SAM risk management assessment

For organizations looking after minors or vulnerable adults, SAM risk is unavoidable.  SAM risk also has a realistic possibility of crystalizing – human nature being what it is. 

The additional problems SAM risk managers face now, however, are that retrospective and prospective extensions to statutes of limitation, the ever-rising profile of SAM, and the increasingly damaging consequences of failing to prevent, identify, or mitigate the consequences of SAM have now also made SAM risk potentially existential.  The total cost of SAM risk has soared over the last ten years as settlement values have risen by 10,000%.

SAM risk is now more likely to crystalize than ever and an organization’s future has never been more threatened by its crystallization than it is today. As a result, SAM risk must be managed as well as an organization can manage it.

The purpose of a SAM risk management assessment (which we perform using our BOKRIM tool) is to provide a risk manager with the practical information they need to manage SAM risk as well as they can.

The immediate benefit of an assessment is that it identifies where improvements to current SAM risk controls can be made – often with little or no additional cost – to ensure a SAM risk manager’s current practices are as good as they can make them.

The long-term benefit, however, lies in keeping pace with the likelihood of a SAM event happening, and the damage a SAM event can cause, both of which are persistently increasing. SAM risk managers will always need to demonstrate their SAM risk management programs are comprehensive but they will also need to show:

  1. they are customized to their organization’s objectives, resources, and environments;
  2. they adapt appropriately as the SAM risk environment, SAM risk practices, and their organizations change; and
  3. their limited budgets are focused on the most effective controls.

Few organizations are currently able to demonstrate these capabilities.  Only large and well-resourced risk management teams have the time, money, or data to be able to do so.  The reality for most SAM risk managers is that they don’t work in large organizations, have to juggle competing priorities, lack of time, too much information, no data, and limited budgets. 

Our SAM risk management assessment shows a SAM risk manager which elements of a comprehensive SAM risk management program they already have, even if it is still in nascent form, which resources are most in need of being developed to create such a program, and how to develop such a program without the costs or resource requirements normally associated with such programs.

If you would like to know more about our SAM risk management assessment, please get in touch.