Risk Management Everywhere
Risk is an inherent component in our life. When we hear weather forecast says that it will rain, we will bring an umbrella or rain coat, even though it is sunny right now. When New Yorkers were informed that there would be a blizzard in New York city last month, Mayor Bill de Blasio ordered to shut down the city’s subway system. Granted, the blizzard didn’t turn out to be a ‘historic’ one and some complaints were voiced, people implicitly or explicitly understood this was the cost of insurance or risk management.
Super Bowl 2015: ‘Man, What Were They Thinking?’
The Super Bowl on Sunday was a classic example on how risk management was an essential element in sports like NFL football games. Bloomberg had this article that vividly illustrated this concept. The case in point is that, with 26 seconds left and the second down 1 yard to the goal line, Seattle Seahawk’s coach Pete Carroll made a big call to decide to pass the ball instead of running the ball to the touchdown line. Unfortunately, Seahawks quarterback Russell Wilson threw an intercepted pass, derailing the hope for a Seahawk’s game changing touchdown. The rest is history, New England Patriots won the Super Bowl title.
Some may put a blame on Russell Wilson’s bad pass and some may attribute the brilliant interception by Patriots’ rookie Malcolm Butler. But the most glaring mistake here is the risk management one.
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