Podcast
Questions and Answers
Risk management is considered crucial for the survival of the organization due to increasing external threats such as stiff competition, political challenges and the impact of global ______
Risk management is considered crucial for the survival of the organization due to increasing external threats such as stiff competition, political challenges and the impact of global ______
warming
The identification , analysis, and economic control of those risks which can threaten the assets or earning capacity of an ______
The identification , analysis, and economic control of those risks which can threaten the assets or earning capacity of an ______
enterprise
The purpose of risk management is to enable an organization to progress towards its ______ and objectives in the most effective way
The purpose of risk management is to enable an organization to progress towards its ______ and objectives in the most effective way
goals
Risk management aims to reduce the impact of ______
Risk management aims to reduce the impact of ______
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Survival of organization, stability of earnings, and reducing impact of losses to organization and society are the objectives of risk ______
Survival of organization, stability of earnings, and reducing impact of losses to organization and society are the objectives of risk ______
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Step 1: Identifying existing and potential ______
Step 1: Identifying existing and potential ______
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Few techniques can be used to identify the potential ______
Few techniques can be used to identify the potential ______
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Orientation Kit – organization chart, map of the premise(if the premises is large), copy of insurance plan, copy of emergency and evacuation ______
Orientation Kit – organization chart, map of the premise(if the premises is large), copy of insurance plan, copy of emergency and evacuation ______
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Available from insurance companies and from publishers specializing in insurance-related publications. Such lists include a catalogue of the various policies or types of insurance that a given business might ______
Available from insurance companies and from publishers specializing in insurance-related publications. Such lists include a catalogue of the various policies or types of insurance that a given business might ______
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Risks can be classified into three general ______
Risks can be classified into three general ______
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Study Notes
Importance of Risk Management
- Crucial for organizational survival amid external threats like competition, political challenges, and global pressures.
- Supports the identification, analysis, and economic control of risks that could compromise assets or earning capacity.
Objectives of Risk Management
- Facilitates progression towards organizational goals and objectives effectively.
- Aims to mitigate the impact of potential losses on the organization and society.
- Ensures survival, stability of earnings, and minimizes losses.
Risk Identification Process
- Step 1 involves identifying existing and potential risks.
- Various techniques and strategies exist to identify these potential risks.
Resource Utilization in Risk Management
- Orientation Kit should include an organization chart, detailed maps of large premises, copies of insurance plans, and emergency/evacuation procedures.
- Insurance companies and specialized publishers provide resources such as catalogues of insurance policies available for businesses.
Classification of Risks
- Risks can be categorized into three general classifications, highlighting the diversity of potential threats to organizations.
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Description
Test your knowledge of risk management and risk assessment with this quiz covering topics such as the definition and objectives of risk management, the risk management process, human assessment of risk, and risk identification techniques.
