WHAT IS RISK?
Webster’s dictionary defines risk as “the chance of injury, damage, or loss.” Unlike, say, a portfolio of stocks, which has a potential for gain, risks present only a down side. A risk is a chance of something bad occurring and, hence, to be avoided. Of course, even bad things can provide a profit opportunity to somebody—the city taxes me to haul away my garbage, thereby providing employment, and the “Orkin Man” is happy to fumigate my house, for a fee. But I do not generally bring home extra garbage or encourage termites to infest my house. Nor do sensible people seek out risk. However, risk can be managed. This chapter lays out the key elements of risk management: identification
and quantification, mitigation and control, financing, and catastrophe
planning.
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