Abstract

The Necessity of Multi-Discipline Risk Management: Transformation of Mindset and Incentive Pay

Highlights

  • Late in 2012, the press in Austin, Texas reported the death of a policeman, Houston McCoy [1], who was known for climbing together with his fellow officer, Ramiro Martinez, the steps of the Tower at the University of Texas and killing the Tower Sniper [2]

  • The dark day for Austin and the University of Texas is embedded in the history of this city nestled in the hill country of central Texas

  • Over 46 years later, the December 14, 2012 shootings at Sandy Hook Elementary School took the lives of 26 children, teachers and administrators [3]

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Summary

Introduction

Late in 2012, the press in Austin, Texas reported the death of a policeman, Houston McCoy [1], who was known for climbing together with his fellow officer, Ramiro Martinez, the steps of the Tower at the University of Texas and killing the Tower Sniper [2]. The tragic devastations of 2012which include the movie theater shooting in Aurora, Colorado [4], are only a few drops in a stream of horrible losses dating back to the September 11, 2001 terrorism act [5] and longer All of these tragedies could have been reduced or even eliminated if the public was educated to adopt a risk mitigation mindset upfront. In the private business arena, we see reactive or corrective actions instead of thoughtful, full-fledged identification of front-end risks, measurement and development of the necessary risk management tools [6]. These are the basic steps needed for risk management. Would it not be better to allow Type I errors in other parts of our society and business community? This is fully implemented in other societies, notably Israel

Natural Catastrophes
The Need for Risk Management
Incentives for Practicing Risk Management on the Front End

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