exposures and develop practical strategies to prevent losses, reduce disruption and limit financial impact.
An enterprise risk management framework provides a consistent process for managing risk across your organization. Core components typically include:
- Identify potential risks. Review your organization’s objectives, resources, locations, vendor dependencies, processes and other factors that could create exposure.
- Assess impact and likelihood. Evaluate how likely each risk is to occur and the potential effect on your organization.
- Determine a risk response. Decide whether to accept, avoid, reduce or transfer each risk based on your organization’s tolerance, appetite and priorities.
- Build response plans. Define the actions, responsibilities and resources required if a risk event occurs.
- Communicate and implement. Put procedures and controls in place and ensure the right people understand their roles.
- Monitor and reassess. Review risks and controls regularly as your organization and business environment evolve.
The scope and order of these steps may vary based on your organization’s size, objectives, operations and risk profile.
A well-designed enterprise risk management program can help your organization:
- Identify and prioritize potential risks
- Reduce the likelihood of losses
- Limit the impact of risk events
- Prepare effective response plans
- Transfer risk where appropriate
- Identify opportunities for growth
- Make more informed business decisions
- Reduce long-term costs
- Support employee, customer and stakeholder confidence
