ABSTRACT
In this chapter, I will relate the fundamental precepts of risk assessment and risk management-especially as they relate to the process of risk monetization. I would suspect that the reader expects this to be all about terms, deŽ- nitions, and the like. However, many years in the applied-risk business has taught me some “basics” that you won’t Žnd in the typical text on risk. The immediately following sections are examples of such lessons from the school of hard knocks.
