Proper risk management techniques can enhance anybody’s luck.  Today, we have very informative articles to help us grasp proper implementation of each step of the risk management process.  Wikipedia offers us more detail about the specifics of the process.  After reading this article, you’ll have a better understanding of financial risk management, which “focuses on risks that can be managed using traded financial instruments”. 

Steps in the Risk Management Process

Establish the Context

• What happens if you have a tax problem, and you’re a foreign national at risk for kidnapping? Joe Kristan at Roth and Company, P.C. has a fascinating story “ripped from the headlines” in Anonymous , Petitioner v. Commissioner of Internal Revenue, Respondent 
• Mychal Raynes at Explosive Speculations covers a lot of “what if’s” with the current economy and the price of gold in Fed Pause.

Identification

• While the P&C insurance industry is enjoying a strong year, thoughtful managers would do well to remember that taking care of customers and growing steadily are the keys to lasting success.  At Managed Care Matters, Joe Paduda identifies how the P&C industry can keep growing intelligently with P&C Insurance - So far, so good…so far.
• Charles Rubin, who writes Rubin on Tax, clues us in on the potential tax problems when folks perform services for a partnership. He tells us that there are some potential pitfalls in IRC Section 83(b). Who knew?!  Make sure you read “Section 83(b) Election Risk for Partnership Interests“

Assessment

• Carpus, a senior rheumatology fellow at “an Urban University Medical Center,” posts in his blog “Aspirations of a Joint Doc” about unintended consequences: a study of how Celebrex may reduce colon polyps also addresses the potential for cardiovascular risk.
• Spencer Hill at Hill’s Personal Finance helps you assess your life insurance risks to ensure that you have the best insurance solution available at a given time with a life insurance audit.
• Julie Ferguson of Workers’ Comp Insider highlights a NIOSH study on nursing home lifting equipment which assesses that the benefits outweigh the costs.

Potential Risk Treatments

• David Williams of Health Business Blog takes a look at the risks we used to take “back in the day,” and wonders if maybe things really weren’t so awful, then or now in “Rebel Without Much of A Cause“.
• Bob Sargent of the Specialty Insurance Blog reports that insurance agents and brokers need to be more aware of, and concerned about, the security of all that confidential data in their possession with an informative post about confidential data at risk.

Create the Plan

• Michael Cannon of http://www.cato-at-liberty.org/ makes a case for free market health care by pointing out the health policy straw man put up by opponents of free-market health care giving interesting, common sense rebuttals to popular criticisms of the idea.
• Kristin McAllister helps us plan for the future in Making Cents with an article about doing your research before you invest in a mutual fund.

Implementation

• For a perfect example of how to mitigate the effects of risk, LA Money Guy tells us about his trip to Vegas last weekend where he came out ahead $172… It’s Just Money.

Review and Evaluation of the Plan

• Bob Vineyard reviews and evaluates Georgia’s plan to overhaul Medicaid and Peachcare in “The Night the Lights Went Out in Georgia” on InsureBlog.  He sums up his review of the plan nicely: “I see a train wreck waiting to happen.”

That concludes this edition of Cavalcade of Risk. By now, you’ve hopefully got a good idea of how to properly manage your financial risks and keep more of the money you have.  Submit your blog article to the next edition of cavalcade of risk using our carnival submission form, at conservativecat.com, or by emailing Joe Kristan who is hosting the next Cavalcade of Risk on September 27 at Roth & Co.

We’re still looking for hosts. If you’d like to host a future edition, send us an email.  Thank you very much to H G Stern over at InsureBlog for organizing this carnival and providing all his assistance in putting together this edition of Cavalcade of Risk.  Past posts and future hosts can be found on our blog carnival index page. 

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