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departments work directly with the accounts department in
processing insurance claims.
Process automation
l Computer capabilities and sophisticated software
applications can also assist a risk manager in dealing with
loss exposures of a complex nature.
Legal expertise
l The risk management team needs to have expert internal
and external general counsel, especially in dealing with liability
exposures. Also it is essential to ensure that all management
activities are in compliance with applicable legal and statutory
provisions.
Personnel records
l These are important in identifying and coping with the
management's exposure by loss of key persons and so the
it is needed to be protected from destruction or damage.
Information flow
l Flow of information within an organization and from outsiders
is of vital importance. Risk management departments of many
large companies submit annual reports to senior management
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