Gilmore-Risk Management

Risk is anything that threatens the ability of a person of organization to accomplish its mission

• True

• False

Which of the following are types of risk from an insurance perspective?

• Speculative

• Pure

• Retrospective

• Unpure

What type of risk involves a chance of gain or benefit as well as loss?

• Speculative

• Pure

• Retrospective

• Unpure

What type of risk is only an opportunity of sustaining a loss?

• Pure

• Unpure

• Speculative

• Retrospective

Risk Management involves

• Identifying potential risks

• Assessing those risks threat potential and managing them

• Enforcing disciplinary actions against those who create risk

• Informing employees of mistakes that have been made previously by individuals so they become fearful of questioning the importance of Risk Management

Match the following regarding the process of Risk Management

• Establish the context

• Step 4

• Evaluate and prioritize the risks

• Step 5

• Monitor decisions and update the risk management program

• Step 3

• Identify and analyze risks

• Step 2

• Select an appropriate risk management strategy and implement the technique

• Step 1

Which of the following are techniques used to manage risks?

• Risk avoidance

• Risk prevention/modification

• Risk absorption/retention

• Risk sharing or tranfer

• Risk Deferral

What type of insurance protects against claims when it's sued for damages or injuries caused by negligence of the business or its employees

• Property

• Liability

• Business

• Casualty

HIPPA 1996

• Appointed security and privacy officers

• Conducted risk assessments

• Protects patient health information

• Required pharmacies to provide patient counseling and maintain prper patient records

This approach doesn't divide events into causes and outcomes explicitly. Probability is assigned to each possible relationship whose development is undesirable.

• Quantitative Approach

• Qualitative Approach

• Causal Approach