Risk Management – Operations

Q: What's the difference between operational and financial risk?

Operational risk is about daily business activities. Financial risk is about money-related issues like market crashes or bad investments.

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Risk Management – Operations

There are many organizational risks associated with operating any type of business. Many of these operational risks can be mitigated using insurance policies. Others require the firm to create policies, processes and procedures around the various practice areas to increase the odds of favorable results. And the use of both insurance and risk control in tandem is the best way to safeguard your firm from potential loss.

Key Steps in Managing Business Risks

1. Project Management

Projects are usually one-time efforts to produce a specific result. Managing a project means creating the scope, delivery method, budgets, schedule, personnel assignments and implementation of the plan. All these links in the chain generate many opportunities for oversight.

2. Safety Programs & Office Procedures

Running a business, in general, has many pitfalls. The way it is organized and managed, including expectations of employees and office politics. It is important to have clearly defined standardized policies and procedures. This applies internally on expected behavior and conduct, use of firm equipment, sexual harassment policy, use of company vehicles and email to name a few examples. This also applies to outside of the office in case of emergency, renting vehicles and visiting client sites.

3. Business Interruption & Contingency

A sudden event, such as hardware failure, a blackout, natural disaster, fire or an act of terrorism can occur anytime to seriously affect the continuity of your business. It is important to ask yourself: What are your firm’s external demands on a day-to-day basis? How long can your essential business functions be inoperative? What are the costs to respond and the interim loss of revenue?

4. Internet & Technology

This area within operations deals with hardware, software, and privacy concerns within the process of delivering professional services. Changes in project delivery methods and our growing dependence on the internet and networks expose costly cyber liability risks. Privacy liability includes the failure to properly secure computers, the loss of laptops or backup media, and administrative errors. Electronic media liability includes protection against allegations of libel, slander, copyright and trademark infringement. Network operations liability includes coverage for viruses, hacker attacks, and denial of service attacks against third parties.

5. Employees

Employees are a design firm’s primary asset. When key employees leave, they leave holes in the organization that must be filled. Even within a three-person firm, you have hiring, training, retaining, promoting and professional development of staff. Firms with employees must also comply with local, state and national labor laws.

6. Sub-Consultants

One of the best ways for firms to remain flexible is through the use of sub-consultants. Sub- consultants also allow firms to “round out” their service offerings. Needless to say, picking the right consultant is critical. Whether they carry their own insurance or take the same care in delivering their service will reflect on your firm and could potentially make you liable for their actions.

Why Choose Risk Specialty Group for Operational Risk Management?

At Risk Specialty Group, we excel in helping businesses identify and mitigate operational risks through tailored insurance solutions. As an independent insurance agency, we prioritize your best interests by working with over 20 top-rated insurers to provide customized coverage options.

We only partner with A.M. Best “A” rated carriers, ensuring that you receive strong and dependable protection. Whether you want to meet contractual obligations or reduce exposure to operational risks, we design insurance programs that fit your budget and business goals. Our competitive options are dedicated to keeping your operations secure.

Industries We Help

We provide risk management services for:

Types of Business Insurance We Offer

We offer a wide range of business insurance options, including:

FAQs About Operational Risk Management

What are common examples of operational risks?

Cyberattacks, supply chain failures, employee mistakes, equipment breakdowns, and not following regulations.

How does operational risk management help businesses?

It helps businesses spot risks early, avoid disruptions, and reduce financial losses.

What are operational risk indicators?

Warning signs like system failures, high employee turnover, or security breaches.

Does operational risk management help with legal compliance?

Yes! It ensures businesses follow laws on data protection, safety, and regulations.

How does Risk Specialty Group customize risk management plans?

At Risk Specialty Group, we meticulously analyze your business’s risks and create a comprehensive, tailored plan to reduce threats, ensuring you are well-protected.

Can operational risk management help small businesses?

Absolutely! Small businesses face risks like cyber threats and financial problems. A risk plan keeps them protected.

How does risk management protect against cyber threats?

With strategies like firewalls, encryption, cybersecurity training, and regular security checks.

What is business continuity planning?

It’s a plan that keeps a business running after disasters like cyberattacks or power outages.

How often should a business update its risk plan?

At least once a year or when there are big changes in the business.

What's the difference between operational and financial risk?

Operational risk is about daily business activities.
Financial risk is about money-related issues like market crashes or bad investments.

What Our Clients Say

One-size-fits-all risk plans don’t work. That’s why we create custom solutions to fit each business. See how we’ve helped companies like yours—check out our customer reviews!

     EXCELLENT  
  18 reviews

    
 
 
      Posted on Google  
   
   Bobbie Llenz 
 20 December 2023
 
 
  I cannot say enough good things about Risk Specialty Group.  Their team is professional, and they have your best interest in mind.  I highly recommend them.   Our agent is Travis Landers and his team always take care of us every step of the way through the renewal process down to a dreaded claim.  We have been in business 27 years and believe me you want these people on your side.
  
 
     Posted on Google  
   
   JMD Engineering LLC 
 27 November 2023
 
 
  Couldn't be more pleased with the level of service and competitive pricing.  I have a niche business that falls outside the norm of most. Risk Specialty Group took the time to understand my business and provide the perfect solution of coverage for me. I highly recommend them to any small business in need of coverage.
  
 
     Posted on Google  
   
   Jill Bard 
 20 November 2023
 
 
  When I started my business 4 years ago, the team at Risk Specialty Group was recommended to me by a long-time colleague to handle business and professional liability insurance.  I could not be happier!  Travis, Deanna, and the entire team are wonderful to work with.  They consistently provide excellent service and go above and beyond to make sure I have what I need, when I need it.  One example: I purchased a new vehicle for the business and was signing paperwork late on a Friday afternoon not realizing I would need auto insurance before I drove it off of the lot.  Travis and his team took my call at 5pm and made sure I had coverage so I could drive home before 6pm, on a Friday!  Just one example of their excellent service and responsiveness.
  
 
     Posted on Google  
   
   Chris Abell 
 17 November 2023
 
 
  I've been partnering with Risk Specialty Group for last few years, and they consistently deliver exceptional service. The team's responsiveness is truly commendable being both prompt and efficient.

The account managers at Risk Specialty Group are clearly experienced, making the process of navigating insurance requirements seamless. I appreciate their attention to detail and the assurance that my business is in capable hands.

I highly recommend them to any business in search of a reliable insurance partner.
  
 
     Posted on Google  
   
   Blyss 
 16 November 2023
 
 
  I would highly recommend Risk Specialty Group to anyone looking for reliable and helpful insurance professionals who go above and beyond to ensure customer satisfaction. Travis and Leah have consistently shown exceptional reliability, proving to be significant assets in navigating the complexities of insurance policies. Their unwavering commitment to providing assistance is evident in prompt and thorough responses, along with valuable feedback. Barron Engineering appreciates all of your help and support!
  
 
     Posted on Google  
   
   Nicola Hartman 
 15 November 2023
 
 
  The Risk Specialty Group was recommended to TTL by another client of theirs. We have not been disappointed! Both Travis and Candi have been wonderful to work with - the communication is exceptional and the overall switch from a different company has been seamless. I look forward to working with them for many more years to come.
  
 
     Posted on Google  
   
   Real David N 
 12 October 2021
 
 
  Risk Specialty Group has handled my micro-company's insurance for almost five years.  They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner.  Of all my service providers, they are #1 in that department.  6 stars if I could.
  
 
     Posted on Google  
   
   J Smith 
 31 January 2019
 
 
  Prompt, knowledgeable, and courteous. Enjoyed working with the Risk Specialty Group team.
  
 
     Posted on Google  
   
   Brian Richardson 
 28 January 2019
 
 
  My company, EFR Contracting LLC, uses Risk Specialty Group because of their industry expertise, professionalism, superior customer service and attention to detail. I highly recommend them.
  
 
     Posted on Google  
   
   Elizabeth Schlitzberger 
 17 January 2019
 
 
  Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Get in Touch

Are risks threatening your business? We understand the challenges of cyber threats, legal risks, and operational challenges. Contact us today for expert solutions; we’re here to support you!

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David Nelson

15:10 01 Apr 19

Risk Specialty Group has handled my micro-company's insurance for almost three years. They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner. Of all my service providers, they are #1 in that department. 6 stars if I could.

Todd McMakin

16:00 04 Dec 18

We have been using the Risk Specialty Group for our company insurance for two years and have been very happy with our rates and with the customer service that we have received. They are always quick to respond to questions and requests. Highly recommended!

Su Young

18:52 04 Dec 18

Risk Specialty's owner is great to work with, excellent knowledge of the marketplace and clients' insurance needs. The staff is thorough, experienced and friendly. Great shop to consider for your insurance needs.

Elizabeth Schlitzberger

15:23 17 Jan 19

Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Parallax Consulting Group

01:30 19 Dec 18

I am currently renewing my coverage for year (2) of my business. Everyone at RSG has been extremely helpful, while also being clear and concise with all my options and/or questions through every step of my growth, risk management and company success. I would highly advise and/or recommend RSG to anyone looking to find a firm you can count on...but most importantly, trust!

Risk Management – Operations

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Risk Management – Operations

Key Steps in Managing Business Risks

1. Project Management

2. Safety Programs & Office Procedures

3. Business Interruption & Contingency

4. Internet & Technology

5. Employees

6. Sub-Consultants

Why Choose Risk Specialty Group for Operational Risk Management?

Industries We Help

Types of Business Insurance We Offer

FAQs About Operational Risk Management

What are common examples of operational risks?

How does operational risk management help businesses?

What are operational risk indicators?

Does operational risk management help with legal compliance?

How does Risk Specialty Group customize risk management plans?

Can operational risk management help small businesses?

How does risk management protect against cyber threats?

What is business continuity planning?

How often should a business update its risk plan?

What's the difference between operational and financial risk?

What Our Clients Say

Get in Touch

Stay Updated with Risk Insights

Professional Liability Insurance for Design Firms: The Complete 2026 Guide

Professional Liability Claim Examples in the Engineering World

The Difference Between General and Professional Liability for Engineering Firms

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