Boston — Karen Clark, previously of Applied Insurance Research, is now providing comprehensive reviews of company internal catastrophe risk assessment and management processes. The independent reviews, provided by Boston-based Karen Clark & Co., her newest company, are designed to help companies ensure they have in place holistic risk management processes that comply with best practices. Holistic risk management practices incorporate independent benchmarks and metrics to assess the quality of catastrophe model input and output.
According to the company, Karen Clark’s independent reviews cover the five most important components of an effective risk management process: preparing the exposure data, benchmarking the exposure data, performing the model analyses, benchmarking the model-generated loss estimates and applying the model results. The comprehensive independent review, “Independent Metrics for the Assessment of Risk from Catastrophes” (IMARC), provides company management with an assessment of each component of their internal process along with recommendations for improvements.
“In meetings with dozens of companies over the past several months, I found incredible demand for a recognized, independent review process,” says Karen Clark, CEO of Karen Clark & Co. “Even companies that have already developed extensive internal processes want a team of independent experts to review those processes. The IMARC reviews also provide a way for external stakeholders, such as rating agencies and investors, to better differentiate companies based on the relative quality of their risk management processes and their exposure data.”
Source: Karen Clark & Co.
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