Weather and climate Enterprise Risk Management is, therefore, an important business objective that is often time consuming and difficult to implement. To manage the economic consequences of weather-related risks, the Weather Risk Management Association suggests that a business typically follow one or more of three risk reduction approaches:(1) risk transfer, (2) risk avoidance, and/or (3) optimal risk retention. As part of a comprehensive enterprise-wide risk management framework, managers have several risk transfer products available to them. In the preparation of Weather & Climate Risk Management, an occasional series from ASKramer Law, I want to extend my gratitude to Brian O’Hearne, CEO of Hailios, for his comments. [21] “The Language of Enterprise Risk Management: a Practical Glossary and Discussion of Relevant Terms, Concepts, Models, and Measures” Jerry Miccolis | May 1, 2002 https://www.irmi.com/articles/expert-commentary/the-language-of-enterprise-risk-management-a-practical-glossary-and-discussion-of-relevant-terms-concepts-models-and-measures[22] Weather Risk Management Association, “Weather/Climate-Related Risk Reduction Occurs in Three Forms,” https://www.wrma.org/page/what-is-weather-risk-management, site visited January 15, 2024.

Source: CNN March 15, 2024 17:22 UTC