Chapter 3 Outline

Chapter 3 Outline - a Risk analysis questionnaires b...

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Chapter 3 Outline I. Meaning of Risk Management II. Objectives of Risk Management A.Preloss Objectives 1. Economy goal 2. Reduction of anxiety 3. Meet any legal obligations B.Postloss Objectives 1. Survival of the firm 2. Continued operation 3. Stability of earnings 4. Continued growth 5. Social responsibility III. Risk Management Process A.Identifying Potential Losses 1. Types of potential losses a. Property loss exposures b. Liability loss exposures c. Business income loss exposures d. Human resources loss exposures e. Crime loss exposures f. Employee benefits loss exposures g. Foreign loss exposures h. Reputation and public image of the company 2. Tools for recognizing loss exposures
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Unformatted text preview: a. Risk analysis questionnaires b. Physical inspection c. Flow charts d. Financial statements e. Historical loss data f. Failure to comply with government laws and regulations B.Evaluating Potential Losses 1. Two concepts: a. Loss frequency b. Loss severity 2. Guidelines for measuring severity a. Maximum possible loss b. Maximum probable loss C.Selecting the Appropriate Technique 1. Risk control a. Avoidance b. Loss control 2. Risk financing a. Retention b. Noninsurance transfers c. Commercial insurance D.Implementing the Program 1. Policy statement 2. Cooperation with other departments 3. Periodic review E.Personal Risk Management...
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This note was uploaded on 07/31/2008 for the course RM 357E taught by Professor Arnold during the Summer '08 term at University of Texas.

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Chapter 3 Outline - a Risk analysis questionnaires b...

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