Sunday, May 24, 2020

The oldest technique in risk management

The oldest technique in the book, indeed before there were even books, is "acceptance"
  • To drive a car is to accept the risk that the other driver isn't too drunk, too sleepy, too unskilled, too distracted, too whatever
  • To take on debt is to accept the risk that you'll have the means to repay without bankrupting yourself
  • To take on unsecured credit is to accept the risk (trust, really) that you'll be repaid
  • To live with another person ......
  • To be a whistle-blower (even though there are some risk management elements built into law) ...
And, so it will be with medical pandemics, financial melt-downs, and sadly, climate changes, we'll learn to accept the risk .....

Because we have to.
  • Agriculture was a risk if you were a hunter-gatherer
  • Industry was a risk if you were a farmer
  • Change is a risk, no matter ...
  • And, now we've got living together is a risk. But that risk will be accepted, in time

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