Benjamin Franklin Knew the Value of Risk Management

ben_franklinThe history of risk management can be traced back to the 1600’s. The modern day version is a five step process:

  1. Identify Risk
  2. Analyze Risk
  3. Control Risk
  4. Finance Risk
  5. 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: