Topic: Are you implementing a Risk Management plan into your management practice?

If so, would be interested in your approach; in-house, by using a consultant, etc. As well, what is your resource for developing the plan? What areas does it cover?

As perhaps evidenced by the lack of responses, could you define what you mean by risk management? It can mean different things to different companies as the spectrum of risk management is broad.

Generally speaking though on the topic of risk management in apts, I'd venture that few companies have much more than a few pages on the topic in a voluminous policies and procedures binder that most staff never take the time to read. Why? Because it's hard to quantify/test/prove the ROI from the investment in risk management policies and procedures. If your property gets sued and loses big, your insurance carrier picks that up that loss, not the owner, and typically, most companies are on blanket policies and a certain number of claims/losses are expected.

Thanks, Brent for you question and comment. I'm looking for specifics on what the industry is doing, (or by default) not doing, to reduce negligence claims relative to site operations. This would include policies and practices in everyday management. Being an forensic expert with a property management background, I well understand your supposition that very little is done by management companies for the very reasons you express. It's a shame that this is so because, ultimately it increases insurance rates, and most importantly, people are being hurt or worse because simple management practices are not followed. If we, as and industry, don't care about the premiums begin paid, we should care about the loss to life and horrific harms that come from a lack of interest in this regard. I've certainly seen my share of lives destroyed by such lack of caring. Again, appreciate you comments

Thanks Brent for your response. I think you are, unfortunately correct; what is being missed is that first, premiums are based,in part on losses, and by not caring costs inevitably go up. Far more importantly is the often catastrophic harms to tenants, etc., that results from a lack of caring about everyday property management practices - Risk Management is simply having an eye for those issues that can result in personal harm. Also, by a lack of adequate management practices in place, the landlord is often unable to build an often defense when a claim presents itself.

Hello,

I came across this conversation when I googled Risk Management plan for property management. I found the discussion very interesting and do have one question. What is the day to day duties of a Risk Manager in property management? Thank you for the help