Lect2S08

Lect2S08 - Risk Identification and Evaluation Lecture Two...

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Risk Identification and Evaluation Lecture Two
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Halek RMI 300 Spring 2008 2 The Risk Management Process 1) Set Objectives for Firm 2) Identification of Risks 3) Evaluation of Frequency and Severity of Losses 4) Choosing Risk Management Methods to Increase Shareholder Value 5) Implementation of the Chosen Methods 6) Monitoring the Performance and Suitability of the Methods
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Risk Identification 3 Halek RMI 300 Spring 2008
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4 Corporation owners employees suppliers customers government creditors Corporation: Nexus of Contracts Halek RMI 300 Spring 2008
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Halek RMI 300 Spring 2008 5 Step Two: Identify the Risk What to Identify: Exposures Property Personnel / Employees Operations Liability Direct Losses Indirect Losses Perils Common Infrequent Hazards Physical Moral / behavioral
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Halek RMI 300 Spring 2008 6 Step Two: Identify the Risk How to Identify: - Balance Sheet - Income Statement - Insurance Survey - Risk Analysis Questionnaires - Checklists - Physical Inspection / On-Site Inspection - Flow Chart Method - Past Loss Experience - Contractual Liability
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http://www.rims.org/Content/NavigationMenu/ERM/Papers_and_Studies/Papers_and_Studies.htm Risk Identification Example: Protiviti, Inc. 7 Halek RMI 300 Spring 2008
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Risk Identification Example: Protiviti, Inc. http://www.rims.org/Content/NavigationMenu/ERM/Papers_and_Studies/Papers_and_Studies.htm 8 Halek RMI 300 Spring 2008
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Risk Identification Example: Protiviti, Inc. http://www.rims.org/Content/NavigationMenu/ERM/Papers_and_Studies/Papers_and_Studies.htm 9 Halek RMI 300 Spring 2008
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10 Difficulties with Risk Identification Many Environments Created by Nexus of Contracts Legal – New Laws Physical – Ownership of Real & Personal Property Social – Changing Attitudes, New Discoveries Economic – Valuation Methods (e.g. book value, market value, actual cash value replacement cost) Political – Elections Halek RMI 300 Spring 2008
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11 Halek RMI 300 Spring 2008
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This note was uploaded on 05/10/2008 for the course Z z taught by Professor Z during the Spring '08 term at Wisconsin.

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Lect2S08 - Risk Identification and Evaluation Lecture Two...

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