Evaluation of specified hazards in the context of the probability and severity of prospective loss and the effectiveness of risk control measures.
Hazard evaluation can be related to individual or multiple perils involving an entire site, high value or critical facilities (e.g. computing centres) or specific development projects. Risk evaluation reviews are particularly appropriate when considering installing or upgrading protection such as sprinklers and intruder alarms in key business facilities.
A detailed report reviewing the prospective causes and potential effects of loss provides full understanding of the nature and scale of loss exposure. Loss expectancies are assessed both in the worst cases scenario (maximum foreseeable loss) and assuming full benefit of loss control facilities which are in place (normal loss expectancy).
Identifying appropriate methods of loss prevention and control enables you to select the best options available to:
Property risk evaluation and improvement enables you to make decisions on management of risk with confidence.
Evaluation gives you the opportunity to consider alternative methods of risk control to ensure development of the most cost-effective risk management programme.