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When it comes to providing information to senior financial executives, risk managers need to understand the importance of speaking the language of the treasurer and CFO—and not the language of risk and insurance. They also need to understand the importance of using broker information and assistance appropriately.

According to Michael Liebowitz, director of risk management and insurance for New York University, what financial executives are really looking for these days are the true, total cost of risk and the extent to which the company is insured, relative to that cost.

“They also want to know if we have used any benchmarks, whether they be industry-wide or nationally recognized,” he says. Liebowitz likes to present information in graphic form, showing financial information over a period of time—usually anywhere from five to seven years’ worth of data.

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