Flashcards
Ch. 8 Risk management Strategies -short answers
Cards in this deck (4)
- 1AVOIDANCEWhen an activity, procedure, or event is so risky that dire consequences are likely, the organization may chose to avoid that activity
- 2TRANSFERENCEWhen activities are associated with high financial risk but low frequency (catastrophic, sport injury) or low financial risk but high frequency (fractures, surgical injuries), a common method to reduce the risk of these activities is to transfer all or part of the risk to another entity.
- 3RETENTIONEvery organization have activities or sponsors programs that have a level of risk deemed acceptable in light of organization's mission.
The organization accepts and retains risks like these. - 4REDUCTIONCareful development, implementation, monitoring, and evaluation of policies and procedures can reduce the risk.
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- Midterm O&A Flashcards on Ch. 8 Risk management Strategies -short answers, created by Tamara Jacob on 18/04/2016.
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- Tamara Jacob
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