Personal Risk Management
The principles of corporate risk management are also applicable to a personal risk management program. Personal risk management refers to the identification and analysis of pure risks faced by an individual or family, and to the selection and implementation of the most appropriate technique(s) for treating such risks. Personal risk management considers other methods for handling risk in addition to insurance.
Steps in Personal Risk Management
A personal risk management program involves four steps: (1) identify loss exposures, (2) measure and analyze the loss exposures, (3) select appropriate techniques for treating the loss exposures, and (4) implement and review the risk management program periodically.
Identify Loss ...
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