Risk managementis the identification, assessment and prioritization of risks and the subsequent coordinated and economical application of resources to minimize, monitor and control the probability and impact of losses. Effective risk management activities create value and should be an integral part of the decision-making process. How does risk management impact your bottom line?
- Opportunity for better pricing on insurance premiums
- Saves out-of-pocket costs like deductibles
- Ensures a safe and stable environment for employees, volunteers and customers
- Helps you understand and be prepared for risks before losses occur
Risk Management Strategies
Strategies for addressing an identified risk typically include two of the following: