Risk management

Question 1

Diagnosis

Answer 1

Identification of all risks and evaluation of frequency/probability

Question 2

Therapy

Answer 2

Searching for methods to manage these risks

Question 3

Objective of risk identification

Answer 3

• Complete identification of all risks
• Quick identification of new risks
• Prognosis of future risks
• Integrate safety measures

Question 4

Steps in the risk management process

Answer 4

• Risk identification
• Evaluation
• Management methods

Question 5

Prognosis of future risks

Answer 5

When a new building is being planned, fire risk should be examined to integrate safety measures in the planning process

Question 6

How can cause chair effects be used in risk identification

Answer 6

Look at the chain of events that lead to a loss, then see where the week points are

Question 7

Progressive approach

Answer 7

Identify risks/causes as you move forward through the chain (cause > effect)

Question 8

Retrograde approach

Answer 8

Look backwards (cause

Question 9

inductive reasoning

Answer 9

Estimates the future from what has happned in the past

Question 10

Deductive reasoning

Answer 10

Drawing conclusions from general data

Question 11

Positive delimitation of risks

Answer 11

Identification of existing risks

Question 12

Negative delamination of risks

Answer 12

Looking at what is risky

Question 13

Methods of risk identification (4)

Answer 13

• inspections
• Employees
• Analysis of documents
• Organisational analysis

Question 14

Limitations of inspection of inspections

Answer 14

Not all risks can be seen

Question 15

General inspection

Answer 15

Where you go on a tour looking for risks in general

Question 16

What type of inspection can get you additional information

Answer 16

Supplementary inspection

Question 17

What is the issue with consulting employees for gathering information in regard to risks

Answer 17

They may not disclose them because there would be more work for them

Question 18

Issue with looking at documents to find risks

Answer 18

Focus on the past

Question 19

What types of risks can be found by looking at documents?

Answer 19

Systematic risks (entire organisation) like over-reliance on a supplier

Question 20

What are the 2 types of organisation analysis

Answer 20

Organisational structure and operational structure

Question 21

Organisational structure analysis

Answer 21

Dependencies in an org

Question 22

What does an organisational structure analysis show?

Answer 22

Personal failure, confidentiality risks, IT risks, corporate espionage

Question 23

Operational structures analysis

Answer 23

Looks at the causes and effects of disruptions

Question 24

Levels of operational structures analysis

Answer 24

• Enterprise and its environment
• Whole industry
• Special part of the process

Question 25

What are the 2 dimensions when evaluating risks

Answer 25

Probability and severity

Question 26

Methods/instruments of risk management

Answer 26

- Loss control | - Risk financing

Question 27

Loss control

Answer 27

Preventing and mitigating

Question 28

Risk financing

Answer 28

Risk transfer (hedging), insurance, self-insurance, risk assumption

Question 29

Three categories of risk management instruments

Answer 29

- Real, tangible or nominal - Effects (severity and probability - Sphere (real or nominal)

Question 30

When should risk be eliminated instead of just mitigated

Answer 30

In life or death situations

Question 31

Phases of risk management

Answer 31

Before and after