According to BusinessDictionary.com, risk management is defined as the identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.
Goldleaf Surety Account Specialists spend a good deal of time discussing risk management with our clients because successful construction projects depend on how well the risks are managed. Risks need to be managed using sound business and construction practices and careful preparation and review of the contract documents.
A recent article on Lexology dated August 25, 2016 by Brouse McDowell – P. Wesley Lambert entitled Ten Essential Ways to Protect Yourself During a Construction Project contains some very good information for construction contractors.
If you have questions on this or any aspects for your surety program, Goldleaf Surety’s team of bond specialist is available to answer all your questions.
