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<br /> <br /> <br /> <br /> RISK MANAGEMENT <br /> <br /> <br /> <br /> What is risk management? <br /> <br /> <br /> Risk management is "using common sense to prevent accidents, injuries, and oversights." It is a discipline <br /> for dealing with the possibility that some future event will cause harm. It provides strategies, techniques, <br /> and an approach to recognizing and confronting any threat faced by an organization in fulfilling its mission. <br /> By identifying risks and implementing an action plan to address them, public entities can protect their <br /> financial stability and their ability to provide services. Because risk is inherent in most productive activities, <br /> even the most conscientious efforts cannot eliminate all risk, but the impact of risk on their operations can be <br /> reduced. <br /> Risk management may be as uncomplicated as answering three basic questions: <br /> <br /> • What can go wrong? <br /> <br /> <br /> • What will we do (both to prevent the harm from occurring and in the aftermath of an "incident)? <br /> <br /> • If something happens, how will we pay for it? <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 1 <br />