What the oil spill can tell us about risk management

It is evident from the fact that 200,000 gallons of oil a day has been spewing into the Gulf for two weeks now,  that BP and others had no risk managment in place to handle this type of disaster. I can also guess that there was no risk management in place prior to the event either. From the largest corporations on the earth to the small Mom and Pop businesses, no one wants to think that things can happen to them  It is unpleaseant to think of the worse all the time and plan for it. Unfortunately in todays world, risk is increasing. Risk managment has to become part of our culture to survive and thrive in todays business environment. The good thing about risk managment is it is a process that can be followed by anyone and can be implemented in any business. Still , as we see with the oil spill and BP , risk management gets put on the shelf , or it is lowered to the last item on the "to do" checklist. When the "event" happens,  then and only then is the lack of a risk plan or management evident to the dismay of those who have to bear the results. Until next time be careful out there and know your risks.  K

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