is the uncertain risk environment, meeting externally, imposed obligation that is work place safety and social responsibility that focuses on keeping the environment clean. The post-loss objectives are survival that ensures the survival of the enterprise, continuity of operations that makes money, if you are unable to produce something, then someone else will produce. Earnings stability, continued growth and social responsibility are all post-loss objectives.
2. Identification of risks - this process ensures that the organization does not ignore anything that can destroy it. For example, a risk manager can conduct interviews by talking to employees at all levels and talk to the lower level workers first. Inspections of the facility for example …show more content…
By doing so, risk management is the strategy for surviving and thriving in a volatile, uncertain, complex and ambiguous world (Baranoff, 2011). It is designed to give business stakeholders the tools that will help them to foresee potential calamities that are internal to the business and external to society. Previously, past losses were the factors used to set the rates of insurance. However, market conditions, availability, and affordability of products have become important factors in risk management decisions (Baranoff, 2011). Risk had certain characteristics to be considered affordable, however, due to the dynamics of the market, which cause insurance prices to changed overtime. Insurance is a contract made of two components, the offer that is made by the applicant and the acceptance that occurs when the insurer approves the application. One of the characteristics of an insurance is indemnity. The principle of indemnity is that it must be an insurable interest, actual cash value, “other insurance” provisions and subrogation. The insurable interest is the relationship between insurers and the subject of insurance such that the insured will not suffer financial loss in the event of damage to or destruction of the property. The interest must at the inception of the …show more content…
Risk perception is critical to risk decision making and implementation of control strategies in reality. Explain risk attitudes according to both Baranoff and Groner. What are the implications of risk perception from the perspective of the corporate or agency safety or security director. Notes & Groner notes
Groner perceived risk as a psychological process, looks at risk averse, risk seeker, and the risk neutral. The risk averse tends to shy away from risks and rather have a secured and certainty risk that is affordable so that it lowers their discomfort level. People who are averse would be willing to pay extra for security just to remove unpleasant risks from their lives. The risk seeker enters the endeavor with the hope that there will be a positive long run on the money is possible. The risk neutral plays it safe, in other words, this individual would not be engaged in paying more
2. Identification of risks - this process ensures that the organization does not ignore anything that can destroy it. For example, a risk manager can conduct interviews by talking to employees at all levels and talk to the lower level workers first. Inspections of the facility for example …show more content…
By doing so, risk management is the strategy for surviving and thriving in a volatile, uncertain, complex and ambiguous world (Baranoff, 2011). It is designed to give business stakeholders the tools that will help them to foresee potential calamities that are internal to the business and external to society. Previously, past losses were the factors used to set the rates of insurance. However, market conditions, availability, and affordability of products have become important factors in risk management decisions (Baranoff, 2011). Risk had certain characteristics to be considered affordable, however, due to the dynamics of the market, which cause insurance prices to changed overtime. Insurance is a contract made of two components, the offer that is made by the applicant and the acceptance that occurs when the insurer approves the application. One of the characteristics of an insurance is indemnity. The principle of indemnity is that it must be an insurable interest, actual cash value, “other insurance” provisions and subrogation. The insurable interest is the relationship between insurers and the subject of insurance such that the insured will not suffer financial loss in the event of damage to or destruction of the property. The interest must at the inception of the …show more content…
Risk perception is critical to risk decision making and implementation of control strategies in reality. Explain risk attitudes according to both Baranoff and Groner. What are the implications of risk perception from the perspective of the corporate or agency safety or security director. Notes & Groner notes
Groner perceived risk as a psychological process, looks at risk averse, risk seeker, and the risk neutral. The risk averse tends to shy away from risks and rather have a secured and certainty risk that is affordable so that it lowers their discomfort level. People who are averse would be willing to pay extra for security just to remove unpleasant risks from their lives. The risk seeker enters the endeavor with the hope that there will be a positive long run on the money is possible. The risk neutral plays it safe, in other words, this individual would not be engaged in paying more