category of economic risk is: Liability risk Personal risk Property Risk All of the answers are correct
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A category of economic risk is:
Liability risk
Personal risk
Property Risk
All of the answers are correct
None of the answers are correct
Step by step
Solved in 2 steps
- Pat is a 21-year old college student whose parents are paying for college expenses. Pat has Type 1 Diabetes; owns a high-mileage, 2009 Hyundai Elantra; rents an apartment in Seattle with 2 high school friends; and works a part-time job at a convenience store on nights and weekends to help pay living expenses. Pat enjoys spending time outdoors and goes "off-grid" camping every chance they get. Using the steps in the risk management process, prepare a personal risk management plan for Pat, More specifically, you should identify at least 3 risks faced by the individual and then describe and complete all steps in the risk management process for each risk you identify (i.e., measure and analyze the loss exposure and select the appropriate combination of techniques to treat the loss exposure).Draw a basic Risk Matrix (Probability vs. Impact) and plot the following. Loss of physical assets Loss of human capital Technology/ equipment failure Operational loss Loss of supply Public Liability. Companies that are developing a formalized risk management process are encouraged to develop a risk or threat profile and use their intuition to create an inventory of risks that seem most relevant to their operations. At that stage, they are encouraged to rank risks using which of the following approaches? a The risks with the greatest impact on staff and the highest anticipated frequency of occurring take top priority b The risks with most significant impact on the business and the highest probability of occurring take top priority c The risks with the highest probability of occurring and the highest anticipated frequency take top priority d The risks with the highest anticipated frequency of occurring and the most significant public visibility take top priority
- All the answers below are reasons for performing risk management EXCEPT. a. Ensure the occurrence of opportunities b. Planning for known and unknown events c. Elimination of issues d. Reduce the impact of threatsIn the context of your organisation, evaluate its main sources of potential risk using suitable techniques. For each risk area you are required to recommend and justify appropriate action to reduce the exposure.A risk manager states: “Operational risk is easy to manage – I have data on what has happened at our competitors from an external company and I can use this to estimate risk” Do you agree with this statement? Justify your answer
- From a risk management perspective, what are possible interpretations of 'probability'?Companies that are developing a formalized risk management process are encouraged to identify all relevant risks and then chart the risks using a matrix to analyze which of the following factors? Operational impediments, mitigation strategies, sales impact External variables, mitigation strategies, financial impact Resources, threats, modifying factors, and consequences Supply chain threats, marketing threats, operational threatsWhy is the fice step risk management process below important and explain each? Risk Identification: Identify exposures. Risk Analysis: Examine methods to address the risk. Risk Control/Treatment: Select the best management techniques. Risk Financing: Implement the selected techniques. Risk Monitoring: Monitor to determine effectiveness.
- How to compare other measures of risk with VaR(value at risk)? Choose a company and compute the various measure of risk and construct a risk management strategy.All of the following are considerations in risk assessment for framing health policies, except a. Does the outcome vary with degree of exposure, such as higher levels of exposure being more strongly associated with the outcome? b. Which groups are the most exposed to the factor(s) under consideration, and in what maginitude and frequency? c. Will an industry incur loss or see a narrowing of their profit margins if regulations to mitigate adverse health impacts of an associated product are implemented? d. What is the quality of evidence regarding strength of association between a potentially harmful exposure and an outcome?The top 7 retirement planning risks", select one of the risks and tell me how you think that this particular risk could be addressed in a retirement plan.