Nature & Treatment of Risk
It is impossible to win the great prizes of life without running risks. So it’s needless to say the influence of ‘risk’ in our daily life as well as the business world itself. Well here are different risks and their nature briefly discussed with requisite statements.
Risk:
An acclaimed quote of Ralph Waldo Emerson about ‘risk’ says, ‘’I dip my pen in the blackest ink, because I am not afraid of falling into my inkpot.’’ Without being any more rhetoric here’s what Oxford English dictionary states about risk- “Risk is (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility.”
Risk may vary in different field of study! But
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Govt. also provides special condition to the given insurance like return in case of any fundamental loss like flood occurs.
Pure risk: types * Personal risk is the risk directly originated from an individual. * Property Risk is the risk affecting the owner of the property * Liability risk involves the threat of the company or individual having to bear the consequences of damage or of breaching standards due to operations, a product, an act or neglect Burden of risk on society:
To get rid of the burden of risk on society the size of an emergency fund must be increased. And also society is deprived of certain goods and services.
Methods of Handling Risk: Avoidance of probable event can cause probable loss. For example, the refusal to fly in the fear of crash can be considered as Avoidance. Well sometimes it may not be very practical! Risk Retention can either be active or passive. An individual may retain all or part of a given risk.
Noninsurance Transfers: Followed by these methods, risk can be handled * Transfer of risk by contracts * Hedging price risks * Incorporation of a business firm Loss control: Loss control consists of 2 major parts. * Loss prevention * Loss reduction Insurance: Insurance is the most practical way of risk handling. Here risk is transferred to another party (mainly insurer). The objective is to reduce the pure risk of
Risk for most people is an accepted part of everyday life e.g. catching a bus or walking to the shop etc... will carry some element of risk. Risk is associated with our health, safety, security, well being, employment, education, daily activities, using resources and equipment and community participation. Some adults such as those who are disabled or who are older are usually discouraged from taking risks with their budgeting, planning, employment and their daily living skills usually because people fear for their limitations or that they might hurt themselves or others. Everyone has the right to take risks and make
Risk is defined by the probability of injury, harm, loss or danger. We all take risks every day, and don’t even think about implications.
Anybody who takes a full role in society takes risks: crossing the road, using a bus, driving a car, and talking to people they do not know. Risk may be physical (injury and accident), emotional (humiliation, sense of failure), or mental (stress).
Risk – A risk in a health and social care setting is when there is a strong possibility of harm occurring through a hazard.
You will look at the protecting factor which is a factor that will reduce the risk and help stop the risk becoming a reality. It 's not about getting rid of the risk but helping people to understand the potential consequences and risks that come with day to day living and using the protecting factors to reduce them as much as possible.
Risk refers to any potential problems that would threaten the likelihood of success for or any project. These potential problems might prevent a project from achieving some or all of its objectives by increasing time and cost. Risk factors can even
Well, I'll make it since then to you. What is the most risk for everyone for modern time? Feeling what mostly get stir up and easy to risk. Life always messing with people it never goes there way. What do people risk it with well for example relationship? What comes after that there is two type of relationship one wants to be in control, and the other relationship is they treat each other equally. most common are one of you will want to be in control. Basically, you and the other person is taking a risk. this allows one or the other person feeling being hurt or worse. in every relationship people are in there is risk along with it. maybe having a better job or worse job maybe be happier or not getting affection back from the other person. there are good things about risk let you experience new thing make you learn your mistake. making you a stronger person than you ever were before.
Defined by Coopers textbook, risk is the exposure to the consequences of uncertainty and has two elements: the likelihood of something happening that has an impact on the project objectives, and the positive or negative consequences of something impacting the project objectives (Cooper, Grey, Raymond, & Walker, 2005)
The word “risk” means the possibility of suffering a harmful event. Risk taking can bring either positive or negative result because anytime we take risks in life, there is a possibility of loss which can cause tension. There are a lot of people who take big risks and appear not to be affected by them. But, many of us feel very uneasy when faced with risk-taking; we may become worried about the risk. Although some people are content in life by just playing it safe and not courting any
1.Risk is a situation, action or event that may cause harm or damage to an individual or to yourself. Risk of infection can be not hand washing, not cleaning equipment after use and not disposing of clinical waste safely and properly as not to cause cross contamination.
It will look at the definitions of risk and discuss two case studies which reflect how the experts’ knowledge has influenced the perception of risks and the subsequent management of these risks. It will also look at the sociological theory of risk created by Ulrich Beck and how
There is no single definition of risk. Many insurance authors traditionally have defined risk for uncertainty. A risk is an uncertainty concerning the occurrence of a loss.
One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is
Concept of risk, risk assessment, risk management and how uncertainty affects the process will be discussed.
In starting a business, there can be a set of uncertainties and circumstances that may arise in a period of time. Any potential hazards whether it may be small or big can destroy a business while others can bring about a serious harm that can be excessive and difficult to repair. Nonetheless, the dangers present in running a business, CEOs and/or risks management officers regardless of the extent of the business from a small to a corporate company can prepare in the event when they recognize what they are.