Now is a good time to rethink the way we manage flood risk. Or more accurately, perhaps now it is time to actually manage flood risk.
It’s not a novel concept. Many corporations today consider active risk management an asset and a central part of the strategic management of their organization. Corporations have a Risk Manager who reports directly to the CEO. Risk Managers identify, analyze, assess, control, avoid, minimize, or eliminate unacceptable risks. In doing so, they actively manage their portfolio of risk by using risk avoidance, risk retention, risk transfer, or a combination of these strategies. Most large government agencies also have a Risk Manager who routinely negotiates insurance contracts and works department heads to develop risk reduction strategies.