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Flashcards in Risk Management Deck (11):
1

What is a risk? How is it measured?

A risk is the chance of something happening as a result of a hazard or threat which will impact on your self, your business activity or planned event. Risk arises out of uncertainty. It is measured in terms of the likelihood of it happening and the consequences if it does happen.

2

What is risk management?

eliminating or minimising activities that give rise to injury, dangerous situations harm or loss

3

Types of loss?

Physical (human or horse)
financial
social (reputation)

4

What is due diligence?

level of judgement, care, prudence, determination, and activity that a person would reasonably be expected to do under particular circumstances.

5

To exercise due diligence an employer must..?

implement a plan to identify possible workplace hazards and carry out the appropriate corrective action to prevent accidents or injuries arising from these hazards.

6

What are the key elements of risk management?

1. Risk identification
2. risk assessment
3. risk control
4. risk transfer

7

A bit about risk identification?

an employer/organising committee is responsible for identifying all risks, actual or potential, associated with the business or activity

8

A bit about risk assessment?

Scoring level of risk (frequency & consequences)
What level it is.

9

A bit about risk control?

design a plan (elimination & reduction of risk)
implementation (rules/regulations a guide; reasonable care)
evaluation & monitoring (documentation)

10

two essential considerations of insurance?

1. it is reactive rather than proactive
2. integral part of risk management. accidents happen! RISK TRANSFER

11

Types of insurance?

public liability
income protection
personal accident
professional indemnity (neglect of pro. duties)