Page 55 - RISK Management IC86 Ebook
P. 55
The Insurance Times
training, motivation and monitoring systems for employees
and outside people. A specimen chart is given in Fig. Below.
Risk Factor Analysis Site: Date:
Activity Equipment Operations Hazards Comments
involved involved
Prepared: Checked:
Fig: Sample chart for risk factor analysis
n The use of loss experience is also valuable as an aid to loss
control: it can enable the company to analyse losses to discover
multiple factors that could have made such losses more serious
and help it to develop means of controlling loss in an economic
way.
Risk financing and insurance
n The last process in the risk management activity is the financing
of the residual risks that have not been dealt with by risk
control measures. Although one can do a certain amount to
eliminate uncertainty it is not possible to eliminate loss and
the company therefore needs to be able to cope with the
financial consequences.
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