1. Risk Management Flashcards
Elimination is a physical risk control measure used when you removed something … This however is not always possible.
completely
Financial risk control can be done through (1)… or (2)…
(1) retention
(2) risk transfer
Flow charts become helpful in the … industry.
insurance
Physical risk control can be done through (1)… or (2)…
(1) elimination
(2) minimization
Qualitative analysis are concerned about the …
underlying issues
Quantitative measurement involves the actual …
quantities
Risk is the … of loss.
uncertainty
Risk management examines … and not just the risks that are insurable.
all risks
The most basic risk identification is …
physical identification
The retention financial control measure is about deciding whether you can …
keep the risk or not
The risk transfer financial control measure is about …
buying insurance
The three aids to identification are?
- organisational charts
- flow charts
- check lists
The three risk management steps are?
- Identification of risk
- Evaluation of risk
- Control of risk
Three ways to evaluate risks are?
- Quantitative measurement
- Qualitative analysis
- Computer technology
… are used by risk managers to identify each item or step in the area or process.
Check lists
… are used to make record keeping and analysis a lot easier.
Computer technology
… helps risk managers identify risks along the company process.
Flow charts
… is the most effective risk control measure.
Minimization
… show the basic organisational structure of the company.
Organisational charts
… is where you put measures in place to reduce the amount of loss going forward.
Post-loss minimization
… is where you anticipate a loss and steps are put in place to prevent or reduce the risk.
Pre-loss minimization
… is about spotting all risks and not just the insurable risks.
Risk identification
… is therefore a means of removing some or all of the uncertainty.
Risk management
