Mastergp
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Management of risk
Risks identified can be managed through any of the following approaches:
Reduce the risk:
This arises when the prevention measures are put up in the form of safety inspections, accident stoppage measures and other similar avenue through which risk can be reduced. Risk of shoplifting is no doubt on the increase but this business risk has been reduced through mounting of mirrors that monitors customers to detect their crimes.
Risk avoidance:
This above risk management factors portends the some risks can avoided completely by ensuring that form do not engage in such hazardous task or job. There are some vaccines that cannot be said to produce the required results even through it was stated in the drugs
Self insuring:
The import of this management approach is to set outside some physical cash (money) to take care of any routine claims that will arise in the future. Big anticipated losses are handled through the purchasing of insurance policies to cover them.
Buying insurance coverage:
This type of risk management method required that firms should buy insurance policies from corporate insurance firm to cover huge losses. When the envisaged losses are to high, syndicate insurance financing will be the idea option. In syndicate insurance program means that two or more insurance companies put their resources together to cover huge anticipated losses.
Risks identified can be managed through any of the following approaches:
Reduce the risk:
This arises when the prevention measures are put up in the form of safety inspections, accident stoppage measures and other similar avenue through which risk can be reduced. Risk of shoplifting is no doubt on the increase but this business risk has been reduced through mounting of mirrors that monitors customers to detect their crimes.
Risk avoidance:
This above risk management factors portends the some risks can avoided completely by ensuring that form do not engage in such hazardous task or job. There are some vaccines that cannot be said to produce the required results even through it was stated in the drugs
Self insuring:
The import of this management approach is to set outside some physical cash (money) to take care of any routine claims that will arise in the future. Big anticipated losses are handled through the purchasing of insurance policies to cover them.
Buying insurance coverage:
This type of risk management method required that firms should buy insurance policies from corporate insurance firm to cover huge losses. When the envisaged losses are to high, syndicate insurance financing will be the idea option. In syndicate insurance program means that two or more insurance companies put their resources together to cover huge anticipated losses.
