It has been 25 years since I was introduced to the profession of risk management. Anointed a risk manager out of the blue-like so many others-I was fortunate to be mentored by a person of unparalleled vision. Not every risk manager is so lucky. And since day one, it has been a blast, an unmitigated love affair. That day, 25 years ago, was the single luckiest day of my professional life.

That said, when looking at where risk management has -- or, more accurately, has not -- ascended to since then, I can't help but think of the classic line from the movie Network: "I'm as mad as hell and I'm not going to take this anymore." 

Risk management has not risen to where it belongs and has not gotten the credit it deserves. Instead, it seems to be misunderstood, undervalued or disparaged-depending on the day of the week or the organization you are talking about. 

Personally, I have been fortunate enough to work for two great organizations that have appropriately valued the discipline. So as an homage to the discipline, I offer these 25 observations about risk management -- one for every year I have spent in the profession.

1. It's a Lonely Profession -- Get Over It
This reflects the gravity of your position and the vital nature of the discipline. No one you deal with will have entirely aligned interests. Accept that fact. Risk management is admittedly dangerous and weighty stuff. Be brave.

2. Take a Back Seat to No One
You are not an insurance buyer -- immediately correct anyone who refers to you as such. Risk management is an exhilarating and important profession. Revel in that importance. Do not back down on any matter of substance.

3. Passion Is Your Fuel
Get excited and stay excited. Do not be dragged down by the leanness of your resources, the staggering workload, the sometimes mundane nature of the job or even your undervalued role in the organization. Stay on the high road. Keep turning insights into actions.

4. Absolute Integrity Cannot Be Overemphasized
You are only as good as your word. Be professional in all you do and expect the same from brokers, carriers and consultants. There should be no second chances for the undeserving, those who violate the "trust." Reach for the check; do not expect someone else to pay for you. Owe no one. Forget freebies.

5. It's Your Program
Establish a unique risk management philosophy and mission statement. Always keep that big picture in sight. Continually hone your program. Be proud of it. It's yours. Put your special stamp on it, whatever that entails. Delineate, differentiate and distinguish yourself.

6. It's the Exposures, Stupid
Risks are the absolute starting point, the reason that everyone in all the related disciplines has a job. Insurance is not the driver. There are no givens other than the fact that the analysis starts at the beginning, with the exposures, and keeps returning back to that starting point. Over and over and over again.

7. Have the Elevator Speech Ready
Be succinct, clear and inclusive of your accomplishments. Throw in your aspirations -- you should always be heading somewhere with your program. You are not auditioning for your job -- you already have it. Now act like it.

8. Remember Who Signs Your Paycheck
Don't be viewed as an apologist. Adhere to a "no surprises at all costs" game plan, to the greatest extent possible. Use language that can be understood -- no jargon or obscure acronyms. Keep people informed. Truly listen to their responses and comments. Battle preconceived notions that are unfair or unfavorable. Expect one central question on every risk management issue: what does this mean for our company? 

9. Educate and Sell Risk Management. Everyday.
Always keep catastrophes and lessons learned in mind as you establish context, frame the past and position the present. Focus on the value you add. Why are you a world-class risk manager? Make sure everyone knows that you are the best person to shape the future.

10. Walk the Tightrope
Don't be viewed solely as a "no" person. Be an opportunistic, every-risk-has-a-reward deal maker. But be sure to raise the alarm when it needs to be sounded. Always give your honest assessment, but let leadership know what you can do to manage any exposure that will be created by their decisions.

11. It's a People Business? (Well...Sort Of)
Don't be afraid to challenge this sacred cow. Every adage can be overstated. Relationships are undeniably important, but only up to a point. Sound rationale for actions is far more important and durable. 

12. Long-Term Relationships Are Generally Preferable
Let long-term relationships happen; don't force them to happen. They will flow naturally as everyone strives to prove themselves day in and day out. There is a human tendency to get sloppy, coast or try to take advantage of a situation. Guard against that in the people you work with -- and yourself.

13. Prepare for Confusion Surrounding ERM
Surveys of risk managers give conflicting messages about the progress of ERM-and its importance. The key problem is that there has been a lack of practicality. There is no chance to gain traction if ERM is viewed as a "study-for-study's-sake" concept. If ERM is truly important, it needs to translate to action.

14. ERM Is an Imperative, Not a Choice
You cannot afford to sit on the sidelines while ERM is not implemented or is done so by someone else. ERM is the natural extension of your existing risk management function. Jump all over the opportunity. In essence, you are the sheriff and you are deputizing key members of the organization to systematically imagine every risk that could keep them awake at night-including those that may not have been imagined or experienced before. 

15. Pay People Fairly for Their Valuable, Professional Work
Remunerate on a fee basis, if possible. Don't be afraid to pay bonuses when deserved. How much value was added to the risk management equation? How much would you want to be paid for the activity that is being performed?

16. You Control Your Destiny
In the long run, you will pay for your losses, not dodge them. Stated another way, all losses are self-insured over time. Combined with the notion that all losses are preventable, this puts the loss-control ball in your court. Don't lose sight of the hidden costs of a catastrophic loss. What if your plant needs a two-year rebuild and you have no backup means of production? What happens to your reputation, your customer base? Operate under the belief that you cannot afford a loss and that every loss is preventable. Control your own destiny.

17. Master Negotiation Basics
Start negotiations early. This shows respect to the person sitting across the table who needs time to do his or her job. Always be ready with your "best alternative to a negotiated agreement." Do you have an out? Demand that deadlines be met. Be specific and be prepared to play hardball. Having said that, the starting point should revolve around fairness, reason and pragmatism.

18. Recognize a Good Negotiation Outcome 
A good outcome satisfies your interests well. It satisfies the other party's interests acceptably. And it satisfies interests of all others tolerably. Nobody feels taken advantage of and efficient, effective communication helps form the agreement.

19. Always Deliver News -- Both the Good and the Bad -- Personally
Put yourself in the other person's position. Do something different -- send a thank you note for exceptional work or send a note explaining the reason for change, new competition or displeasure with service. 

20. Interact Directly with Insurers
Relationships are continuous, not a one-shot deal. Listen to the carrier's questions and concerns. Evaluate your underwriters the way they evaluate you. What kind of person is he or she? Going back to the belief that all risks are really self-insured, shouldn't you really be thinking like an underwriter? Is your underwriter thinking like you would be when evaluating the exposures being transferred?

21. Use Market Competition
Do not be afraid to use full-scale brokerage competition. Mix up your strategy on competitions; there is no compelling need to be predictable. One very rough rule to remember is to bid all major programs every three to five years. No matter what the results, remember that you do not have to decide solely on price.

22. Identify the Elephant
It is vital to understand one fact from the outset: nobody else looks at things exactly like a risk manager does. In reality, an insurer's interests are opposed to those of a risk manager. Once you acknowledge the elephant in the room, you can begin a mutually beneficial, long-term relationship. 

23. Don't Assume Anything
Get and give everything in writing. Record the chronology. Be explicit and date-specific in expectations. Hold to your deadlines. When in doubt, ask questions. This stuff is far too important to merely guess.

24. Cultivate More Time
Move your renewals away from popular dates and consider splitting up major programs (for example, renew liability in February and property in August). Start major renewals five to six months ahead of time. Prioritize, prioritize, prioritize. You are probably going to have to disappoint some people looking for your time; that's just a fact of life given scarce resources. Do not let it shift your priorities.

25. The Checklist
As Atul Gawande wrote in his book The Checklist Manifesto, "the volume and complexity of what we know has exceeded our individual ability to deliver its benefits correctly, safely or reliably." You need to develop your own risk management checklist methodology. There is too much at stake not to do this. 

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Michael J. Cawley is director of corporate risk management for Millipore Corporation, a multinational bioscience company that provides technologies, tools and services for the discovery, development and production of therapeutic drugs.