PPt 6 Risk Management - Risk Management Risk Management...

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Unformatted text preview: Risk Management Risk Management Understanding Risk and Risk Understanding Risk and Risk Management • Risk is the likelihood of loss or damage occurring. occurring. Risk • Risk factors are those elements that contribute to the likelihood of an incident occurring. to • These fall into three categories: – People – Equipment – environment Risk Factors Contributing to the Likelihood of Incidents Occurring Risk Factors Contributing to the Likelihood of Incidents Occurring People Equipment Environment Skills Clothing Weather Attitudes Shelter Terrain Health and fitness Use of safety Equipment Flora Age Group size Cultural background Adequacy of safety equipment Used Communication systems used Fauna Drinking water quality Risk management Risk The application of procedures and practices to manage the exposure of the institution, staff, and students to risk. Negative Consequences Negative Consequences of Poor Risk Management • Loss of Reputation & Customer Confidence • Loss of Customers • Loss of Staff • Loss of Money Risk Management Model Risk Management Model Discovery of Loss Exposure Evaluation of Loss Exposure Operational Techniques Implementation of Strategy Monitoring Categories of Risk Management Categories of Risk Management Operational Techniques Measures That Reduce Loss Exposure Financing Techniques Minimize Effects of Loss Risk Management Matrix Risk Management Matrix Risk Reduction Risk Retention Risk Avoidance Risk Transfer Risk Management Matrix Risk Management Matrix Risk Reduction: Leaders Clients Acclimatization Agents Equipment Risk Management Matrix Risk Management Matrix Risk Retention: Low Severity Low Frequency “Unconscious” Bias Risk Management Matrix Risk Management Matrix Risk Avoidance: Poor In­Country Arrangements Socio­Political Situations Objectivity Regarding Dangers Risk Management Matrix Risk Management Matrix Risk Transfer: Insurance Clients Third Party Procedure For Analyzing Procedure For Analyzing Dangers/Risks • • • • • • • • • • Plan Ahead Identify Dangers Classify Situations Point Out Dangers to Clients Remove Elements Contributing to Dangers Avoid Situation Assess Risk & Reclassify Estimate Potential Losses Minimize Losses Make Appropriate Adjustments Soft Adventure Risks Soft Adventure Risks & Risk Management • Hedonism • Study Abroad • Gambling • Spiritual Enlightenment • Skill Development Crisis Management Crisis Management Who Represents Company? Who Contacts Insurance Company? Who Contacts Authorities? Who Contacts Clients Relatives? Does the Trip Continue? Who Decides? • Operator Risk • OPC Accident ...
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This note was uploaded on 05/25/2011 for the course HTM 268 taught by Professor Robertr.robins during the Spring '11 term at Grand Valley State University.

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