Indicate where in the risk matrix the following example of risks would fall. Suggest how each of the risks could be handled by the organisation.i. Working from heights in a construction company. (3 marks)ii. The cashier might steal coins from the cash box to buy airtime. (3 marks)iii. A University catching fire and being burnt down. (3 marks)iv. People in the University neighbourhood will complain due to noise made by students during a fashion show at the university. (3 marks)v. Identify any four risks faced by an organisation when cleaners perform their duties.
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Indicate where in the risk matrix the following example of risks would fall. Suggest how
each of the risks could be handled by the organisation.
i. Working from heights in a construction company. (3 marks)
ii. The cashier might steal coins from the cash box to buy airtime. (3 marks)
iii. A University catching fire and being burnt down. (3 marks)
iv. People in the University neighbourhood will complain due to noise made by
students during a fashion show at the university. (3 marks)
v. Identify any four risks faced by an organisation when cleaners perform their duties.
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- Lily believed that a prospective insured's building might be considered a highly protected risk. Which one of the following buildings is most likely to be considered a highly protected risk? A small building located in the middle of a very rural area A masonry noncombustible industrial complex that relies on its own water supply An office building without any public fire protection A large fire-resistive building with automatic sprinkler systems. Companies that are developing a formalized risk management process are encouraged to develop a risk or threat profile and use their intuition to create an inventory of risks that seem most relevant to their operations. At that stage, they are encouraged to rank risks using which of the following approaches? a The risks with the greatest impact on staff and the highest anticipated frequency of occurring take top priority b The risks with most significant impact on the business and the highest probability of occurring take top priority c The risks with the highest probability of occurring and the highest anticipated frequency take top priority d The risks with the highest anticipated frequency of occurring and the most significant public visibility take top priorityClassify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:a. A hurricane on the U.S. East Coast floods a regional warehouse destroying a large amount of stock.b. A machine on the plant floor breaks down for an hour.c. Bad weather on the weekend causes an increase in demand for umbrellas.d. A cool summer causes a decrease in demand for air conditioners for that season.e. The excavation process for a new manufacturing plant in the U.S. Midwest uncovers an archaeological find of such significance that no building can take place on that site and a new site for the plant must be found.f. Competitors to the iPad launch smaller tablet computers before the iPad mini is ready to launch, thus negatively affecting demand for the iPad.g. The Second World War caused auto manufacturers to switch to producing military vehicles.h. A drug is found to have dangerous side effects following its launch.i. The transportation disruptions, including the grounding of…
- Kind Sicherheit is a manufacturer of childcare safety products, primarily car seats and strollers. The products are sold directly to independent retailers in Europe. The company’s risk manager knows that the company could be sued if a car seat or a stroller is defective, and someone is injured. Because the cost of products liability insurance has increased, the risk manager is considering other techniques to treat the company’s loss exposure. Name at least three major risk- control techniques that Kind Sicherheit can apply for reducing the frequency or severity of losses due to potential product defects. Describe specific actions using these techniques that may be helpful in dealing with the company’s products liability exposure2. A company assesses the danger that its internal control systems cannot prevent or detect material errors in a certain process or activity in a timely manner and that they exceed materiality when added to other existing errors. The situation of the company alludes to the concept of: Select one: a.Control risk. b.Internal business control. c.Business risk management. d.Risk areas.Define each of the following terms:a. Acceptable risk of overreliance (ARO)
- Using the basic risk management matrix, explain the following: a. When would you buy insurance? b. When would you avoid the risk? c. When would you retain the risk? d. When would you use loss control?You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses. b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses? c) Identify two risk-control measures that could be used in your company’s retention program for physical damage lossesDescribe the following considerations required when measuring the performance or the effectiveness of risk control programmes: - Fatality or accident or loss frequency. - Degree of compliance with standards.
- which of the following does not denote the type of classification of risks? a) Risk can be classified according to the nature of the attributes of the risks b) Risks can be classified according to its denominations c) Risks can be classified according to the timescale of impact after the event occurs d) Risk can be classified according to its originProblem 1) The Nitro Fertilizer Company is developing a new fertilizer. If Nitro markets the product and it is successful, then the company will earn a $50,000 profit; if it is unsuccessful, the company will lose $50,000. In that past, similar products have been successful 55% of the time. At a cost of $10,000, the effectiveness of the new fertilizer can be tested. If the test result is favorable, there is an 80% chance that the fertilizer will be successful. If the test result is unfavorable, there is only a 30% chance that the fertilizer will be successful. There is a 60% chance of a favorable test result and a 40% chance of an unfavorable test result. a) Construct a decision tree to determine Nitro's optimal strategy b) Find the EVSI and EVPI Note I need solution of part A onlyProblem 1) The Nitro Fertilizer Company is developing a new fertilizer. If Nitro markets the product and it is successful, then the company will earn a $50,000 profit; if it is unsuccessful, the company will lose $50,000. In that past, similar products have been successful 55% of the time. At a cost of $10,000, the effectiveness of the new fertilizer can be tested. If the test result is favorable, there is an 80% chance that the fertilizer will be successful. If the test result is unfavorable, there is only a 30% chance that the fertilizer will be successful. There is a 60% chance of a favorable test result and a 40% chance of an unfavorable test result. a) Construct a decision tree to determine Nitro's optimal strategy b) Find the EVSI and EVPI I need solution of part (b) only