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What is Risk Management?


Dealing with the bad things (Pure Risk)
that can happen to individuals and
companies.


Safet...
The Nature of Risk
Managment


Scientific approach to dealing with pure
risk



Broader than insurance purchase



Diff...
Development of Risk
Management
Risk management evolved from corporate insurance buying
1929

1931

1932

1950

• Corporate...
The Non-Professional Risk
Manager


Must seek outside assistance



Insurance industry may not be good help
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What Is Risk Management

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Transcript of "What Is Risk Management"

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