5169061
Description
Flashcards by Tamara Jacob, updated more than 1 year ago
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Created by Tamara Jacob
about 8 years ago
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| Question | Answer |
| AVOIDANCE | When an activity, procedure, or event is so risky that dire consequences are likely, the organization may chose to avoid that activity |
| TRANSFERENCE | When 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. |
| RETENTION | Every 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. |
| REDUCTION | Careful development, implementation, monitoring, and evaluation of policies and procedures can reduce the risk. |
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