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What Is Risk Management
- 1. What is Risk Management? ï” Dealing with the bad things (Pure Risk) that can happen to individuals and companies. ï” Safety and loss control ï” Insurance and loss funding ï” Health and employee assistance ï” Environmental issues ï” Emergency preparedness
- 2. The Nature of Risk Managment ï” Scientific approach to dealing with pure risk ï” Broader than insurance purchase ï” Differs from the insurance management philosophy
- 3. Development of Risk Management Risk management evolved from corporate insurance buying 1929 1931 1932 1950 âą Corporate insurance buyers met in Boston to discuss mutual problems. âą American Management Association established its Insurance Division. âą Insurance Buyers of New York formed. âą National Association of Insurance Buyers formed; (later became American Society of Insurance Management and then became the Risk and Insurance Management Society (RIMS)).
- 4. The Non-Professional Risk Manager ï” Must seek outside assistance ï” Insurance industry may not be good help