Getting Back To Basis Is Key To Hard Market Survival For Risk Managers 
Facing a hard market, soaring rates and decreased availability, risk managers must look beyond buying insurance to finance expected losses. To control the ever-increasing cost of risk, they will need to follow the guiding principles of the risk management process, emphasizing risk assessment and risk control.
When times are good, less planning is necessary. But when times are tough, getting back to basics is key to survival.
Risk management requires a structured, systematic approach that identifies and analyzes potential hazards and develops and implements appropriate strategies to prevent a hazard from occurring or to minimize its impact if it does occur.
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