The American Heritage College Dictionary defines the following two terms:
- Risk (n): The possibility of suffering harm or loss; danger.
- Management (n): The act, manner or practice of managing; handling, supervision or control.
When I put these two terms together, I understand that risk management means controlling the possibility of suffering harm, loss or danger. Whoever coined this business phrase is laughing. Out loud.
But in the business world, risk management is no laughing matter. Entire professions are built around it. Teams are dedicated to it. We even manage risk in our personal lives: Should I buy a new car or keep the old one that is paid off? Is it better to live further from my job where it’s less expensive but my commute is longer, or closer to my job in a more expensive home? Should I go to graduate school? Which college or major is best for me? Should I take that new job offer?
So, how do in-house counsel get better at risk management? I wish I had a simple answer for you. Risk is complicated and messy. But one way to manage it is to listen to your peers. That’s why ACC and the ACC Docket are such indispensable resources for you. Where else can you find peers just like you who can offer their experience for you to learn from? Where else can you find 33,000 in-house counsel who are running into the same issues that you do?
ACC. It’s all right here.