The identification of a company’s risk profile and the analysis of what risks should be avoided. Risks are managed four ways: avoidance, retention, retention with loss control, and transfer. Provide an example of how the company you work for uses one of these risk management techniques. (if you don't currently have an employer, you should go online and research risk management tools for companies).
1. What are the adverse consequences of risk? Give examples of each.
2. How was the traditional process of risk management expanded?
3. The liability of those who own a corporation is limited to their investment, while proprietors and general partners have unlimited liability for the obligations of their business. Explain what relevance this has for risk management.
4. What are the three objectives of risk mapping? Explain one way a chief risk officer would use a risk map model.
5. Define the terms loss prevention and loss reduction. Provide examples of each.