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Class 3 - Risk Manag

Math 3620 - Class 3 - Intro. to Risk Management

TermDefinition
Risk Management A process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures
Pre-Loss Objectives -prepare for potential financial loss in financial ways -Reduce anxiety -Meet any legal obligations
Post-Loss Objectives -Survival of firm -Continuing operations -Stability of earnings -Minimize the effects that a loss will have on other people & society -Continued growth of the firm
RMP - Identify Identify key risks and potential losses
RMP - Measure & Analyze Evaluating frequency & severity of losses
RMP - Select Choosing risk management technique or combination of techniques
RMP - Implement & Moniter Put the selected method(s) in place & measure performance
How to identify loss exposures -Risk analysis questionnaires & checklists -Physical inspection -Flowcharts -Financial statements -Historical loss data
What are the techniques for managing risk Risk control & loss financing
Risk Control -Avoidance -Loss prevention -Duplication - copying documents -Separation - divide the assets up - Diversification
Loss/Risk Financing -Retention - I'll fucking keep all the loss or part -Retention is effective when: -No other method of treatment is available -The worst possible loss is not serious -Losses are highly predictable
Non-Insurance transfer A method other than insurance by which a pure risk & it's potential financial consequences are transferred to another party
Advantages of Non-Insurance transfer -Can transfer some losses that are not insurable -Less expensive -Can transfer loss to someone who is in a better position to another losses
Disadvantages of Non-Insurance transfer -Contract language may be ambiguous, so transferring may fail -If the other party fails to pay, firm is still responsible for the loss (credit risk) -Insurers may not give credit for transfers
Created by: killerkite
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