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22 Cards in this Set

  • Front
  • Back

risk control

a conscious act or decision not to act that reduces the frequency and or severity of loss


risk control technique that involves never doing the actity so that the possibility of loss is eliminated

loss prevention

loss control technique that reduces the frequency of loss

loss reduction

loss control technique to reduce the severity of a loss

disaster recovery plan

plan for backup procedures, emergency response, and post disaster recoverty to ensure that critical resources are available to facilitate the contribution of operations in an emergency situation


risk control technique to isolate loss exposures from one another to minimze the adverse effect of a single loss


risk control technique that uses backup, spares, or copies of critical information and keep them in reserve


risk control technique that spread loss exposures over numerous projects

proactive avoidance
to avoid loss exposure before it exists
reactive avoidance
to eliminate loss exposure that already exists
pre loss measures
to reduce amount of damage from single event
post loss measures
focus on emergency procedures, salvage operations, etc
life safety
portion of fire safety that focuses on the minimum building design to sure safe exit in case of fire
advantage of using cash flow analysis
provides sane bases of comparison for all value maximizing decisions
disadvantages of using cash flow analysts of risk control
includes weakness of assumption and difficulty of accurately estimating future cash flows
types of state or federal statutes
fire safety codes
environment codes
workers comp
safe working environment
consequences fur failure to comply with legal requirements
fines, sanctions, or liability
life safety cause of loss
product safety
building collapse
environment pollution
risk control techniques for liability
loss prevention
loss reduction
business continuity management
identify potential threats to an organization and ensuring organization continue operations. ensures survival of organization
guidelines for effective business continuity plan
clear and able to be quickly read and understood
Provide copies to relevant parties
provide training
business continuity plans contain following content
-strategy the organization will follow to manage crisis
-information about the rules r and duties of various individuals the organization
-steps that can be taken to prevent further losses
-emergency response plan to deal with life and safety issues
-crisis management plan to deal with communication and reputation issues
-business recovery and reputation plan
-access to stress management