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RISK EVALUATION Risk evaluation is the process of measuring and prioritizing risks so that optimum risk-return relationships can be established. This can help in controlling the risk levels of the organisation. RISK ASSESSMENT PROCESS / RISK EVALUATION PROCESS Risk evaluation process or risk assessment involves the following steps: RISK IDENTIFICATION The first step in risk…
RISK MANAGEMENT ROLES AND RESPONSIBILITIES Everybody working for an organization will need to be made aware of their risk management responsibilities, as will contractors and suppliers. There are many professional people in large organizations who have an understanding of risk and a substantial contribution to make to the successful management of the priority significant risks….
RISK MANAGEMENT TECHNIQUES Risk Management Techniques can be classified broadly as either risk control or risk financing. Risk control refers to techniques that reduce the frequency or severity of losses. Risk financing refers to techniques that provide for the funding of losses. Risk managers typically use a combination of techniques for treating each loss exposure….
TYPES OF RISK IN INSURANCE FINANCIAL AND NON-FINANCIAL TYPES OF RISK IN INSURANCE Financial risk involves the simultaneous existence of three important elements in a risky situation – (a) that someone is adversely affected by the happening of an event, (b) the assets or income is likely to be exposed to a financial loss from…
WHAT IS RISK In simple words risk is danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured. The risk is an event or happening which is not planned but eventually happens with financial consequences resulting in loss. There is saying higher the risk more the profit. Risk is defined as…
RISK MANAGEMENT TOOLS WHAT IS RISK MANAGEMENT ??? Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Because the term risk is ambiguous and has different meanings, risk managers typically use the term loss exposure to identify potential losses. Risk management…
RISK MANAGEMENT PLAN MEANING OF RISK MANAGEMENT PLAN A risk management plan also called a “risk mitigation plan” is a well-defined document that tells how to deal with specific risks and what management actions must be taken against those risks in order to mitigate or remove threats to the project tasks and outcomes. The risk management…
RISK MANAGEMENT PROCESS The future is largely unknown. Most business decision-making takes place on the basic of expectations about the future. Making a decision on the basis of assumptions, expectations, estimates and forecasts of future events involves taking risks. Risk has been described as the “sugar and salt of life”. This implies that risk can…
RISK MANAGEMENT Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures. Because the term risk is ambiguous and has different meanings, risk managers typically use the term loss exposure to identify potential losses. Risk management is a scientific approach to the…
