Welcome to the June 2, 2010 edition of Cavalcade of Risk. With this issue, we mark the fourth anniversary of our biweekly risk roundup. Kudos to Hank Stern, Cavalcade's founder, keeper of the flame, and all round good blog citizen. He's the perfect person to lead the charge - as an insurance expert, he knows quite a bit about managing risk. Kudos to him and to all my fellow risk wranglers who've continued to dole out sage advice over all 106 issues of the Cavalcade - yay for us!
Risk is so random. You are enjoying the Stanley Cup playoff game between the Montreal Canadiens and the Pittsburgh Penguins when a massive sinkhole swallows you and your family whole sending you to an untimely death. No, this isn't the plot of a bad '60s sci fi flick, it was a real event that occurred in Canada just a few weeks ago. And as living proof of the Baader-Meinhof Phenomenon, right after hearing about this horrific event, we learn of the total disappearance of a six-story building in a Guatemala sinkhole.
Whether in business or in our personal lives, risk is unavoidable. Both consciously and unconsciously, we are all in a continual process of sizing up situations and activities, weighing the relative risk versus reward, and determining the maximum acceptable level of risk in going forward. The business or discipline of such assessment is called risk management; in our day-to-day lives, it's called living.
In the biweekly issues of Cavalcade of Risk, we turn to various experts who weigh in with risk management advice for assorted business and life activities. Because risk can be messy, our topics span the gamut. While there may be some ongoing themes that recur in our lineups, by the very nature of the beast, it's not always easy to sort submissions into neat little categories. Today's issue follows suit.
- We'll kick off this issue with a post from Hank Stern of InsureBlog, who shares his own experience in Risk Management: It's Personal, too, along with a poignant video about the nature of personal risk management.
- As we watch the gulf coast scenario play out, it is increasingly apparent that oil drilling is very risky business. Emily Holbrook of Risk Monitor examines the risks of oil-producing countries. And is the best way to prevent oil spills to regulate the oil companies or allow for those injured by the spills to sue the firms in court? Jason Shafrin weighs in at Healthcare Economist in his post about Rand Paul and the Oil Spill.
- At Risk Management for the 21st Century, Nancy Germond talks about the potential risks that social networking can pose to your company's brand and reputation. She offers a prescription for minimizing that risk by crafting a social networking policy to prevent abuse.
- At her eponymous blog, Wenchypoo talks about a a little-known but common clause that might leave you without property coverage in her post about vanishing homeowner's insurance. And while on the topic of homeowners, Silicon Valley Blogger offers tips to lower your home insurance premiums at Digerati Life.
- If traveling is in your future, should you buy insurance to hedge against volcano-related travel disruptions? Consumer Insurance Blog explains why travel insurance is unlikely to cover you for volcanic eruptions.
- At Political Calculations, Ironman longs for a cool robot that would serve as an early warning system of danger. Lacking that, he offers a quick checklist of indicators that point to the economy heading south.
- Kim Luu at Money and Risk considers the reduction in retirement portfolios that the recession has wreaked and offers 5 good habits for the DIY investor to limit risk when managing investments online.
- If you want to limit the risk in your portfolio, Mike Piper of The Oblivious Investor talks about why single premium immediate annuities can be helpful for retirement planning.
- If you aren't ready to retire, maybe it's time for a change. At MoneyNing, David Ning explains why the recession is a great time to start a business.
- Ryan at Cash Money Life asks who really needs life insurance? If you are one of those who could benefit from its purchase, Free From Broke suggests factors to consider when figuring out how much you should buy.. And Joel Ohman guest posts at Free Money Finance about how life insurance can be an important tool for estate planning.
- The emerging epidemic of childhood obesity, diabetes, and other chronic conditions bodes poorly for the state of our nation's health going forward. At Health Business Blog, David Williams looks at a recent study that shows almost 30% of adolescents take prescription drugs. Joe Paduda of Managed Care Matters notes the same disturbing trend, and also looks at the drug cost inflation and pricing indicators in the report.
- And on the topic of healthcare, Disease Management Care Blog, Jaan Sidorov talks about the risk of believing politicians when they spout half-truths.
- In a post on 5 Notorious Identity Theft Cases Sheryl of Change of Address Blog discusses various types of ID fraud and whether the burgeoning protection services are worth the investment.
- Here at Workers Comp Insider, in a post on 2010's worst teen jobs, we offer advice to parents to help them limit the risk of injury to their summer teen workers.
