Lect5S08

Lect5S08 - Risk Management Techniques: Noninsurance Methods...

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Unformatted text preview: Risk Management Techniques: Noninsurance Methods Lecture Five REDUCE BOTH PREVENT FINANCE RETAIN TRANSFER Risk Management Tools DO NOT AVOID IDENTIFIED RISK DO NOT CONTROL CONTROL AVOID NON-INSURANCE INSURANCE Halek RMI 300 Spring 2008 3 Major Risk Management Methods A ---- Avoid R ---- Retain T ---- Transfer Insurance Methods Non-insurance Methods Halek RMI 300 Spring 2008 4 Risk Avoidance 1) Proactive Avoidance 2) Abandonment Drawbacks to Avoidance Lost Benefits of Risk Perhaps Not Possible to Practice Avoidance Government Imposed Risks Nature of Risk May Result in Worse Risks Halek RMI 300 Spring 2008 5 Loss Control Prevention & Reduction Always engage in, if beneficial Loss Prevention Take various steps to reduce the probability of losses occurring Pre Loss Loss Reduction Take various steps to reduce the damage before and after a loss Pre Loss & Post Loss Externalities of Loss Control Measures Halek RMI 300...
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Lect5S08 - Risk Management Techniques: Noninsurance Methods...

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