Fundamentals Risk Risk Mgmt

Learning Goal: I’m working on a risk management discussion question and need an explanation and answer to help me learn.

Tom is the risk manager of a medium-sized manufacturing firm. In an effort to reduce insurance costs, Tom cancelled the property insurance on the firm’s $8.5 million plant and equipment, for which the annual premium was about $265,000.

Two years later when the action was discovered, Tom was called on the carpet by a horrified vice president of finance.

“What were you thinking of?” demanded the VP. “What if we had had a loss?”

“But,” responded Tom, “we didn’t have a loss. The fact that I saved the firm over half a million dollars in the past two years is proof that the decision was the right one.”

Your tasks:

1. Do you agree with Tom? If you agree with him, help him convince the VP he is right. If you disagree, help the VP convince Tom he is wrong.

2. Please share with us an example of:

– a “good” decision made by you (or someone else), but it turns out to be “wrong”, or

– a “bad” decision made by you (or someone else), but it turns out to be “right”.

Reflecting on these examples, when/how do we know (or convince others) that we made a good risk management decision?

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