Insurance Principle and Practice Assisgnment Essay

836 Words Aug 4th, 2015 4 Pages
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According to a fire accident with colored theatrical powder were injured more than 500 people at Taiwan Water Park. In this case, I will explain and discuss how to prevent the similar event fire accident happen again and will explain the four reactions to risk how to deal with the risk exposure of the fire accident.

b) Suppose Hong Kong event organizer may be organizing a similar outdoor event in the future, so we should need to have a risk control manager to develop the risk management process for preventing fire accident.

I would like to explain the 4 steps about risk management process.

Identifying the risk: We may be organizing similar outdoor event in the future of Hong Kong,
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Use that as an indication of how much you can reasonably spend on managing the risks – that should be a part of the revised project estimate (like Insurance).

Recommendation: According to the above risks, we can develop mitigation strategies. For example, if one of fire risk elements is that there could be some of people was smoking as caused, we might mitigate the risk remind audience cannot smoke in the event. We can provide some fire training for staff, training including fire prevention knowledge, how to use firefighting equipment, the importance of keeping escape routes clear and any special arrangements for disabled people etc. If fire accident happened, as responsible person, the most useful thing you can do during a drill is to observe what happens, including timing how long it takes to get everyone out the area. Then, we should use a specialist to check our wiring of electronic music equipment before event started. And we should use some high quality electric wire and music equipment to prevent short circuit.

Monitoring results: our project manager need to monitor the above factors that may provide an indication of whether a risk is becoming more or less likely. Project manager also review one time per year. We need to evaluate whether the controls are still applicable and effective.

c) I would like to explain the meaning of each reaction is avoidance, reduction, acceptance and transference.

Avoidance: A risk may be avoided

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