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Exam (elaborations)

Principles of Risk Management and Insurance - Exam 2025

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Principles of Risk Management and Insurance - Exam 2025 a scientific approach to the problem of dealing with the risks facing individuals and organizations. Risk Management Those who are responsible for the entire program of pure risk management (of which insurance buying is only a part) are risk managers ___ attempts to integrate the management of all of the firm's risks, both pure and speculative. Enterprise Risk Management

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Principles Of Risk Management And Insurance
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Principles of Risk Management and Insurance










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Institution
Principles of Risk Management and Insurance
Module
Principles of Risk Management and Insurance

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Uploaded on
January 16, 2025
Number of pages
24
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • principles of risk management and insurance exam
  • a scientific approach to the problem of dealing wi
  • those who are responsible for the entire program o
  • attempts to integrate the management of all of

Content preview

Principles of Risk Management and
Insurance - Exam 2025


axscientificxapproachxtoxthexproblemxofxdealingxwithxthexrisksxfacingxindividualsxandxorganizations.x-
xANSWERxRiskxManagement




Thosexwhoxarexresponsiblexforxthexentirexprogramxofxpurexriskxmanagementx(ofxwhichxinsurancexbuyi
ngxisxonlyxaxpart)xarex-xANSWERxriskxmanagers



___xattemptsxtoxintegratexthexmanagementxofxallxofxthexfirm'sxrisks,xbothxpurexandxspeculative.x-
xANSWERxEnterprisexRiskxManagement




CommonxRiskxcategoriesxinxanxERMxprogramxincludex(4):x-xANSWERxMarketxrisk

Creditxrisk

Liquidityxrisk

Operationalxrisk



Thexriskxarisingxfromxthexpotentialxthatxaxborrowerxwillxfailxtoxpayxaxdebt.x-xANSWERxCreditxRisk



Thexriskxarisingxfromxadversexmovementsxinxmarketxprices.x-xANSWERxMarketxRisk



Thexdefinitionxvaries.xItxincludesxaxvarietyxofxpurexrisks,xincludingxtechnologyxrisks,xeventsxsuchxasxfire,
xworkerxinjury,xCYBERxRISKx(#1xissuexrn)xetc.x-xANSWERxOperationalxRisk

,Thexriskxthatxthexbusinessxwillxhavexinsufficientxliquidxassetsxtoxmeetxobligationsxthatxcomexdue.x-
xANSWERxLiquidityxrisk




integratedxmanagementxofxallxrisks,xpurexandxspeculativex-xANSWERxEnterprisexriskxmanagement



thexmanagementxofxpurexrisks,xbothxinsurablexandxuninsurablex-
xANSWERxTraditionalxriskxmanagement




thexmanagementxofxfinancialxrisks,xincludingxcreditxrisk,xmarketxrisk,xandxliquidityxriskx-
xANSWERxFinancialxriskxmanagement




ThexgreatestxprogressxtowardxERMxhasxbeenxinx___,xwherexfinancialxriskxmanagementxisxcriticalx-
xANSWERxfinancialxinstitutions




axscientificxapproachxtoxdealingxwithxrisksxbyxanticipatingxpossiblexaccidentalxlossesxandxdesigningxand
ximplementingxproceduresxthatxminimizexthexoccurrencexofxlossxorxthexfinancialximpactxofxthexlossesxt
hatxdoxoccur.x-xANSWERxriskxmanagement



TwoxcomponentsxofxRiskxControlx-xANSWERxAvoidance

Reduction



TwoxComponentsxofxRiskxFinancingx-xANSWERxRetention

Transfer



Buyingxinsurance

DeepxPocketxTheoryx-xANSWERxTransfer

, encompassesxallxtechniquesxaimedxatxreducingxthexnumberxofxrisksxfacingxthexorganizationxorxthexam
ountxofxlossxthatxcanxarisexfromxthesexexposures.x-xANSWERxRiskxControl



Noxmorexriskxpossiblex-xANSWERxriskxavoidance



takesxplacexwhenxdecisionsxarexmadexthatxpreventxaxriskxfromxevenxcomingxintoxexistence.x-
xANSWERxavoidance




TxorxF:xRiskxavoidancexshouldxbexusedxinxthosexinstancesxinxwhichxthexexposurexhasxcatastrophicxpote
ntialxandxcannotxbexreducedxorxtransferred.x-xANSWERxTrue



Broadlyxspeaking,x"lossxprevention"xeffortsxarexaimedxatxpreventingxthex-xANSWERxOccurrencexofxloss



consistsxofxthosextechniquesxdesignedxtoxguaranteexthexavailabilityxofxfundsxtoxmeetxthosexlossesxthat
xdoxoccur.x-xANSWERxRiskxfinancing




Allxrisksxthatxcannotxbexavoidedxorxreducedxmustxbex_______.x-xANSWERxTransferredxorxretained



Intentional/Unintentional

Voluntary/Involuntary

Funed/Unfundedx-xANSWERxRiskxRetentionxTechniques



___xriskxretentionxisxalwaysxundesirablex-xANSWERxUnintentional



___xretentionxresultsxfromxthexjudgmentxthatxretentionxisxthexmostxeffectivexmeansxofxdealingxwithxth
exrisk.
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