One often overlooked role of a risk manager is that of setting a corporate claim policy. Such a document is a written expression of a company's approach to handling and resolving claims. This is the rudder steering a company and its service providers in addressing demands for money damages asserted against the entity.

An initial decision point is deciding whom to involve in formulating a corporate claim policy. Clearly, all key claim process stakeholders have a role. The authorship team might include the following:

• Risk manager
• In-house counsel
• CEO
• Public relations professionals
• Outside insurer claim personnel

It is worth noting that internal stakeholders and key external constituencies should be included, as well. Be certain to include one's insurance carrier (or carriers, in the case of multiple claim policies). Brokers should also be involved in the process, as they deal with an array of clients. They can help risk managers articulate an effective claim philosophy aligned with corporate goals. Some brokerages have claim specialists on staff.

The insurer may be on the front lines administering a claim policy, so risk managers need its buy-in. The same holds true if the risk manager outsources claims to a TPA. This lowers the odds of misalignment between high-sounding policies and execution.