UBM588 - Quiz Chapter 3 (A)

i. Identifying existing and potential risks;

ii. Evaluating potential risks;

iii. Examining alternatives Risk Management techniques;

iv. Selecting and implementing Risk Management program;

v. Evaluating, reviewing and controlling the Risk Management program.

These is about Risk Management -

• Process

• Control

• Analysis

To develop information on sources of risks, hazards, risk factors, perils and exposures to loss. This is about -

• Evaluating Potential Risks

• Identifying Existing and Potential Risks

• Examining Alternatives Risk Management Techniques

Some information is not recorded in documents and exists only in the minds of employees. It can be conducted with internal and external parties. This is about -

• Risk Analysis Questionnaire

• Insurance Policy Checklist

• Interviews

Evaluating potential risk is happen when different level of risks required different risk management ____ to be applied.

• tools

• program

• techniques

Involves the dispersal of the firm’s assets in several locations instead of confining it to one major area. This statement is about

• Separation

• Contractual Transfer

• Risk Avoidance

The process to gain general knowledge about the goals and functions of organization, the practices and its operations. This statement is about -

• Inspections

• Orientation

• Financial Statements

Possibility of loss = 0. This is about -

• Retention

• Loss Control

• Risk Avoidance

There is low severity and low frequency. This is about -

• Risk Retention

• Loss Prevention

• Risk Transfer

An agreement between a retailer and a manufacturer whereby the later agrees to bear losses due to the manufacturer of defective products thus relieving the retailer of any liability. This statements refers to -

• Hold-harmless Agreement

• Hedging

• Leasing Contract

Risk or loss exposed are normally assumed or retained when their impact and consequences are not too great. This statement refers to -

• Retention

• Separation

• Risk Avoidance