Risk Assessment By Steven Galeotti
Our guest blogger today is Steven Galeotti, ARM, Principal of SRM Consulting, sgaleotti@srmconsulting.net. Steve has over 32 years experience in risk management and risk control consulting with significant expertise in risk assessment and Enterprise Risk Management. He has developed a methodology for assessing business risk in organizations. He has made presentations to the National Association of College and University Business Officers, the Risk and Insurance Management Society and other national organizations.
How well does your organization understand the risks it faces every day? How do these risks impact your organizational goals and objectives? How do you prioritize these risks?
Many organizations feel that they have managed their risks by purchasing insurance to cover what they believe are their major exposures. While insurance is certainly a key component of any risk management strategy, are you sure that the insurance you are purchasing is the right one for your exposures? Do you know if you have some risks that cannot be mitigated by insurance?
As I see it, risks can be divided into four basic categories:
