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Tri Everest Risk Philosophy

We are all just passing through the Life Stages of a lifelong journey. None of us know exactly how long the journey will take and we are all learning more and more about the challenges and risks of our principal activity along the way – LIVING in the present. To date my own experiences and interests have been significant in forming a philosophy on many areas, and no doubt this risk philosophy will continue to evolve on life’s journey.

Risk was referred in a Stanford University study to situations in which it is possible but not certain that some undesirable event will occur and is defined as the cause or probability of an unwanted event which may or may not occur.

Generally there are high, medium and low risk events which may or may not occur. What we sometimes struggle with is the assessment and management of risk in certain everyday situations. A good place to start with any risk assessment is what common risks are referred to and what would be the consequences if that event occurred? The elements of a risk appraisal process would include the following aspects:

  • Event. What event and what are the consequences?
  • Probability. How likely is the event to occur?
  • Impact. How bad will things be if the event does occur?
  • Mitigation. How can you reduce the probability?
  • Contingency. How can you reduce the Impact?
  • Reduction. What is the reduction in risk due to the actions you have taken?
  • Exposure. The exposure is equal to the original risk minus the reduction.

With regard to the above, whether you are seeking to plan for life’s common risk events like for example dying young, a long life (income in retirement), or investing wisely, a financial planning strategy is needed for both mitigation and contingency. Knowing what risks are relevant and not relevant will help you de-clutter your financial plan. Furthermore, because the common risks are always changing through the passage of time, the need for perseverance in continual monitoring and reviewing of circumstances is a critical activity and a critical part of our risk management strategy for you.

The purpose of this philosophy is to demonstrate that we view life’s events critically for you, help you identify and understand common risks and advise on outcomes and solutions for dealing with these risks. There are some risk events that may or may not occur, while there are events that will occur but the timing of the event is uncertain. Some of us will die young, some of us will live for a long time, while some of us may get seriously ill and survive in the meantime. No matter what way you look at it, these events which may or may not happen can have consequences which need to be protected against.

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