Risk is a fact of life, and risk management is a fact of business.
Worldwide, organizations in both the private
and public sectors are beginning to adopt a
holistic, integrated system of enterprise risk
Risky
management—but some colleges and universities have been slow to adopt this new paradigm.
by Tim J. Leech illustration by Paine Profitt
Everybody faces some degree of danger and risk. The key for most of us is learn- ing to identify the risks we might encounter and deciding what we should do to mitigate them. Individuals practice risk management through insuring their property and planning ahead for various contingencies. Corporations develop complex strate- gies that allow them to protect their capital and prevent disasters.
BizEd JULY/AUGUST 2002 53
BUSINESS
