The history of risk management can be traced back to the 1600’s. The modern day version is a five step process:
- Identify Risk
- Analyze Risk
- Control Risk
- Finance Risk
- Measure Results
Unfortunately business often get’s poor advice and finance their risk with insurance while skipping the first 3 steps. This is good for insurance companies but leads to higher cost for the business.
Benjamin Franklin said “An ounce of prevention is worth a pound of cure.”
The ounce of prevention he was talking about is the first 3 steps of risk management. The pound of cure is insurance.
To find out more about the Ottawa Kent Risk Management 365 Process go to: http://www.ottawakent.com/business.html