The BP oil spill disaster in the Gulf is obviously the result of a failure of both technology and regulation. However, the biggest culprit is a catastrophic failure of risk management.The job of a risk manager is to hope for the best, but be prepared for the worst. That means putting emergency response systems in place to cope with a worst-case scenario.
It's hard to imagine a scenario any worse than the one we are witnessing in the Gulf. An offshore oil rig explodes, killing 11 workers. The rig collapses into the ocean. Oil continues to gush from a deep sea well, threatening the Gulf coast, the Florida Keys and perhaps even the Eastern seaboard.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
