week 2.1 - History and current role of risk management Flashcards
1
Q
refined uncertainty
A
also called blaise pascal - weighing up the different futures
2
Q
The role of risk management
A
process of identifying loss exposure faced by an organization and the selection of appropriate techniques for treating these exposures
3
Q
decision theory
A
(optimal decision) calculates the consequences of a risk. (cost-benefit analysis)
4
Q
what three specialties are concerned with risk management
A
- decision theory
- risk-financing
- risk control
5
Q
ERM
A
enterprise risk management
strategic, tactial, operational, compliance (STOC)
6
Q
what is an operational risk
A
a loss that could occur due to failed or inadequate processes (internal)
7
Q
examples of operational risk
A
food safety, talent management, communication technology, intellectual property, environment (flood plain) workplace
