Filed Under:Risk, Public Sector Risk Management

Risk Management Enters Everyday Business Lexicon

Five years ago, you didn’t hear the phrase ‘risk management’ mentioned all that much in business circles,” notes Robert E. Hoyt, the Moore Chair and professor of risk management and insurance at the Terry College of Business at the University of Georgia.

Now, “I’m amazed in casual conversations how many people are using the term ‘risk management’; it’s clearly in the psyche of a lot more people,” Hoyt says.

The increasing use of the term is underscored by online search results.

“The increase in the number of [results] on the term risk management is pretty dramatic,” Hoyt notes. “This isn’t scientific,” he says, but Hoyt Googled “risk management” and found that:

  • In 2006-2007 there were 3.2 million search results.
  • In 2008-2009 there were 27.2 million.
  • In 2010 there were 63.3 million search results under “risk management.”

What accounts for the increasingly common usage of the term? “We’ve had a lot of business failures, and companies should pay attention to that. And the demand for [risk management] is increasing,” says Hoyt.

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

Will the auto insurance industry be obsolete in 20 years?

Self-driving cars and ride-sharing services could be the start of a trend toward the end of auto insurance as we know it.

Top Story

3 keys to a successful workers’ compensation fraud investigation

Workers' comp fraud is growing – here are the red flags to look for.

More Resources

Comments

eNewsletter Sign Up

Risk Management Report eNewsletter

Identify problems involving emerging risks, reinsurance, and business interruption with help from Risk Management Report - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.