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Risk management goes beyond insurance in that it’s about planning for and mitigating potential risks, aside from a policy that pays out when suffering a loss. The two work hand-in-hand together, but it’s important to understand that risk management is all about planning and strategizing for the long term.
What is risk management and why is it important?
Everyone has a unique goal. Achieving those goals while minimizing the potential risks is what every risk management plan strives to achieve. The risk management process includes several key elements to ensure that you can prepare for the worst and plan for the future. These include determining risks, understanding and prioritizing them based on occurrence and severity, developing a plan to reduce and mitigate those risks, and reviewing the process regularly to ensure effectiveness.
Defining risk management.
There are a variety of factors that determine the frequency of certain things impacting your lifestyle. Knowing what some of the common risks are can help get the risk management process started. Identifying risk factors and how they impact your ability to achieve your goals is the initial part of the process.
Assessing the impact and frequency of risks.
Once the risk factors are determined, they need to be prioritized by the potential frequency that they might occur and the potential impact that they could have. Developed risk management techniques and strategies will go further by identifying which areas that need the most attention. Understanding which risks can have the most detrimental impact and are most likely to occur narrows down the top priorities of your customized plan.
Reviewing and enhancing risk management strategies.
Because risk management is a cyclical process, reviewing the plan isn’t the end but simply another part of the system that makes it even more effective. The timing of these reviews can vary depending on the specific risk factors involved but is key to helping improve upon the existing plan. And because things change in the world over time, new risk factors may come up and will need to be accounted for. The review process also puts the achievement or failure of goals into consideration and can change the trajectory for the better.
If you are interested in how to better identify and manage risks, contact us to help you get started on the risk management process.
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