...OF BUSINESS, ENTREPRENEURSHIP AND ACCOUNTANCY RISK MANAGEMENT PLAN Loss Prevention Management In partial fulfillment of the Requirement in FM 65 Prepared by: ANGELICA C. GAMMAD MARILIE M. MALLILLIN MELVIN F. NARAG MA. REGINA P. GARCIA ELARIANET DELA CRUZ ROMEO MALILLIN Presented to: Mr. Giehlito Dulin TABLE OF CONTENTS INTRODUCTION………………………………………………………………………….……3 TOP THREE RISK……………………………………………………………………………...4 RISK MANAGEMENT APPROACH………………………………………………………….5 RISK IDENTIFICATION………………………………………………………………………6 RISK QUALIFICATION AND PRIORITIZATION………………………………….……...6 RISK MONITORING…………………………………………………………………………..7 RISK MITIGATION AND AVOIDANCE…………………………………………………..10 CONCLUSION………………………………………………………………………………...11 RISK REGISTER INTRODUCTION Risk management is a continuous, forward-looking process that is an important part of business and technical management processes. Risk management should address issues that could endanger achievement of critical objectives. A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project. The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. Effective risk management includes early and aggressive risk identification through the collaboration and involvement...
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...Risk Management Assessment Survey Prairie Lakes Hospital serves the northeastern area of South Dakota. Prairie Lakes measure the progress made by accounting for all goals meet and adding additional goals for each care management initiative. This focus will improve the quality of health care provided to clients. At one time risk management meant the management of any potential claims from potential malpractice, workers’ compensation, casualty, and property losses. This basically includes protection and prevention of accidents in any organization (MHHS, 2011). Currently risk management must take on a more global definition that includes the enterprise of financial management (McGuire, 1995). Prairie Lakes Hospital has taken steps to prevent losses by predicting potential problems and creating an action plan and teams of individuals to track any changes in a given area. Risk managements purpose in health care is to protect patient safety, quality of services, staff and visitor protection, financial losses, risk detection and prevention (MHHS, 2011). Prevention of financial losses can be found done by evaluation of the hospitals finances on a regular basis. Overall risk management protects the organization’s assets and continually identifies and addresses the sources of all risks and losses of an organization. Risk management’s goal is to protect the assets of an organization and work to identify and fix all areas and sources of risk. In the case of Prairie Lakes Hospital...
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...Northern Caribbean University College of Business and Hospitality Management Group Assignment 1 An assignment in Partial Fulfillment of The requirements of the course: FNCE 437: Risk Management and Insurance Presented to: Mr. John McAllister, MBA Prepared by: Mark Jackson – 60100164 Candece Hamilton - 18100252 Television station WMSD is located in a midwestern city of 1,750,000 people. The station is incorporated, with the majority of the stock owned by one family. The grandfather, age 68, who founded the station, has already begun to make gifts of the stock to other family members. His daughter, age 47, is currently the vice president and will manage the station her father retires or dies. The station is affiliated with one of the three national television networks. WMSD has 156 employees. Of these, 20 appear on the air, 7 are managers or officers, and 129 are clerical, production, or marketing employees. The payroll for a recent year amounted to $43,550,000. WMSD’s assets include buildings and a transmission tower valued at $47.5million on the books, but with a replacement value of $62 to $64 million. The station’s equipment, including cameras, videotape machines, six autos, three trucks a leased helicopter, and sophisticated electronic equipment and computers, has a book value of $52.6million and a replacement cost of $73.5 million. In recent years, the station’s earnings after taxes were as: year 1, $58 million; year 2, $65 million; year3 $ 40million...
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...Introduction to Security Management Roles of Security April 12, 2015 Security Directors play a vital role in securing and protecting the assets of organizations. In order for them to be successful in their jobs they must have the necessary knowledge and skills to accomplish their jobs and meet the changing needs of the business. As a result of a personal interview with the Harriett Moore, Director of Loss Prevention of Goodwill Industries of the Chesapeake Inc I was able to determine her areas of responsibility, the skills required for her job, the organizations she is involved with, and the activities she completes to do her job. Harriett Moore has been the Director of Loss Prevention for Goodwill Industries for the last four years, and she oversees loss prevention for the retail stores. She currently has a bachelor’s degree in business administration and a minor in criminal justice. She felt that the knowledge she gained from her business and criminal justice degree has helped her to gain the necessary skills to effectively do her job. H. Moore (personal communication, April 9, 2015) stated that the skills needed for loss prevention jobs in her opinion were “ability to work independently, excellent organizational skills, attention to detail, good interpersonal skills, good communication skills, strong analytical skills and ability to conduct ethical investigations.” All of these skills she felt were critical in the completion of her job. ...
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...When we think of risk management techniques, our first thoughts are to evaluate what are risks are then create value by purchasing insurance to protect potential financial loses. Others start creating financial nest eggs by placing money into savings. While both techniques are valid techniques, they are but pieces of a larger risk management pie that requires techniques to consider when looking into solutions for optimal risk management. There are many perspectives on how to manage financial risk but for the purpose of this analysis I will be evaluating two specific experts Dr. James Kallman and Robert S. Kaplan and Co-Author Annette Mikes on their techniques for managing risk. Dr. Kallman utilizes a risk management solution tree which involves the GEICO approach, these risk prevention techniques include: Government mandates, Education, Information management, Contractual Transfer, and Operations Management; these techniques preserve assets, save lives, and save risk financing costs. In analyzing Robert Kaplan & Annette Mikes techniques requires a qualitative distinction between the risk levels in order to properly categorize them as Preventable risk, Strategy Risks, or External Risks, with the belief that we can influence risk by not buying into standard forecasting and biases which leads to misreading ambiguous threats. After analyzing both Dr. Kallman’s assessment of Financial Risk Management techniques and comparing to Robert S. Kaplan & Annette Mike’s techniques I believe...
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...PROJECT: “LOSS CAUSATION MODEL” HISTORY, THEORY & APPLICATION Fall 2014 Student: Mariana Ifteni INTRODUCTION/ HISTORY Companies suffer a considerable loss due to accidents, and it is reflected in paying insurance cost, repair of the damage machinery, slowing down of production, additional charges on training of new specialists, and so on. Thus, a special system of accident investigation or, in other words, loss causation investigation is widely in practice. Accident investigations are conducted not only to prevent material loss, physical injury or corrective measures – the point is also to assure that the injured worker gets all material compensation necessary, or, instead, to oppose false insurance claims. Thus, inadequate safety program is reflected in the lack of workers training, necessary inspections of the equipment and so on. Inadequate safety program standards are evident when workers do not understand the peculiarity of the safety program and how to apply it, that is why insufficient compliance to standards occurs. Before a loss occurs (Injury, illness, damage, loss in process), there are series of events that take place with a root cause that begins this series of events. The root cause is called a Lack of Control (Inadequate standards, lack of compliance for preparedness, knowledge and skill training, etc). This leads to a basic cause (or personal factor) such as lack of knowledge, stress, inadequate capabilities. This in turn leads to an immediate cause (substandard...
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...THE RISK MANAGEMENT PROCESS Risk Management-What Does It Mean? FYI 96% of firms in international commerce have less than 500 employees - USCB By 2005,k average mid-size company will generate 1/4 to 1/2 of it revenue from outside U.S. Management Process of Planning, Organizing, Leading, and Controlling an organization’s or other entity’s resources to fulfill its objectives cost-effectively. 5 Step Sequence in RM Process Identify & analyzing exposures to accidental and business losses that might interfere with organization’s basic objectives. Examine feasible alternative risk management techniques to deal with exposures. Selecting the apparently best risk management techniques. Implement the chosen risk management techniques. Monitor results of chosen techniques to ensure the risk management program remains effective. Risk Management Process of making & implementing decisions that will minimize adverse effects of accidental & business losses. Broad View of Risk Management Casualty Risks - hazard risks or accidents Liquidity Risks - Insufficient cash or other liquid assets Market Risks - not being able to buy or sell goods or services the organization needs or provides in normal markets and usual terms and prices. Political Risks - Adverse actions of governments that might expropriate or excessively restrict or tax an organization’s assets and activities. ...
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...construction is the a major and any productivity enhancement activity in this sector will have a positive impact in overall improvement of the national economy. The Nepalese construction industry is still regarded as in infant stage, can play a vital role to uplift the economic and socio status of local people by developing such infrastructures. In addition there are many risks faced by the construction industry in order to achieve its aim. 1.2. Objective of the study The major objective of this report writing is to understand various risk faced by an industry or an organizations and their ways and techniques to handle all these risk. But apart from that the other objectives of this study are: 1. To understand different types of risk facing organization. 2. To understand the trend of risk analysis in Nepalese construction market. 3. To know the techniques used to manage loss exposure unit 4. To find out the problem faced while managing risk 5. To know what methods are usually followed to reduce risks in construction companies? 6. To know benefits and significance of risk management 1.3. Research methodology There are many methods of collecting data. For the purpose of preparation of this report, direct interviews with respondents were taken and questionnaires were prepared. However secondary sources of data like annual general report and other journals...
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...Test Blueprint I. Health Promotion and Disease Prevention – 5% of test content A. Epidemiology (e.g., at-risk populations including cultures; socioeconomic status; age; occupations) B. Prevention (e.g., high risk behaviors; preventive health practices) II. Screening, Early Detection and Diagnosis – 7% of test content C. Risk factors for cancer D. Screening E. Early detection F. Risk Reduction Guidelines G. Diagnostic testing III. Scientific Basis for Practice including Research – 10% of test content H. Carcinogenesis I. Immunology J. Genetics K. Specific cancers (pathophysiology, diagnostic measures, prognosis) L. Classification (tumors, staging, grading) M. Common metastatic sites N. Research Protocols and Clinical Trials IV. Cancer Treatment Modalities – 15% of test content O. Vascular access devices P. Surgery Q. Radiation R. Targeted therapies S. Biotherapy T. Chemotherapy U. Hematopoietic stem cell transplant V. Complementary, alternative and integrative modalities V. Symptom Management – 22% of test content (risk factors, prevention, education, management, and palliative care using the nursing process) W. Etiology and patterns of symptoms (acute, chronic, late) X. Toxicity and rating scales Y. Alterations in comfort Z. Alterations in protective mechanisms [. Alterations...
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...three specific aspects of SC stated responsible sustainability Corporate Governance Financial Crime Prevention People & Values 2 Corporate Governance: “Here for Good” brand promise Environmental, social and governance responsibilities Brand and Values Committee (BVC) reviews the group’s sustainable business priorities Responses to issues arising from environment and climate change through their Environment and Climate Change Policy (ECCp) Overseeing of the group’s development of public commitments regarding activities to encourage, for “good brand promise”. Group acts in various positions, mainly: Money-laundering prevention, Community investment and HIV and AIDS policies The Group Risk Committee (GRC) informs the BVC on matters relating to reputational risk Employees are themselves responsible for day-to-day identification and management of reputational risk Quarterly reviews of risks and reporting carried out a t every level of the Group (country, regional, Head) SC acts in accordance to official guidelines to be respected Association of British Insurers Equator Principles (Project Finance and Project Advisory) 3 Corporate Governance: risk governance Internal audit and controls Framework of the risk management culture Balancing Risk and return – Risk appetite Responsibility – Employees / Risk Control Owners / Group Internal Audit (GIA) Accountability – Compliance...
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...Introduction to Risk Management and Insurance, 10e (Dorfman/Cather) Chapter 1 Introduction to Enterprise Risk Management and Insurance 1) A Pure Risk is defined as: A) an event that offer no opportunity for financial gain B) the chance a loss will occur C) a diversifiable risk D) a contingency that increases the chance of a loss Answer: A Diff: 1 2) All the following are direct losses except: A) a car is stolen B) a house suffers flood damage C) an apartment must be rented after a house is destroyed by fire D) a business loses $100,000 in a law suit Answer: C Diff: 1 3) All the following are direct losses except: A) a house is burglarized B) a store loses $200,000 in sales because a fire closes it down for two weeks C) a corporation must pay $1 million in ransom when its CEO is kidnapped D) an delivery truck needs $15,000 in repairs after a collision Answer: B Diff: 1 4) Which of the following is not an example of a Catastrophic Loss Event? A) Hurricane Katrina B) Death of Michael Jackson C) September 11, 2001 terror attacks D) 2004 Tsunami in the Indian Ocean Answer: B Diff: 1 5) Which of the following is not a method of protection of risk? A) Group insurance plans B) Employee benefits C) Social insurance D) Humanitarian aid Answer: D Diff: 2 6) Defective electrical wiring that may lead to a fire is an example of a: A) pure risk B) non-diversifiable risk C) speculative risk D) physical hazard Answer: D Diff: 2 7) Risk Pooling...
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...HAZARD (MORALE): Carelessness to a loss CHANCE OF LOSS: Probability that an event will occur DIRECT LOSS: Financial loss from physical damage, destruction, or theft DIVERSIFIABLE RISK: Affects individual or small groups (can be reduced or eliminated) ENTERPRISE RISK: All major risks faced by business firms STRATEGIC RISK: Uncertainty regarding firm's financial goals OPERATIONAL RISK: Firm's operation results FINANCIAL RISK: Uncertainty of loss due to adverse changes ENTERPRISE MANAGEMENT RISK: Single program all major risks faced by business firms (PSSOF) HAZARD: Condition that increases the chance of loss HEDGING: transferring risk to a speculator INCORPORATION: Business firm transfers risk to creditors LEGAL HAZARD: Characteristics of legal system that increases frequency of loss LIABILITY RISKS: Possibility of being held legally liable for someone else (no max limit) LOSS EXPOSURE: Any situation where a loss is possible, whether a loss occurs or not LOSS PREVENTION: Activities to reduce frequency of loss MORAL HAZARD: Dishonesty in an individual that increases frequency of loss NONDIVERSIFIABLE RISK: Affects entire economy or large groups (can't be reduced or eliminated) NONINSURANCE TRANSFERS: Transfer risk to another party OBJECTIVE PROBABILITY: infinite observations and no change in underlying condition OBJECTIVE RISK: Relative variation of actual loss from expected loss PERIL: Cause of the loss PERSONAL RISK: Risk that directly affect individual or...
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...diversifiable risk different activities w/ different levels of risk non diversifiable risk no way of getting rid of the risk. Ex: natural disaster Fundamental risk effects many exposure units at the same time particular risk effects one exposure unit at a time 9 major duties of risk managers buy insurance, identify risk, loss prevention, loss control, contract review, gov't compliance w/ safety issues, risk finance, claims management and litigation support, employee benefits 5 steps of Risk management process mission identification (goal), risk identification, risk analysis, consider alternatives, implement and monitor hazard increases likelihood of losses/bad event. Applies to pure risks. risk factor effects the likelihood/severity of a gain or loss peril actual cause of loss exposure item that's subject to loss. difficulties w/ risk identification (world is changing) new laws, new discoveries, and changing societal attitudes property exposures buildings, vehicles, $. They have a direct and indirect result liability exposure someone else has experienced a loss and now they're suing the person who's fault it was Human Resource Exposures costs relating to employees Bailed property Non-owned: repair shop. Give them your computer. Leased Property Non-owned: things you rent Property on Consignment Non-owned: property someone owns and another person is trying to sell it for them Employee's property Non-owned: employees...
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...What is Risk? A. Uncertainty Concept—risk traditionally has been defined as uncertainty B. Objective Risk 1. Defined as the relative variation of actual loss from expected loss 2. Declines as the number of exposure units increases 3. Is measurable by using the standard deviation or coefficient of variation C. Subjective Risk 1. Defined as uncertainty based on one’s mental condition or state of mind 2. Difficult to measure II. Chance of Loss A. Objective Probability 1. A priori—by logical deduction such as in games of chance 2. Empirically—by induction, through analysis of data 2 Rejda • Principles of Risk Management and Insurance, Tenth Edition B. Subjective Probability—a personal estimate of the chance of loss. It need not coincide with objective probability and is influenced by a variety of factors including age, sex, intelligence, education, and personality. C. Chance of Loss Distinguished from Risk—although chance of loss may be the same for two groups, the relative variation of actual loss from expected loss may be quite different. III. Peril and Hazard A. Peril—defined as the cause of loss B. Hazard 1. Physical hazard—physical condition that increases the chance of loss. Examples are icy streets, poorly designed intersections, and dimly lit stairways. 2. Moral hazard—dishonesty or characteristics of an individual that increase the chance of loss 3. Morale hazard—carelessness or indifference to a loss because of the existence of insurance 4. Legal...
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...Indirect cost : the bank could not use the building, the bank inabilty to hold needed conferences and meetings there is a business loss and income loss,key employee loss, loss of costumer, the bank has expenses to recover office and business. The shuttle service cost for the bank. 3- In a maximum probable loss event arising from a tornado, identify the additional losses that you would expect. After the tornado damaged, the bank’s employees and officers had no access to it over the week. There might have been life loss in this case but there are no life losses. The building has glass windows. There is a huge possible for loss of business and daily life. Dallas, Texas located in the south and mostly time south states have Tornados and hurricane therefore people should be trained. In addition, they should be trained to stay away from glass windows. There might have been employee lost. Employee benefits and other cost related with employees and the bank. I believe training can reduce the cost. Such training for an earthquake San Francisco, earthquake training is given in the high school and elementary schools. Disability or temporary damaged would be happened in the building. 4. How could the bank’s risk manager use each of the following risk management tools in this case? a. Risk assumption: The bank mightn’t have been established a risk management department. They would not have considered huge potential losses for the bank that makes the bank has more losses. They would not...
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