THE forthcoming national elections in 2022 promise to be the most important one in a generation and will dictate the future of this country. As a risk manager and insurance practitioner, I cannot help but apply the risk management process and relate key principles of insurance to the elections and draw out pertinent lessons that I would want to share with you.
The risk management process (RMP), as taught to insurance newbies, is a simplified one but encapsulates its most important aspects. Allow me to dive right in and illustrate the benefits of utilizing the process to manage the myriad risks that these elections present to us both in the electoral process itself but more importantly, in the results of such elections.
Faced with the pervasiveness of risk, we must produce a well-thought-out plan to manage such risks. And in the insurance world, this includes four simple steps that if used singly or together are supposed to manage and control such risks, rendering it acceptable as compared to the outcome if not managed. The four risk handling methods are risk avoidance; loss prevention or reduction; risk retention; and finally, risk…
