Page 32 - Insurance Times May 2020

BE LIKE A

RISK

DOCTOR

Introduction In the earlier days (not very far, around two decades back
in India) patient used to tell he symptoms of his disease and
This write-up draws up a parallel between the medical
doctor used to measure his pulse, blood pressure, physical
profession and risk management profession. Both doctors
and risk management professional perform their duties in examination of body and use of stethoscope, after this he
treatment of patient/risk. The doctors have achieved the used to be ready to write the prescription which suggest
the medicine the patient is to take to get cure. That time
status next to God due to their ability to cure the patient
so much of medical tests were neither prevalent nor
through the medicine, similarly, the risk managers must
strive to be like a doctors. prescribed. It can be seen from the below diagram that the
doctors use the same steps to prescribe the medicine as
used by risk managers in the treatment of risk.
Medical Profession

Medical profession is proven over the period of time to cure
the disease in the patient and often termed as next to God. Prescribe Identification of
This status is given to them because they have a proven Medicine (4) disease (1)
track record to address the problem of patient. When one
is sick, only doctor comes in the mind.

Doctor
About the author

Sonjai Kumar Measure the extent of Medical Tests/examination
Certified Risk Management disease (severity) (3) for disease
Professional from IRM London confirmation (2)

32 The Insurance Times, May 2020