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Outsourced Risk Management and Risk Management Consulting

 

MDW employs a team of professionals that are skilled in reducing a public entity’s total cost of risk.  MDW has a proven track record assisting large municipal or other public entity clients in evaluating staffing levels and job descriptions, implementing wellness and safety programs, designing benefit offerings, and assisting executive leadership in other risk management areas.  In 2011, MDW’s public entity team saved its clients more than $10M in risk related savings.  MDW’s approach is to tailor a suite of services specifically to the needs of the public entity.

 

Prepare a Total Cost of Risk analysis including Total Cost of Risk Study:

 

• Identifying the targets of ‘real cost’ and setting a strategy to accomplish the specific goals with all parties accountable (i.e. gain-sharing).
• Calculating total cost of risk
• Identifying Cost drivers 
• Evaluating certainty in the costs 
• Identify risks of higher costs 
• Identify opportunities to lower costs

Identify and evaluate efficiency of current staffing:

 

• Evaluate current risk management roles currently being performed internally
• Assist Management with Job Descriptions for members of Risk Management department
• Assist in search of risk management professionals if necessary
• Evaluate roles being performed by current brokers and service providers 
• Identify optimal roles, service levels and responsibilities

Oversee Contingency and Disaster Preparedness from an insurance perspective including:

• How well Client is prepared?
• Analysis of coverage limits 
• Analysis of reserves to cover deductibles
• Development of comprehensive risk management message for bond rating agencies

Oversight of Purchasing and Negotiation of Insurance:

 

• Identify current process 
• Evaluate fairness of the process
• Analysis of results 
• Identify positives and negatives of the process
• Implement more efficient processes

Claims settlement procedures:

 

• Work with other vendors to achieve best results after a loss
• Evaluate procedures across departments and decision making process 
• Identify alternative institutional practices for decision making in settling claims
• Assist in negotiation with carriers in settlements

 

Loss Control and Safety:

 

• Identify processes in place 
• Evaluation
• Improvements

 

Claims Tracking:

 

• Evaluate if exposure areas are quickly identified when they become a problem
• Determine whether risk management information systems RMIS are adequately utilized 

 

Benefits oversight:

 

• Review long standing handbook procedures and practices
• Benchmarking
• Oversight and Evaluation of Health and Wellness initiatives

 

Miscellaneous:

 

• Other related projects as identified and required
• Consulting on Budgeting and Labor negotiations

 

 

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