P-A-V-E
Plan, Assess, Verify, Execute

The relationship between strategy and risk management is often ignored or, in some cases, presumed to not exist.  However, in reality, the link between strategy and risk management is unmistakable. Each makes the other more effective.

Almost every company has some kind of planning that it is done at, least annually.  This could be a formal process with detailed strategies, operating plans and financial projections, or it could be informal, focusing on only a few key areas.

Larger companies comply with Sox or ORSA or employ some form of ERM framework.  In small to medium sized companies, the lack of regulatory requirement to implement a formal risk management framework, at times, results in less effective management of risk.

Risk management is not a compliance issue – it is a fundamental management issue.  

Being sensitive to costs and resource usage, Global Insurance Partners has developed a process for the small to medium sized insurers to effectively make the link between strategy and risk management.  The process is called P-A-V-E, plan, assess, verify, execute.

Plan: Create strategic plan

Assess: Assess existing risks to strategy and evaluate mitigation design.  Assess risks created by the strategy and evaluate mitigation design

Verify: Test the effectiveness of mitigation design

Execute: Put the plan into action

“Our project stakeholders needed a strategic visionary that was also capable of managing day-to-day planning, execution, and achievement of project tasks. Additionally, someone was needed with broad insurance industry knowledge and contacts.

Our team conducted a thorough search for just the right person and chose John Hines. John provided experience, skills and guidance that enabled the project team to put together a new insurance company that is successfully expanding its capabilities thanks to the strong foundation John helped create.”

Jeff Dillon
FBAlliance Insurance Company

P – A – V – E

Strategy without Risk Management

is like driving at night with no headlights.  You know where you are going, but cannot see the obstacles ahead of you or possibly even the best route to take.

Risk Management without Strategy

lacks focus and could result in deploying resources ineffectively, missing critical risks or losing opportunities.

Small to medium sized companies are often resource constrained.  GIP has developed P-A-V-E to address these concerns while providing a mechanism for effective planning and risk management.  

P-A-V-E incorporates elements of GIP’s more robust Strategic Planning and ERM service offerings.

The results of the P-A-V-E process will provide companies with a solid strategic framework that considers the potential effects of business risks and their impact on the success of the strategy and the ultimate achievement of corporate goals.

Strategies and risks, once identified, need to be managed.  P-A-V-E is the mechanism to do that.

John Hines

Founder of Global Insurance Partners with more than 35 years’ experience in property casualty insurance.  Provides strategic, financial and operational consulting to insurance companies and regulators.  Previously was a Director in the insurance practice of a national consulting firm.

Twenty years of corporate experience includes CEO/COO/CFO and Board member of a private equity backed multi-line P&C insurance company, CFO of a publicly traded insurance group, division CFO, and international audit manager.  Executive officer of a multi-line P&C start-up carrier.  Designed start-up operations, a comprehensive reinsurance program and initial go-to-market strategy.

Key member of a management team that turned around a $60 million unprofitable division through a strategic re-design of the division’s products.

Available for Advisory Board and Board of Directors positions.

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John Hines

Managing Partner