Risk Topics – Process Review

Risk Topics
The risk an individual faces may be a combination of various factors: the risk of death and accidents, the threat of natural disasters, and market volatility. In terms of personal well being, some risks may affect life expectancy and result in temporary or permanent disabilities.
Process Review
As with any financial strategy, whether it is a retirement plan or a succession plan, the risk management plan must be assessed and reviewed regularly.
Changes are inevitable. Therefore, decisions made regarding the following points must be reviewed periodically:
  • Risk rejection may have increased or decreased.
  • There may be new or different risks.
  • Certain risks may have been overlooked in the first evaluation.
  • Attempt to identify prior errors.
  • Analyze any changes in your financial situation.
In general, the assessment and adjustment of a risk plan should be done each year. Financial and family changes may trigger new circumstances that should be contemplated in a risk plan.