1 of 36
Term
What external factors that influence risk appetite and ability of an
organization?
Give this one a try later!
1. The willingness to accept or tolerate risk without the financial capacity to do so
can create a financial hardship. - you need to have financial backing to take on
risk
2. The financial capacity to retain risk without the willingness to take the risk is
unrealized opportunity. There is risk in everything we do.
1. Past experience with risk taking
2. Organizational objectives (profitability, reputation, market share)
3. Stage in organizational life cycle
4. Financial status (assets, income and cash flows)
, 5. Frequency and severity of losses
6. Predictability of losses
1. Our Market position
2. Competition
3. The need to take business risk (new markets, products, services,
rebranding)
4. Public image
5. Stakeholders' perceptions of risk (owners, creditors, government, etc.)
6. Availability of risk transfer alternatives
1. Job safety
2. Reporting procedures for incidents and accidents in accordance with
insurance policy terms and risk management department requirements
Don't know?
2 of 36
Term
What is the purpose of the risk management manual?
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, 1. Letter of support from chairman/CEO/president
2. Risk management mission and policy statements
3. Risk management department functions
4. Risk financing program
5. Procedures
1. Demonstrates and communicates senior management's support for the
risk management program to all employees
2. Establishes expected levels of performance and cooperation
3. Familiarize personnel with procedures to effectively manage risks and
exposures
4. Provides a convenient reference or "how to" guide
States the overall goal of the risk management program and guides the actions
and decision making of the risk manager
Helps us to focus our energy in decision making of the risk management
program
1. Outlines the fundamental guidelines of the risk management function
2. Reflects an organization's risk tolerance and how decisions regarding risk are
made
3. Clearly specifies responsibility, accountability and authority, and minimizes
duplication of efforts
Don't know?
3 of 36
Term
, What is the purpose of a risk management policy statement?
Give this one a try later!
1. Demonstrates and communicates senior management's support for the risk
management program to all employees
2. Establishes expected levels of performance and cooperation
3. Familiarize personnel with procedures to effectively manage risks and
exposures
4. Provides a convenient reference or "how to" guide
1. Business continuity plan
2. Crisis management plan
3. Safety and loss control
4. Claims management including investigation, incident and accident reporting
guidelines
5. Return to work program
6. Litigation management
7. OSHA Accident and Illness Reporting
1. Defines the policy for managing risks and the relevance to the
organization's strategic plans, goals and objectives
2. Clarifies risk management goals and direction
States the overall goal of the risk management program and guides the actions
and decision making of the risk manager
Term
What external factors that influence risk appetite and ability of an
organization?
Give this one a try later!
1. The willingness to accept or tolerate risk without the financial capacity to do so
can create a financial hardship. - you need to have financial backing to take on
risk
2. The financial capacity to retain risk without the willingness to take the risk is
unrealized opportunity. There is risk in everything we do.
1. Past experience with risk taking
2. Organizational objectives (profitability, reputation, market share)
3. Stage in organizational life cycle
4. Financial status (assets, income and cash flows)
, 5. Frequency and severity of losses
6. Predictability of losses
1. Our Market position
2. Competition
3. The need to take business risk (new markets, products, services,
rebranding)
4. Public image
5. Stakeholders' perceptions of risk (owners, creditors, government, etc.)
6. Availability of risk transfer alternatives
1. Job safety
2. Reporting procedures for incidents and accidents in accordance with
insurance policy terms and risk management department requirements
Don't know?
2 of 36
Term
What is the purpose of the risk management manual?
Give this one a try later!
, 1. Letter of support from chairman/CEO/president
2. Risk management mission and policy statements
3. Risk management department functions
4. Risk financing program
5. Procedures
1. Demonstrates and communicates senior management's support for the
risk management program to all employees
2. Establishes expected levels of performance and cooperation
3. Familiarize personnel with procedures to effectively manage risks and
exposures
4. Provides a convenient reference or "how to" guide
States the overall goal of the risk management program and guides the actions
and decision making of the risk manager
Helps us to focus our energy in decision making of the risk management
program
1. Outlines the fundamental guidelines of the risk management function
2. Reflects an organization's risk tolerance and how decisions regarding risk are
made
3. Clearly specifies responsibility, accountability and authority, and minimizes
duplication of efforts
Don't know?
3 of 36
Term
, What is the purpose of a risk management policy statement?
Give this one a try later!
1. Demonstrates and communicates senior management's support for the risk
management program to all employees
2. Establishes expected levels of performance and cooperation
3. Familiarize personnel with procedures to effectively manage risks and
exposures
4. Provides a convenient reference or "how to" guide
1. Business continuity plan
2. Crisis management plan
3. Safety and loss control
4. Claims management including investigation, incident and accident reporting
guidelines
5. Return to work program
6. Litigation management
7. OSHA Accident and Illness Reporting
1. Defines the policy for managing risks and the relevance to the
organization's strategic plans, goals and objectives
2. Clarifies risk management goals and direction
States the overall goal of the risk management program and guides the actions
and decision making of the risk manager
