Risk Management Program Goals Flashcards
What are the 2 categories of risk management program goals?
- Pre-Loss Goals (Goals to be accomplished before a loss)
2. Post-Loss Goals (Goals that should be in place in the event of a significant loss)
Name 4 Pre-Loss operational goals.
- Economy of operations
- Tolerable Uncertainty
- Legality
- Social Responsibility
What is RIMS?
Risk and Insurance Management Society
Economy of operations
An organization should not incur substantial cost for slight benefit.
Tolerable Uncertainty
Managers should be able to make and implement decisions effectively without being affected by uncertainty.
Legality
The risk management program should help to ensure that the organizations legal obligations are satisfied. (Standard of care, contractual obligations, & laws and regulations)
Social responsibility
Acting ethically and fulfilling obligations to the community and society as a whole.
(Both a pre and post loss goal)
Name the 6 Post-Loss goals
- Survival (The most basic)
- Continuity of operations
- Profitability
- Earning stability
- Social Responsibility
- Growth
Survival
Resuming operations to some extent after an adverse event. An organization survives a loss whenever its productions is not permanently halted.
Continuity of operations
a
Profitability
a
Earning Stability
a
Social Responsibility
a
Growth
a
