Page 15 - RISK Management IC86 Ebook
P. 15
The Insurance Times
Chapter - 2
Risk Management - Scope and
Objectives
l Risk management requires preparing plans, organizing
materials & individuals, maintaining activity for the selected
objectives, binding together and unifying all activities and
efforts and controlling the activity to ensure that everything
occurs in conformity with established rules.
Risk is created by
l Activities (Technical, Scientific, Commercial; Constructional;
Manufacturing, Financial, Professional; Security, Charitable;
or Political)
l Relationship to People or Property
l Laws & Regulations
l Environmental, Physical, Social, Political
l This suggests that what needs to be done with risks is Analysis,
Treatment and Financing. The steps involved in this process
would be as under:
Risk Analysis : Identification, Evaluation
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