Risk Management isn’t a luxury, it’s a necessity to your business
Inadequate risk management can result in severe consequences for companies as well as individuals. Risk management is the process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making.
It’s essentially a two-step process — determining what risks exist in an investment or portfolio, and then handling those risks in a way best-suited to your investment objectives, and overall risk tolerance. Risk management occurs everywhere in the financial world.
At Woodward-Scott Agency, part of what we do with every single client is identify situations that could pose as threats to your financial future through planning, research, and execution.
There are several ways to handle risk management:
- Risk Assumption
- Risk Retention
- Risk Transfer
- Risk Avoidance
When you think about all of the variables working against your financial wellbeing — increasing taxes, inflation, and market volatility, having an advisor who thoroughly understands the risk management approach and process is an invaluable asset to your financial plan.
If you’d like to discuss your options further, head over to our contact page, or call us directly.