Economic Risk Management: The Economic Developer's Newest Job

Risk management will be even more important to our economic growth in the future. Historically, economic development organizations (EDO's) have been growth catalysts. They have worried relatively little about managing risks in local economies. EDO's will need to give increased attention to these issues in the future.

I recently conducted a seminar for the Greater Phoenix Economic Council (GPEC) on economic risk management. Click on the link below to download a copy of my Power Point slides, which describe the "Proactive Risk Management Model for Economic Development." I think you will find this to be quite interesting.

How does risk management relate to economic development? Here is one example. The previous article described the risk of major international trade disruptions and the impacts they could have on our future economic growth prospects. What role can local and state EDO's play in helping their customers (businesses) to mitigate anticipated future trade risks? Providing improved information and knowledge about future trade policy developments and their impacts on major industries and local economies is one way EDO's can help. Another is to help your local businesses maintain positive international relationships as we work through this difficult period.

Download my presentation here: ManagingRisk_3-10-03.pdf

Please tell us what you think about this new idea.