'Risk Management' requires managers to:
- To have a planned approach to the handling of the risk that the individual or business is exposed to - Leaving Cert Business - Question 2 - 2005
Question 2
'Risk Management' requires managers to:
- To have a planned approach to the handling of the risk that the individual or business is exposed to. It involves identify... show full transcript
Worked Solution & Example Answer:'Risk Management' requires managers to:
- To have a planned approach to the handling of the risk that the individual or business is exposed to - Leaving Cert Business - Question 2 - 2005
Step 1
Identify all liable risks
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Answer
Managers must start by identifying all potential risks that could affect their business operations, including hazards like fire or negligence.
Step 2
Determine the causes of loss
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Answer
It is crucial to understand the underlying causes that could lead to losses, such as personal injury claims or legal liabilities.
Step 3
Measure the risk of events occurring
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Answer
Assess the likelihood of various risks materializing, along with potential consequences. This involves quantifying the risks to get an idea of their magnitude.
Step 4
Manage the costs
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Answer
Calculate the costs linked to potential risks and the various methods to protect against these losses, ensuring that adequate financial resources are allocated.
Step 5
Reduce risks
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Answer
Implement strategies to reduce risks, such as establishing safe procedures, training staff in safety protocols, and using insurance to protect against financial losses.
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