Money Wellness; Risk Management

Insurance protects you against financial losses from various types of risk. Risk is the uncertainty that you’ll incur a financial loss and uncertainty about the size of the financial loss. Insurance may not be necessary to cover all risks. In addition, insurance is available for risks you may never encounter. Managing risk involves the identification and evaluation of the risks that you face and determining the best way to handle them. Risk management is an ongoing process that continues through life. It includes processes for risk management planning, identification, analysis, monitoring and control. Many of these processes are updated throughout the lifecycle as new risks can be identified at any time.