The Failure of Risk Management. Douglas W. Hubbard

This second edition first published 2020

      © 2020 by Douglas W. Hubbard. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

      Edition History

      John Wiley & Sons, Inc. (1e, 2009)

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

      For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993, or fax (317) 572-4002.

      Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

       Library of Congress Cataloging-in-Publication Data

      Names: Hubbard, Douglas W., 1962– author.

      Title: The failure of risk management : why it's broken and how to fix it / Douglas W. Hubbard.

      Description: Second edition. | Hoboken, New Jersey : Wiley, 2020. | Includes index.

      Identifiers: LCCN 2019051494 (print) | LCCN 2019051495 (ebook) | ISBN 9781119522034 (hardback) | ISBN 9781119522027 (adobe pdf) | ISBN 9781119522041 (epub)

      Subjects: LCSH: Risk management.

      Classification: LCC HD61 .H76 2020 (print) | LCC HD61 (ebook) | DDC 658.15/5—dc23

      LC record available at https://lccn.loc.gov/2019051494

      LC ebook record available at https://lccn.loc.gov/2019051495

      Cover Design: Wiley

      Cover Image: © RomoloTavani/iStock.com

I dedicate this book to my entire support staff: my wife, Janet, and our children, Evan, Madeleine, and Steven, and to the Armed Forces of the United States of America.