Monday update

It was an early start on the first day of the Redbird Risk Management Challenge! Today, students learned who their team members were and one of their first decisions was to choose their company names.

• CIA - Cooper, Irene, and Abigail 
• JAR Protects - Jade, Aaron, Ada, Ramon 
• JJ's Red Hots - James, John, Lauren, Virginia 
• The 5 P's - Griffin, Nicole, Paul

In the morning, they learned about the structure of the Challenge and how they will work together to manage the risks that their business will face over the week.

Students were a bit uncertain how the week will unfold, but as we progressed through the first couple of activities, students saw how their businesses are affected by

• Strategic risk management decisions related to pure risk - deciding to prevent losses from occurring, reducing the impact to their businesses, and/or transferring the uncertainty to an insurer
• Other revenue opportunities - over the course of the week, there are many different activities where teams can earn additional dollars for their business. These activities involve a mix of teamwork and luck.