Mr. Repke, what exactly is meant by risk management?
Quite simply, the word “risk” represents potentially negative developments that may arise in the future. Whenever we make decisions, whether that’s in our personal or professional lives, there is almost always a degree of uncertainty. We can’t predict the future, after all. It’s kind of like a weather report – the further ahead we try to look, the more uncertain the forecast. A thunderstorm at the weekend is a risk if, for example, a youth soccer team is scheduled to play. As for “management,” this is about taking a proactive and systematic approach to handling such risks. This means weighing up the weather risk and postponing the game if playing could pose a potential health risk.