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P. 200
Risk Management
(v) Establishing procedures for notification and recovery
of losses from insurance companies.
(vi) Maintaining such records as may be necessary to
implement the policy.
Some firms choose to be more specific in wording their
statement of policy.
(i) Risk management is recognised as a separate critical
management function.
(ii) Risk management is an integral part of general
management and other functional management.
(iii) Overall risk management philosophy.
Guidelines on risk management techniques to be
employed :
(i) avoidance of risks
(ii) loss prevention
(iii) self insurance schemes
(iv) amount of deductibles
(v) first loss policies
(vi) purchase of commercial insurance: (a) insurable
amounts (b) insurable risks (c) selection of
insurance companies.
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