Risk International
Encyclopedia
Company Overview
Founded in 1986, Risk International is a risk managementRisk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
consulting firm. It services clients in the areas of outsourced risk management, claims
Cause of action
In the law, a cause of action is a set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party. The term also refers to the legal theory upon which a plaintiff brings suit...
recovery, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
archaeology, loss prevention and mitigation. Headquartered in Fairlawn
Fairlawn, Ohio
Fairlawn is a city in Summit County, Ohio, United States. A suburb of Akron, its population was 7,307 at the 2000 census. It is part of the Akron Metropolitan Statistical Area.-Geography:Fairlawn is located at ....
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, the company also has offices in Charlotte
CHARLOTTE
- CHARLOTTE :CHARLOTTE is an American blues-based hard rock band that formed in Los Angeles, California in 1986. Currently, they are signed to indie label, Eonian Records, under which they released their debut cd, Medusa Groove, in 2010. Notable Charlotte songs include 'Siren', 'Little Devils',...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
.
In 2010 the firm received the Silver Circle Award for the Best Risk Management Consultant in Business Insurance’s 2010 Readers Choice Awards for the fourth consecutive year. In 2011 the firm was ranked as the third largest independent U.S. risk management consultant by Business Insurance magazine. This marked the fifth consecutive time that Risk International was recognized in the top five largest risk management consultants.
Also in 2010, Risk International was recognized as one of the fastest growing companies in Northeast Ohio as a member of the Weatherhead 100 presented by Case Western Reserve University
Case Western Reserve University
Case Western Reserve University is a private research university located in Cleveland, Ohio, USA...
’s Weatherhead School of Management
Weatherhead School of Management
The Weatherhead School of Management is a private business school of Case Western Reserve University located in Cleveland, Ohio. Weatherhead is considered a top-tier business school, with its strongest programs concentrated in organizational behavior, nonprofit business, information systems,...
with Ohio’s Council of Smaller Enterprises
Council of Smaller Enterprises
The Council of Smaller Enterprises, known as COSE, is a division of the Greater Cleveland Partnership and an organization that coordinates the activities of and provides resources and advocacy for small businesses in the Greater Cleveland area...
(COSE). The firm was #66 on the 2010 Weatherhead 100 list.
History
Risk International’s parent company was formed in 1985 when Zapata Corporation, an offshore drilling and marine services company, spun off its risk management department. Under the direction of Del R. Jones, Risk International was organized and gained its first client in 1986 when BFGoodrich, now Goodrich CorporationGoodrich Corporation
The Goodrich Corporation , formerly the B.F. Goodrich Company, is an American aerospace manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich. The company name was changed to the "B.F...
, outsourced its entire risk management department to Risk International.
Because of its roots in the petrochemical
Petrochemical
Petrochemicals are chemical products derived from petroleum. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane....
industry Risk International’s core competency was asset risk management and insurance claims resolution. As Risk International continued to hire experienced legal and insurance industry executives, it expanded its capabilities to include insurance archaeology, loss prevention and enterprise risk management
Enterprise Risk Management
Enterprise risk management in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives...
. Throughout the 1990s Risk International developed expertise in long-tail claims resolution with Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
companies.
During that period Risk International also did extensive research related to Holocaust survivor insurance claims culminating in testimony before the U.S. House of Representatives and the New York State Senate
New York State Senate
The New York State Senate is one of two houses in the New York State Legislature and has members each elected to two-year terms. There are no limits on the number of terms one may serve...
.
Risk International is headquartered in Fairlawn
Fairlawn, Ohio
Fairlawn is a city in Summit County, Ohio, United States. A suburb of Akron, its population was 7,307 at the 2000 census. It is part of the Akron Metropolitan Statistical Area.-Geography:Fairlawn is located at ....
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
where BFGoodrich, now Goodrich Corporation
Goodrich Corporation
The Goodrich Corporation , formerly the B.F. Goodrich Company, is an American aerospace manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich. The company name was changed to the "B.F...
, maintained its worldwide headquarters. Risk International opened another office in Charlotte, North Carolina to support the growth in that region of the US marketplace.
In 2002 Del R. Jones retired from the business and Douglas L. Talley was named chairman and CEO of Risk international. After seven years, Michael D. Davis was named CEO while Talley retained his title of chairman.
In 2010 Risk International opened its first international office in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
to expand its capabilities in the European marketplace. Risk International opened its second international office in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
in 2011.
Services
Risk International has five primary service offerings including:- Risk Management Consulting
- Outsourced Risk Management for major corporations
- Insurance Archaeology, finding historical insurance policies
- Claim Recovery
- Claims Mitigation
- Site Security
2011
- 3rd Largest Independent U.S. Risk Management Firm
- Best's Recommended Expert Service Provider
2010
- Business Insurance Readers Choice Silver Award
- 3rd Largest Independent U.S. Risk Management Firm
- Weatherhead 100 Recipient
2009
- Business Insurance Readers Choice Silver Award
- 3rd Largest Independent U.S. Risk Management Firm
2008
- Business Insurance Readers Choice Silver Award
- 5th Largest Independent U.S. Risk Management Firm
Holocaust and Kristallnacht Victims
In 1998 Risk International’s then Vice-President Douglas L. Talley provided expert testimony and evidence before the New York State SenateNew York State Senate
The New York State Senate is one of two houses in the New York State Legislature and has members each elected to two-year terms. There are no limits on the number of terms one may serve...
and evidence before the U.S. House of Representatives related to the discovery and examination of historical documents related to Holocaust victims insurance policies. Based on this evidence, he asserted that the victims of the Holocaust were the target of a Nazi scheme to confiscate insurance benefits, and beginning with Kristallnacht
Kristallnacht
Kristallnacht, also referred to as the Night of Broken Glass, and also Reichskristallnacht, Pogromnacht, and Novemberpogrome, was a pogrom or series of attacks against Jews throughout Nazi Germany and parts of Austria on 9–10 November 1938.Jewish homes were ransacked, as were shops, towns and...
, insurance companies conspired to deny claims to German Jews.
Upon conclusion of its investigations the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
, New York Senate and other states passed legislation that paved the way for victims to recover monetary damages from still-existing companies and organizations.
International Expansion
In March, 2010, Risk International announced the opening of its first international office in LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. The UK-based team will serve its European clients and pave the way for growth within the E.U. market. Less than 18 months later, Risk International announced the opening of its second international office in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. At the same time it announced a new site security service offering.
Further reading
- Proof Emerges of Insurer-Nazi Complicity, Amy S. Friedman, June 1, 1998, National Underwriter
- Insurance Archaeologists , Gene Linn, April 16, 1998, The Journal of CommerceThe Journal of CommerceThe Journal of Commerce is a weekly magazine published in the United States that focuses on trade topics. First published in 1827, the Journal has a circulation of approximately 15,000...
- Archaeologists unearth coverage for past liabilities, Mark A. Hofman, June 9, 1997, Business Insurance
- Environmental research helps clients see green, April 24, 1997, The Journal of CommerceThe Journal of CommerceThe Journal of Commerce is a weekly magazine published in the United States that focuses on trade topics. First published in 1827, the Journal has a circulation of approximately 15,000...