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Risk Management is the identification, assessment, and prioritization of risks followed by the coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events.
Risks can come from uncertainty in accidents, natural causes and disaster, financial markets, project failures, legal liabilities, credit risk, as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
Risk management provides a clear and structured approach to identifying risks. Having a clear understanding of all risks allows an organization to measure and prioritize those risks and take the appropriate actions to reduce losses.
An effective risk management practice does not eliminate risks. However, having an effective and operational risk management practice shows an insurer that your organization is committed to loss reduction or prevention. It makes your organization a better risk to insure.