At some point, everyone will face life’s uncertainties, unfortunate events, and occasional adversity, regardless of your best behaviors and most constructive habits.
How can we, when facing these challenges, achieve some degree of peace of mind?
Our answer: Risk Management
An effective approach to risk management can reduce the number and severity of adverse events while creating greater peace of mind during the many good times.
A strong first step to risk management is mapping out your risk profile. This profile characterizes your (or your family’s) vulnerabilities and exposure to environmental threats. There are two primary vulnerabilities to focus on:
- Personal vulnerability: A risk unique to a specific individual’s (or group’s) condition, capabilities, and/or circumstances.
- Environmental threats: Threats within the home, work, or surrounding daily environment, some of which may be difficult, if not impossible, to control.
As you characterize the elements of your personal or family risk profile, complete the below:
1. Identify Vulnerabilities
Everyone’s vulnerabilities are diverse and distinct. Consider the following questions to help define your and your family’s vulnerabilities:
- How disciplined are you and each family member?
- How healthy are you and each family member?
- How error-prone are you and each family member?
- What specific medical conditions are you and each member of your family susceptible to?
Make a list that answers each of the above.
2. Identify Environmental Threats
Each person’s threat environment is different. Consider the following questions to assess your unique threat environment:
- Where do you live? What unique threats exist in your environment?
- Where do you work? What unique threats exist in your work environment?
- What career choice have you made? What unique threats exist due to your occupation?
- What sports, hobbies, and leisure activities are you involved in? What unique threats do these activities pose?
- How many family members are you responsible for? To what unique external threats is each person exposed?
Make a list that maps out your responses to the above.
Once you have your lists complete, you can compile the responses into a comprehensive risk profile. This risk profile will then help define the action items you need to completely protect yourself, your family, your home, and your privacy.
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