Law review: how to conduct risk management audits: it is a dangerous misconception to believe...

The words "risk management" are an established part of today's business lexicon. Most businesses practice some level of risk management, but few businesses audit their risk management efforts to test how effective their efforts actually are. Risk management audits can be useful tools to improve your company's risk profile and "harden the target."

It is useful to think for a moment about the nature of risk. The word itself conjures thoughts of "risk taking," "gambling" and "randomness." There is an of randomness in any accident. It is a dangerous misconception, however,