Risk management once used to focus on insurance. If you wanted to manage your risks, you bought insurance cover. But, before you can insure against a risk, you have to know it exists - and that's easier said then done. Every business is exposed to a range of risks, and business owners can't be expected to identify and manage them all. No matter how thorough, there will inevitably be some risks that get overlooked.
That's borne out by a study veteran risk management consultant Allan Morris was involved in around 1997. He and his colleagues profiled a mid-sized manufacturing and exporting business to catalogue all of its risks. The list ran to more than 700, and only about 20 per cent of them were found to be insurable.
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