I am sure you have heard the saying "flying by the seat of your pants". This came about from the early days of pilots when they had very little instrumentation in the cockpit and only had to rely on their visual and physical cues. Unfortunately, this type of flying crashed many airplanes. With the advent of better instruments , pilots could rely on the cockpit panel to keep their planes flying in poor visibility and bad weather.
If you will, risk management processes are like cockpit instruments for business owners. It avoids the need to "fly by the seat of your pants". Having a good risk management plan of discovery, identification & analysis, strategic solutions, tactical implementation, and monitoring, on a regular basis is a sure way to keep your business "flying". However most business owners do not have the right professional risk and insurance folks around them to help. So days, months and years go by with unidentified risks that could be catastrophic for their business.
It is imperative today to incorporate risk management into your operations. Consistent and formalized approach using the techniques outlined above will help your business succeed. Make sure you have the right risk and insurance professionals on your team to help you.
You may have successfully been "flying by the seat of your pants" for many years, however your business will run into bad weather and poor visibility soon enough. This is where you can count on the risk management "cockpit" to guide your through.
Until next time be careful out there and know your risks.
Posted by:
G. Kevin Nemith- President/Agency Leader CNC Insurance & Pfister Insurance,
Hilb Group Mid-Atlantic www.hilbgroupma.com
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