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Risk Management

Insurance Risk Management

Define Risk uncertainty concerning chance of loss w/a given set of circumstances
Types of Risk political, social, economic, physical, legal, juridical
Define Risk Management protecting assets using the 5 phases of risk management
5 steps of Risk Management Identify, Analyze, Control, Finance, Administration
5 Components of Cost of Risk insurance, risk management team, retained loss, outside help, indirect costs
6 Uses of Cost of Risk as a tool assist in decision making, measuring tool, promote safety, provide incentives, accurate pricing, management of budget
6 tenants of Risk Management don't take on more than you can afford to lose, don't risk a lot for a little, likelihood of events, insurance isn't a substitute for loss control, retained if not insured, 1 risk control/1 risk finance per exposure
Define Risk Control conscious action/inaction to minimize severity, probability, frequency of loss at optimal cost
5 types of risk control techniques TARPS: transfer, avoid, reduce, prevent, segregate/separate/duplicate
4 types of contractual transfer hold harmless, waiver of subrogation, exculpatory agreement, limit of liability
3 types of hold harmless limited, intermediate, broad
3 approaches to loss control financial, systems, practical
administration of risk control program employee & 3rd party, information resource, claim review/suit committees, stewardship report, newsletters, site visits, feedback, visual presence
root causes of accidents unsafe acts, unsafe conditions, uncontrollable events
6 steps in accident prevention eliminate the hazard, substitute hazardous substance, engineering controls, administrative controls, ppe, training
8 parts of safety & health program management leadership, accountability, employee participation, hazard assessment, training, reporting/investigation, post-injury management, evaluate program
property exposure terms COPE: Construction, Occupancy, Protection, Exposure
property hazard controls management programs, fire safety, sprinkler system, fire alarm, sprinklers, security
fleet risks property damage, liability, workers' compensation
fleet controls management policy, driver qualification, training, discipline, response to accidents, inspection/maintenance
walking surface hazards slips, trips & falls
walking surface controls surface materials, surface continuity, lighting, spill controls, stair design, maintenance/inspection, engineering controls
define ergonomics fitting the work space to the person instead of making the person fit to the work space
ergonomic risk factors repetitive tasks, excessive force, awkward posture, static loading, personal risk factors, environmental risk factors
computer workstation risk factors repetitive activity, awkward posture, static loading, pressure on tissues, personal factors
computer workstation control measures adjustable workstation, ergonomic chairs, work space organization, adequate lighting, noise control, mouse
Created by: 1036291368
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