Ch. 8 Risk management Strategies -short answers

Tamara Jacob
Flashcards by Tamara Jacob, updated more than 1 year ago
Tamara Jacob
Created by Tamara Jacob over 4 years ago
8
2

Description

Midterm O&A Flashcards on Ch. 8 Risk management Strategies -short answers, created by Tamara Jacob on 04/18/2016.

Resource summary

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.
Show full summary Hide full summary

Similar

NEW: ExamTime's Mind Map Maker
Andrea Leyden
An Inspector calls - Gerald Croft
Rattan Bhorjee
GCSE Maths Symbols, Equations & Formulae
livvy_hurrell
Poetry revision quiz
Sarah Holmes
PSBD TEST # 3_1_1
yog thapa
mi mapa conceptual
juan marcelo
3.1 Keywords - Marketing
EMI D
POSTURA
Mónica Romero
Mapa Conceptual
Brenda Ruiz
5. CAMBIO Y/O COMPROMISOS 6. DECLARACIÓN SATISFACCIÓN
Stefany De la cruz
HABEAS CORPUS- CASO OLLANTA HUMALA Y NADINE HEREDIA
Silvia Maria Tito Ascue