302 - Risk Managment Flashcards
(6 cards)
1
Q
What is Risk
A
Is a circumstances or factor that may caues a significiant negitive impact on the operations and probility of a business
- from internal or external factors
- the possibility of incurring losses due to expected or unexpected consequence
2
Q
Risk Assessment
A
- Identification of hazards that could negitivly impact organisations ability to operate
- help identify risk and provide measures to reduce impact of these risk on operations
3
Q
Insurable Risk
A
Risk that are measurable and a insurance can be taken out against them
4
Q
Uninsurable Risk
A
When the probability of the risk occuring is impossible to quantify - so insurance company can’t price the risk
- Reputation
- Regulatory
- Trade Secret
- Political
- Pandamic
5
Q
Contingency Plan
A
Is a course of action designed to help an organisation respond effectively to significant future events.
planning for unwanted or unexpected events.
- Contingency Funds
- Alternative production arrangements
- Allocating responsibility
- Public relations
6
Q
Crisis Management (plan)
A
empowers the business to manage the response after the incident
