Question #1: Explain the steps (6) in The Risk Management Process Question #2: D
ID: 394106 • Letter: Q
Question
Question #1: Explain the steps (6) in The Risk Management Process
Question #2: Describe the difference between possibility and probability.
Question #3: Identify three components that constitute the financial consequences of risk faced by individuals or organizations?
Question #4: A) Explain the three elements of loss exposure. B) Describe the four typical types of loss exposure
Question # 5: Identify and explain the types of internal and external documents an organization may use to analyze loss exposures
Explanation / Answer
Q1) the steps in risk management process are-
1) Hazard Identification- Hazard is something that can cause harm to the people or environment. In this step, one has to identify these hazards.
2) Identification of risk- Risk is the chance that the hazard can cause harm to property or people. It is very important to identify the factors that can contribute to risk.
3) Assessment of risk- The impacts of risk can be assessed in this step ie how much injury can the risk cause. It has to be known whether it is a high risk, moderate risk or low risk.
4) Risk Control- There are the actions that have to be taken to control the ill effects of risk. The aim of risk control should be such that it has no ill effects.
5) Documenting of process- documentation of process helps to properly implement the control process. It is a checklist of what needs to be done.
6) Monitoring and reviewing- The method of conrolling which is picked, it impact has to be evaluated. One has to ensure that proper audits and workplace inspections are conducted. The register of risk has to be evaluated on regular basis.
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