Risk Factor 7 - Lack of Planning and Preparedness - ERM Exchange
John McLaughlin discusses risk factor 7, lack of planning and preparedness, which refers to forethought given to a variety of scenarios, magnitudes, alternatives, and updates to anticipate potential risks. He uses the case study of first responders practicing drills for catastrophes in a parking lot. He says that Abkowitz's point of risk factor 7 is to reduce the number of fatalities or the cost associated with that catastrophe - and its aftermath - with the help of proper planning and preparedness.
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