Risk Management Introduction

<p>To list identified risks and their details (A)</p> Signup and view all the answers

<p>Human or technical failures in processes (A)</p> Signup and view all the answers

<p>Failure to adhere to GDPR regulations (B)</p> Signup and view all the answers

<p>Fishbone diagram (A)</p> Signup and view all the answers

<p>Damage to the organization's image (C)</p> Signup and view all the answers

<p>Tight labour market (B)</p> Signup and view all the answers

<p>Assessing physical conditions like cleanliness and safety measures (B)</p> Signup and view all the answers

<p>By maintaining a good command of business processes (A)</p> Signup and view all the answers

<p>It visually explores what can go wrong (C)</p> Signup and view all the answers

<p>Operational risk (A)</p> Signup and view all the answers

<p>Store Manager (B)</p> Signup and view all the answers

<p>Too low liquidity (C)</p> Signup and view all the answers

<p>To generate a variety of ideas on risk identification (A)</p> Signup and view all the answers

<p>Probability and consequences (C)</p> Signup and view all the answers

<p>Effect of uncertainty on objectives (A)</p> Signup and view all the answers

<p>Cambridge Advanced Learner’s Dictionary (B)</p> Signup and view all the answers

<p>Possibility of financial loss (B)</p> Signup and view all the answers

<p>Static risk (B)</p> Signup and view all the answers

<p>Dynamic risks lead to potential gains or losses (C)</p> Signup and view all the answers

<p>A deliberate business investment (D)</p> Signup and view all the answers

<p>Opportunities from uncertain events (B)</p> Signup and view all the answers

<p>Combination of both 1 &amp; 2 (B)</p> Signup and view all the answers

<p>Extra-contractual liability (C)</p> Signup and view all the answers

<p>Intellectual service providers against property damage claims (C)</p> Signup and view all the answers

<p>A misunderstanding of contract terms leading to loss (B)</p> Signup and view all the answers

<p>Management liability (A)</p> Signup and view all the answers

<p>Damage to entrusted goods during maintenance or repair (C)</p> Signup and view all the answers

<p>Personal loss due to operational failures (B)</p> Signup and view all the answers

<p>Administrative errors causing financial loss (B)</p> Signup and view all the answers

<p>To cover medical costs and compensation in case of work-related accidents (B)</p> Signup and view all the answers

<p>The level of risk associated with the company's activities (A)</p> Signup and view all the answers

<p>Disputes over exploitation, goods, or professional activities (C)</p> Signup and view all the answers

<p>Selecting an independent legal assistance policy (C)</p> Signup and view all the answers

<p>Income protection in case of illness or accident (B)</p> Signup and view all the answers

<p>Determining credit risks related to customer transactions (A)</p> Signup and view all the answers

<p>Choosing the most expensive insurance policies (D)</p> Signup and view all the answers

<p>Hospitalisatieverzekering KMO (C)</p> Signup and view all the answers

<p>Extra-contractual liability (D)</p> Signup and view all the answers

<p>BA-operation insurance (D)</p> Signup and view all the answers

<p>Yes, because he installed it (A)</p> Signup and view all the answers

<p>BA-after delivery insurance (D)</p> Signup and view all the answers

<p>Sara must redo the work with the correct color (B)</p> Signup and view all the answers

<p>Both bodily and material damages (D)</p> Signup and view all the answers

<p>Proof of negligence in his installation practices (D)</p> Signup and view all the answers

<p>It is deemed extra-contractual (B)</p> Signup and view all the answers

The chance of something bad happening that could negatively impact your objectives or goals.

An uncertain event that may or may not happen in the future, and its likelihood can only be estimated.

An uncertain event with the potential for negative consequences, threatening your organizational objectives.

Uncertain events with the potential for positive outcomes, increasing the chances of achieving your goals.

The likelihood or probability of a future event happening.

The consequences or impact of a risk event on your objectives or results, either positive or negative.

Risks that arise from changes in the economy, potentially leading to gains or losses. They are uninsurable.

Risks that only have the possibility of loss or maintaining the status quo. They are insurable.

Risks that are completely outside of an organization's control, such as natural disasters, pandemics, or economic downturns.

Risks related to an organization's strategy becoming less effective and its goals becoming harder to achieve.

Risks stemming from failures in an organization's policies, procedures, systems, or activities.

These risks arise from failing to comply with laws, regulations, contracts, and agreements relevant to the organization.

Risk that an organization's actions may harm its image, reputation, or good name.

The proactive monitoring of an organization's environment for potential risks such as emerging trends, economic shifts, or competitive threats.

Long-term plans that outline how an organization will respond and recover from potential risks.

Cultivating a workplace where employees are aware of and understand potential risks, and are prepared to take appropriate action.

A type of liability that arises when a person breaches a contractual obligation and causes harm to another party.

A type of liability that arises independently of any contractual obligations, when someone's actions cause harm to another.

Liability that arises from the commission of a crime, often involving punishment like fines or imprisonment.

A type of insurance that protects a business owner from liability arising from the actions of their employees or business operations.

A type of liability that arises when a person in a position of authority (e.g., director) makes a mistake that leads to harm.

A type of insurance that protects business owners from liability arising from mistakes or errors made during their management activities.

A type of insurance that covers the liability arising from damage or loss to goods entrusted to a business for repair, maintenance, or servicing.

A type of insurance that provides coverage for liability arising from damage or loss caused by a product after its delivery.

A quick and structured method for identifying potential risks in your project or organization.

A framework for identifying and analyzing potential risks by considering the probability of occurrence and the impact of the risk. Commonly used in risk management.

Sources of information about potential risks that come from inside your organization.

Sources of information about potential risks that come from external sources like industry trends, competitors, regulations, and economic factors.

A systematic analysis method to break down complex issues, errors, or risks into their root causes. It creates a tree-like structure visually representing the causes of a problem.

A visual tool to explore and identify potential causes for a problem or issue. It uses a 'fishbone' diagram to represent the various causes.

A list summarizing all the potential risks identified in a project or organization.

A detailed document that captures information about each identified risk, including its description, cause, owner, impact, likelihood, mitigation strategies, and response plans.

A legal requirement for operators of premises and public accessible locations like cultural centers, stations, and sports complexes. This insurance safeguards against damage arising from fire, explosion, and the like.

A type of insurance that covers a business's liability for damages caused during its operations.

A type of insurance that covers a business's liability for damages after delivering a product or service, even if the damage wasn't intended.

A situation where an individual is held responsible for the harm they cause to another person, even if it was unintentional.

A legal requirement for any company (or organization) with employees. It covers medical expenses and compensation for temporary disability in case of an accident (sudden event) at work or while commuting to and from work.

Premiums are calculated based on the risk level of the business activity. Higher risk activities lead to higher premiums.

Provides legal assistance (by the insurer) to protect the company's rights and interests in disputes related to operations, goods or professional activities.

A guarantee of income in case of illness or accident. It can cover a certain period of time or even until retirement age.

Covers the risk of non-payment by customers who receive payment deferrals. It can be applied per transaction, debtor, or turnover amount.

Provides additional hospital coverage for employees to reimburse costs related to hospitalization due to accidents, illnesses, or childbirth.

A critical step in assessing your insurance needs. It involves identifying the specific risks that require coverage. You should analyze current policies and their coverages, comparing them to your risk analysis.