by Michael Arbow, MBA
Partner RSD Solutions Inc.
The legendary American comedian Rodney Dangerfield is famous for his stellar role in the comedy movie classic Caddyshack and is renowned for his catchphrase "I don't get no respect" or if you wish to ignore the double negative "I get no respect, I tell ya". Recently while updating RSD Solutions’s information on the US government website GovWin.com, I got a better understanding of where Mr. Dangerfield was coming from. When completing the company profile you are asked for the classification of your business utilizing the widely accepted North American Industry Classification System (NAICS); a list of 19,720 industries. And yes you guessed it; Risk Management Consultants are not listed and to add insult to injury, of the 108,521 words used to describe these industries, the word “risk” is not one of them.
This is telling on innumerable levels and perhaps explains why company risk managers struggle (at times) to have a meaningful impact in their organizations. This also brings up the disconnect between the desire to manage risk and actually implementing a risk management solution. Hopefully when the NAICS tables are updated from 2007, risk management will get the respect it deserves.
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