Critical Days of Summer week 12: risk management Published Aug. 6, 2010 By Heather Winters 17th Training Wing Safety GOODFELLOW AIR FORCE BASE, Texas -- Many potential hazards are overlooked every day, but taking time to stop, think and create a solution can cut down on these problems. One way is by practicing risk management. There are many ways to define risk management and what it relates to, but generally it's identifying, evaluating and creating a solution to minimize or eliminate risks. The military has been practicing risk management to maximize combat capabilities. When integrated into early planning, it usually reduces the physical, mental and financial costs, and enhances the effectiveness of strategic plans. Risk management can be used on- and off-duty. For example, those who invest in stocks can find ways to help reduce their chances of losing money. Another example is identifying areas in the home that could put children in danger and creating ways to prevent them from being harmed. Risk management can be applied while driving by planning the route, being aware of other drivers and keeping a safe distance from other vehicles. Risk management is used in business, too. Some of the issues commonly dealt with in small businesses are workplace injuries, natural disasters, theft and legal liabilities. Any of these issues could destroy a business and put owners through a financial hardship in a matter of seconds, if they don't plan and prevent to their best of their abilities. Being observant of potential risks and creating ways to reduce the chances of harm from those risks, will always increase the probability of everyone having a safe day.
