Risknowledge: Employing appropriate resources to anticipate and quantify the effect of adverse events upon day-to-day and long-term operations then turning that experience into a foundation for greater business opportunity.
I have often described Risk Management as those people in every parade that follow the equestrian units with their wheelbarrow, broom, and shovel. It’s not always that messy but raising the Risknowledge of everyone in the organization can certainly go a long way toward making the process of risk management more effective and more efficient.
Anticipating the areas where we are exposed to risks, quantifying the potential for loss, establishing financial resources to respond to expected risks and creating opportunities based on our expertise allows us to not only stay ahead of our competition but to do it profitably and consistently.
Effective, proactive risk management is the defining dynamic of business Invention. the alternative is reactionary, crisis management that looks and feels like business prevention.
Morris Jensby is the vice president of risk management at CHG Healthcare.