You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention
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You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses.
a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses.
b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses?
c) Identify two risk-control measures that could be used in your company’s retention program for physical damage losses
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- Determine the type of risk response being described in each case.Mr. Author annually publishes a new version of his textbook. He acknowledges that some students will use the old version instead. He also understands that some students will obtain a fake copy of his book. This will like reduce his sales volume. a. Avoidanceb. Mitigationc/ AcceptanceABC Corporation does not want to be liable for transportation losses. It sells only with the terms FOB Shipping point. a. Avoidanceb. Mitigationc. AcceptanceEmployees are required to participate in the annual earthquake drill. They are reminded to keep calm to avoid stampedes. a. Avoidanceb. Mitigationc. AcceptanceAll 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 threatsSally Smith has bought a gymnastics school and may teach no more than 150 students per month. Ms. Smith is concerned about liability exposures as well as earning enough revenue to be profitable. For each of the following risk management techniques, describe a specific action using that technique that may be helpful in dealing with the school’s liability exposure.Loss ReductionAvoidance:Loss prevention:Noninsurance transfers: There are several steps in the risk management process. Explain each of these steps and discuss why you consider one specific step the most important to a successful risk management program.
- Argue for and against the use of the two common approaches to risk analysis by referring to benefits and limitations of each.2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external stakeholders b. Risk maps are key graphical representations of the variance in risk appetites across different divisions within an organization c. Ranking risks by their level of severity helps an organization determine the optimal allocation of resources devoted to risk response or treatment d. Helping the enterprise identify how certain risks can offset other risks to ensure that the enterprise maintains an overall risk profile that remains within risk capacityOrganizing a Risk Analysis. You are the director of internal auditing of a large municipal hospital. You receive monthly financial reports prepared by the accounting department, and your review of them has shown that total accounts receivable from patients has steadily and rapidly increased over the past eight months.Other information in the reports shows the following conditions:a. The number of available hospital beds has not changed.b. The bed occupancy rate has not changed.c. Hospital billing rates have not changed significantly.d. The hospitalization insurance contracts have not changed since the last modification 12 months ago.Your internal audit department audited the accounts receivable 10 months ago. The audit file for that assignment contains financial information, a record of the risk analysis, documentation of the study and evaluation of management and internal risk mitigation controls, documentation of the evidence-gathering procedures used to produce evidence about the…
- . 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 priorityDiscuss the meaning of the following two (2) risk management concept A). Risk tracking B). Risk reportingPat 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).
- Below are four categories of risk and ways that a company is currently handling the risks. Which risk handling options are being used? More than one answer may apply. a. A company is handling its high R&D financial risk by taking on partners and hiring subcontractors. The partners/subcontractors are expected to invest some of their own funds in the R&D effort in exchange for sole-source, long-term production contracts if the product undergoes successful commercialization. b. A company has decided to handle its marketing risks by offering a family of products to its customer base. Different features exist for each product offered. c. A company has product lines with a life expectancy of ten years or more. The company is handling its technical risks by performing extensive testing on new components and performing parallel technical development efforts for downstream enhancements. d. A company has large manufacturing costs for its high-tech products. The company will not…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 answerTotal Data Centre Sdn Bhd (TDC) is an IT outsourcing Service Provider (SP) which provide Data Recovery Centre (DRC) services and operate in a purpose build data centre building at Bukit Jelutong, Selangor. The services include total IT outsourcing for supporting the Information Technology (IT) operation of processing, storage, networking and data management. Consider yourself as the Risk Manager of TDC and provide your opinions on how to manage its risk exposures. Draw a basic Risk Matrix (Probability vs. Impact) and plot the following FIVE (5) risks.o Loss of physical assetso Loss of human capitalo Technology/ equipment failureo Operational losso Loss of supplyo Public Liability