Public Risk Management Awareness Day is observed on March 1 every year in the U.S. The holiday aims to help raise awareness and promote education throughout communities by giving public risk management a platform. The platform is used as a springboard to create special activities, proclamations, and publications. Many people can learn more about public risk management, which is beneficial to the entire society. The holiday helps to encourage and support public risk management professionals who are responsible for implementing risk management frameworks to reduce, transfer, accept or mitigate those risks.
History of Public Risk Management Awareness Day
Public risk management professionals work for public entities, which have a unique set of inherent risks, whether a city, county, special district, school district, port authority or political subdivision. The public sector risk management is responsible for handling litigation/claims administration, safety programs, risk financing programs, and contractual risk transfer.
Public risk management professionals implement risk management frameworks to reduce, transfer, accept or mitigate those risks by performing a risk analysis, formulating treatments, and monitoring treatments/controls. They use these frameworks to support the strategic plan of entities and scan the environment for risks. It allows for fiscal stability, improved safety, decreased liability, and reduced reputation risk for the public entity. Even though their job is to support the strategic plan of public entities, these professionals are known for experiencing a variety of loss exposures within the diverse entities and communities they serve. They perform their job while facing political scrutiny, budget constraints, stakeholder expectations, and the entity’s risk appetite.
The holiday helps to deal with some of the issues these professionals face during service. Public Risk Management Awareness Day originated in Texas and spread to other parts of the U.S. over the years. It is an opportunity to create activities, proclamations, and publications commemorating public risk management professionals.
Public Risk Management Awareness Day timeline
The first actuaries work for the precursor of a modern life insurance company in England.
Other forms of risk management are used.
Risk managers begin to expand to alternatives to insurance.
Derivatives are used as risk management instruments as companies intensify their financial risk management
Public Risk Management Awareness Day FAQs
Is risk management studied?
Yes, it’s been studied for a long period. People have studied risk management since World War II.
How is insurance related to risk?
Risk management is associated with the use of market insurance to protect people from various losses.
Was market insurance costly?
During the 1950s, market insurance was considered to be very costly and incomplete for protection against pure risk.
How to Observe Public Risk Management Awareness Day
Make a donation
You can make a donation to a risk management organization. This will help make their jobs easier and prevent risks.
Share the holiday
You can share the holiday with your friends and family and help to spread awareness. You can do this easily by sharing it online or in person.
Learn about risk management
You can do some research on risk management. It’s always good to have information on how to stay safe.
5 Interesting Facts About Public Risk Management
Professionals oversee risks
Public risk management professionals oversee a unique set of risks.
Risk management helps communities
Public risk management helps to assess, minimize and combat anything that causes a possible loss, damage, or threat in a community.
Public risk managers protect people
People working for the community and those living in the community are safe and protected by public risk managers who assess potential risks in the community.
Public risk managers help with public services
Public risk managers are in charge of mitigating risks associated with public services, like fire protection, parks, public education, and transportation.
These jobs are different
Public risk managers do not all do the same job because every public entity comes with its own set of risks.
Why Public Risk Management Awareness Day is Important
It raises awareness
The holiday helps to raise awareness about public risk management. This awareness helps keep the public safe.
It provides support
Public risk management officials can receive support due to the efforts of the holiday. It makes their job easier.
It promotes safety
The efforts of the holiday help to boost the safety of people in the community. This minimizes the risks that they face.
Public Risk Management Awareness Day dates