From top management's perspective, risk management departments were–and sometimes still are–viewed simply as efficient cost centers.
While risk management departments are good at what they have always done–insurance buying, contract management, loss control, safety management, actuarial estimates, claims management, policy administration, certificates of insurance, vendor management and contract reviews–their work can reflect a more one-dimensional view of the risk management process and the department.
The world of risk management, however, is changing. The new dynamic of risk management is multidimensional and fast moving. Risk management today is dominated by issues triggered by, or related to Sept. 11, 2001–including insurer solvency and U.S. and global economic uncertainty.
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