The risk management function decides what exposure a company keeps, what it transfers, and whether the transfer performs. Most companies of this size do not staff it, and it falls to a finance executive, a general counsel, or the intermediary compensated for the placement.
Every policy in force read exclusion by exclusion and tested against what the business actually does, what it has promised its counterparties, and where its revenue comes from. The deliverable is a program page: schematic, premium summary, total cost of risk, retained exposure, and observations in priority order.
The fee is credited in full against a retained or renewal mandate.
A dedicated mandate beginning ninety days before expiry, when submission quality can still be changed and market strategy still matters. The firm builds the submission, instructs the broker against a timeline, and compares quoted wordings rather than quoted prices.
Concludes by verifying that the issued policy matches the terms on which it was bound. Availability off-cycle is included through the term.
The risk management function held continuously: limits and retentions set deliberately, renewals run to a calendar, contracts reviewed before signature, and claims handled from notice through carrier escalation.
Scoped by program complexity rather than by hours. Three months minimum, then monthly. No carrier or broker compensation is received on a retained account.
The program page kept current between renewals, with a defined number of contract reviews each year and limited availability. For companies that need the record maintained and a call answered, but not a continuing mandate.