Safety 101 - Lesson 3

For many years the terms "safety" and "risk management" have been inappropriately used interchangeably in the fire service. Risk management is a multi-step decision making process used to: identify and analyze the potentials for loss evaluate...

Similarly, there are several types of risk financing techniques that are used. They are known as:

  • Retention
  • Contractual transfer
  • Current loss expensing
  • Commercial insurance
  • Unfunded reserve
  • Funded reserve
  • Borrowing, and
  • Establishing a captive insurance program

At this point in our series it is not necessary for you to know details about these type programs, only that they are techniques used by risk managers to fund losses, when the risk control techniques described about do not work and losses occur.

Lesson #3

By now, you should be understanding of the fact that the terms safety and risk management are not interchangeable, and that each has to be dealt with by appropriate personnel in the organization.

Safety 101 -A new series from the technical and administrative perspective, designed to help you reduce emergency responder injuries, illnesses, property loss and death!


Dr. William F. Jenaway, CSP, CFO, CFPS is Executive Vice President of VFIS and has over 30 years experience in Safety and Risk Management, in the insurance industry. Bill is also an adjunct professor in Risk Analysis in the Graduate School at Saint Joseph's University in Philadelphia. He was named "Volunteer Fire Chief of the Year" as Chief of the King of Prussia (PA) Volunteer Fire Company, and is the author the text Emergency Service Risk Management.