Risk Management: Principles and Applications

Today, the words "Risk" and "Risk Management" are commonly used to describe or label societal, personal, political, business, industrial and many more types of hazards. In addition to the financial and insurance applications of risk management, there is also a growing emphasis on applying risk-based methods to decision-making even when little or no data exists. Successful risk management programs require a balance of qualitative and quantitative techniques and an effective communication process to inform all stakeholders.

This tutorial discusses the basic characteristics and attributes of risk, combined risk analysis and communication techniques, and actual risk management examples. In addition to discussing successful risk management applications, the presentation will discuss situations where risk management may not work. 

Key Words: Risk, Risk Analysis, Risk Management, Risk Communication

 

Richard B. Jones HSB Solomon Associates Dallas, Texas