Risk management is an on-going process by which a business or corporate entity attempts to control the programmatic and financial risks in order to reduce costs, enable desirable programming, and provide financial stability.

Risk management at one time referred primarily to insurance. At one time, risk management was thought of as “safety” by many in the fields of sport and recreation. Today, however neither is true. While insurance is still a part of the process and increased safety is one of the results, risk management is now a much broader concept involving the 1) identification of various types of risks, 2) the assessment of the magnitude of the risks, 3) determination of the best way to handle or control those identified risks, and 4) implementation of the ongoing process.

When most people think of risk management, they think of protecting against injury due to accident or negligence.  Thoughts of facility inspections, elimination of hazards, careful supervision, and liability waivers often come to mind.  Risk management, however, may be seen in a much broader context. On this site, we will look at tort liability topics such as those above.  We will also look at many other types of risk including such as 1) property loss (including natural causes (e.g., fire, tornado, earthquake) and human causes (e.g.,vandalism and theft); 2) financial business loss (including occurrences like interruption of business and embezzlement); 3) contract loss (including membership contracts, facility contracts, vendor contracts, and game contracts.); and 4) human rights loss (which include sexual harassment, right to participate, and age or sex discrimination).

Keep a close eye on present and future posts for topics that will help strengthen your risk management program.

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