Implement techniques and monitor their effectiveness

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Reference no: EM133652818

Question

Choose a Manufacturing Company in ANY Industry.

Adopt the five stages given below in the risk management process to prepare detailed RM plan for the company you have chosen.

1. Formulate risk management objectives. What do you (i.e., the company) want to achieve through risk-management efforts?

2. Identify loss exposures. What is at risk, and what perils and hazards are related?

3. Measure potential loss severity. Most risk-management efforts, and dollars, are going to be directed to the exposures with the greatest potential severity.

4. Choose risk-handling techniques. What strategies will be best to deal with the identified exposures?

5. Implement techniques and monitor their effectiveness. Did what we chose work as we expected? Was it cost-effective?

Reference no: EM133652818

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