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ACE INA is a division of the ACE Group of Companies that provides an array of insurance and reinsurance products and services. The INA division’s products and services include risk insurance and risk management services to corporate and consumer clients across the U.S. (ACE, 2006). Susan Otterson, their vice president of corporate underwriting, learning, and development, has a best practice strategy to understand, model, assess, and manage catastrophic risks. She believes that most organizations have knowledgeable staff to assess and manage risk and that the use of a multi-step procedure can dramatically improve results. The first step is to gauge the current risk awareness within the company, determine if there is a consistent risk management policy that is understandable to staff, and assess the organizations short-term and long-term financial ability for handling risks. The second step identifies key knowledge areas, in-house expertise, and resources available for the risk management process. The in-house experts are then queried for their educational sources used to develop and maintain their expertise. This information is then used in the third step which is to create a core competency model. Core competencies are identified along with required skill sets and knowledge. Educational materials are then composed for each competency area and are used to provide training, seminars, and testing. The fourth step entails establishing employee knowledge baselines by conducting educational tests prior to training. This information is then used to track the effectiveness of the education and training processes conducted in the subsequent step. Catastrophic risk modeling tools are also recommended to facilitate the financial impacts that these events have on the organization (Otterson, 2005).
Companies can learn from this example, to inventory in-house expertise, and knowledge, and educational sources should be composed and analyzed to create core competencies and to develop educational and training materials for knowledge transfer. CITE THIS AS: YouSigma. (2008). “ACE INA Risk Management Methodology." From http://www.yousigma.com.
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