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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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10. Personal Risk Management

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Introduction

While risk management is recognised as a critical activity in corporate finance, it is relatively obscure in personal finance. Most individuals do not pay sufficient attention to personal risk and they tend to deal with risk in an ad-hoc manner. They also think of effective risk management as simply buying insurance to protect themselves against sudden calamities. In reality, individuals face numerous risks which must be dealt with in a comprehensive manner. This chapter deals with personal risk management in a systematic way through a five-step process.

Risk Management Process

Individuals cannot ignore ...

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