The aim of conducting a risk audit in a company or institution is identification of the risk, including: financial, employment, civil liability (of the audited entity, but also its management), technical, IT, i.e. risks normally connected with business activity, and inspection of undertaken actions and procedures protecting and/or moderating the dimension of the respective event’s effects.  Depending on the sector and elements of the business activity, the investigation of the risk may require engagement of highly specialized experts, distinguished in the given sphere (Risk Auditors).The audit is performed with the use of internal know-how of the organization’s employees. Excellent results are generated by Erigo’s author method which improves the communication between the organization’s risk owners  - as communication methods and internal reporting within the entity are also investigated ( assignment of the risk to individual owners is necessary for later monitoring and control purposes).     

The results of the risk audit will be used for risk evaluation and classification, and later for determining proper directions for applying security processes, including working out of an insurance strategy in its optimal form (Erigo will work out and individualized model of and insurance program).  Whereas the management of the company or institution obtains a priceless managing tool – objective study results based on experts’ analysis - which will contribute towards  reducing business activity costs, strengthening the entity’s position and minimizing loss.
Although the entities themselves have the best knowledge about their occurrences and risks, it is necessary to coordinate actions so to implement an integrated, complex risk management (ERM - Enterprise Risk Management). Erigo, using standards derived from the Integrated Framework Structure COSO II, provides advice in the field of creating risk management systems and implementing them within the organization.

Experience gained by the Office’s lawyers and specialists on the insurance market permits to present analysis combining legal aspects with knowledge about insurance companies’ practice, which is significant when it comes to analysis of insurance contracts, general insurance conditions, vindication of claims and payment of indemnity. 

Advantages of a risk audit:
·    Possibility of verification of your activity in terms of risks identified by Erigo,
·    Acquisition of a report forming a data base for your Company and foundation for internal Communications and risk monitoring,
·    Training of the management staff on identification of the system of connections between individual departments/divisions activity and the Company’s loss ratio, including indication of methods of elimination/limitation of the risk,
·    Showing original and secondary effects of losses on the company’s or institution’s operations,
·    Minimization, and even elimination of loss occurrences through implementation of solutions presented by Erigo.   

Consideration of the results of the risk audit will allow you to reduce the risk’s costs (including the cost of insurance comprising: insurance premium, self-retentions, losses not covered by insurance, additional costs, connected with insurance servicing, loss adjustment for example) and can be the foundation of a complete insurance audit.