Reference no: EM13918353

Question 1:
A) Briefly explain the "costs of risk "
B) What are the benefits for an organization to collect the data from the Costs of Risk?

Question 2:
Financial Consequences arising form Net Income Lon Exposures
A) Explain the following
• The length of the interruption
• The extent of the interruption.
• The impact upon revenues
• The impact upon expenses
• The time to restore normal operations.
Please note to answer the strove you can respond by iodating all of the above in your answer by using a loss scenario or answer by listing, each one separately.
B] Using the above risk factors explain how this assessment would be used to determine a personnel loss arising from a disability.

Question 3:
Describe the concept of Enterprise Risk Management (ERM), including,
• What it is
• Why it works in theory
• Why an organization should make it work
• What frequently encountered impediments prevent or complicate its use in Organizations

Question 4:
Products Liability
Briefly explain the following with examples, including legal defenses that may be available to the organization.
A) Breach of warranty
b) Strict Liability in Tort

Question 5:
A) Explain why it is important as a Risk Manager to understand the elements of negligence including statutory law and regulation as it relates to your organization and / or dies,
B) What factors must a risk manager consider in analyzing hold harmless and indemnification clauses in a contract?

Question 6:
Describe and distinguish between the following risk control techniques:
• Avoidance
• Loss Prevention
• Loss reduction
• Separation
• Duplication
• Diversification