8 BEST PRACTICES FOR THE PART TIME RISK MANAGER Many organizations have only part time risk managers meaning their daily work involves other responsibilities such as treasury or operations Though challenging this situation does not necessarily mean the risk management program has to be any less effective than with a full time risk manager Still a part time risk manage ment function typically demands a smaller scale more easily man aged program To ensure even a part time risk management program is top notch our panel recommends the following best practices n Get support from the top Nothing will make the risk management job more effective than getting that support before a significant loss occurs n Make site visits to locations with critical operations to understand their vulnerabilities and raise awareness of risk management These visits go a long way toward ensuring the acceptance of a risk management program throughout the organization n Develop a simple deliverable risk management policy establishing processes or proce dures to address frequent challenges and adapting practices that work well in one part of the business and replicating them in other areas Part time risk managers should also utilize internal and external resources when ever possible Brokers insurance carriers and FM Global account engineers can be valu able resources Our panel also recommends utilizing benchmarking and Risk Reports to highlight risk influence decision making and prioritize risk improvement capital expendi ture allocation Esterline looks for partnerships with our brokers and our different carriers to match our needs across the world It s really important for us because we have a very small risk department so we push a lot of that out to the business units We partner with different carriers like FM Global that can help They can be there to guide us be there as a sounding board and be there to help us when we build or remodel We use our partners a lot KRISTEN CARNEVALI DIRECTOR OF TREASURY AND RISK ESTERLINE CORPORATION ISSUE 2 2015 REASON 49

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