Risk Management - I'm sure everyone is familiar with this term. Some of us may have involved, direct or indirectly, in designing or defining risk management for your Company or work area.
Risk management is defined as a structured approach to managing uncertainty related to a threat or danger, a sequence of human activities including: risk assessment, strategies development to manage it, and mitigation of risk using managerial resources.
The strategies include transferring the risk to another party, avoiding the risk (by going out less? hah hah), reducing the negative effect of the risk (pay less so to speak), and accepting some or all (why bother to manage the risk then?) of the consequences of a particular risk.
True Stories
3 of my fellow colleagues having a common problem about their parent, ie either their dad, mom or both, had been admitted to hospital. And August is not a good month according to the Chinese calendar.
I'm not going to name them....
Colleague A - His dad was admitted to hospital due to heart compilation. He's going back to Kuantan almost every weekend for the past few weeks. He was on EL today for two days. Don't worry, it's not a bad news.
Colleague B - Her mom, quite old already, having some breathing difficulty and currently lying on the hospital bed as well.
Colleague C - She's the most unlucky ones. Both her parents were admitted to hospital. Her mom was admitted for few days for some operation (due to?? sorry, forgot!!!) and had been discharged already. Yesterday, her dad was admitted to Ampang Puteri due to stroke and .... also forgot =( But she did mention that it was serious and not sure for how long her dad is going to stay at the hospital. Before she left the office this evening, she told me that she need to take time-off tomorrow to withdraw some $$$ from her EPF account to pay for her parents medical charges, close to RM50k!!! No joke!!!
And my friend, Grace Lee, is facing the same problem as well. Read here....
With medical cost on the rise, have you done your own risk assessment? I have run through mine:
- Motor insurance - Just renewed!! I wanted to insure it for flood disaster for another extra Rm90. But when I think about it, what's the changes of getting it, right? :P By the way, going to claim the RM600 rebate soon.
- Motor assist membership - Just renewed!!
- Life insurance with critical illness & disability - Checked!!
- Personal accident with medical insurance - Checked!! But going to expire soon in Oct'08. Got to look for new company already. wtf man... Don't ask me why.
- Credit cards shield - Forget about it. Just clear your debts every month or cut down your spending with the plastic cards.
- House fire insurance - ??? Shit!!! Have you seen a banker rejecting your business (they have their panel of insurance co). My banker is refusing to renew my house fire insurance. Reason? My apartment's management office had it insured on my behalf. wtf, if I want to buy extra policy, that's my problem lah. Why rejecting my renewal premium? I'm really confused now. Why? My management office said "House owners are supposed to insure their house". On the other hand, my banker said "My management office had insured it on our behalf". Who's to trust? Going to shop again lor.
- Term life insurance - ??? Thinking to buy it soon.
- Burglary insurance - ??? My house?? Go and find other areas lah.
- MRTA - ??? naahh... How about life insurance? I have two policies.
- Will - ???
- Personal liability insurance - ??? Who's the f88k want to sue me?
- What else?
Please!!! Go through your list!!!
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