The uncertain economic landscape of the modern world has majorly influenced how the contemporary companies tend to operate. In order to minimize the chances of any losses, many of the renowned firms today put a major focus on risk management. Risk essentially is the key cause of uncertainty in any organization. With the help of professionals like Michael Saltzstein, organizations can essentially identify various risks relevant to their business and subsequently manage them before they affect their profit prospects in any way.
Being an industry professional in the domain of risk management and corporate insurance, Michael Saltzstein is able to provide diverse companies with highly efficient solution that helps them to secure their profit prospects. In addition to being a visionary leader who has successfully led global risk services, Mr. Saltzstein also is a veteran USA Swimming official. He was selected to volunteer as a member of diverse prestigious committees, including the Olympic. He in fact served as one of the national and international referees in the Beijing Olympics. Over the years he has mentored several reputed swimmers, and created a name for himself as a swimming coach. Subsequent to his years in the sport of swimming, Mike Saltzstein entered the work of risk management and excelled in that as well.
Michael Saltzstein is renowned for being highly successful in delivering multimillion-dollar expense reductions. He also specializes in bottom-line improvement and minimizing cost. His extensive years of valuable experience have provided him with exceptional insights when it comes to risk management. According to him, the process of risk management involves three distinct steps. They are:
- Identify the cause and nature of the risk: Firstly people would be required to identify the various types of risks that could be faced by their organization.For example, a factory producing inflammable items tend to have a risk of fire.
- Determine how much risk entrepreneurs are willing to retain: This factor basically underlines the amount of deductibles that the entrepreneurs are willing to assume for any type of an insurance plan.
- Determine how to handle risk not retained: The balancing of diverse types of insurance expenditures against the risks that might have the most considerable negative impact on the overall finances of the entrepreneurs tend to be one of the most vital risk management factors.
Michael Saltzstein focuses in the various vital elements included in the domain of risk management, including:
- Loss control
- Technology solutions
- Workers’ compensation
- Occupational health and safety
- Crisis leadership
- Strategic alignment
- Change management
- Self-insured/deductible analysis
- Actuarial studies
- Retain/transfer decisions
- Win-win negotiation
- Coverage evaluation
- Growth strategies
The comprehensive approach towards risk management that is maintained by Mike Saltzstein has a major role to play in his overall success in this field. Over the years, he has optimized award-winning risk programs, state-of-the-art coverage, reserving, as well as economic strategies.
With the help of the plethora of risk management services offered by Michael Saltzstein, entrepreneurs can ideally be equipped with the necessary tools required to address unpredictable scenarios that can damage their finances.