MANAGEMENT

Detailed explanation-1: -Controllable risks are those which you can do something about. These would include currency exchange risks, addressing skills issues, poor cashflow (i.e.lack thereof), lawsuits, etc. Uncontrollable risks might include natural disasters (floods, storms, etc).

Detailed explanation-2: -three basic categories-Engineering controls, Administrative controls, and Physical controls.

Detailed explanation-3: -Loss Prevention and Reduction: When risk cannot be avoided, the effect of loss can often be minimized in terms of frequency and severity. For example, Risk Management encourages the use of security devices on certain audio visual equipment to reduce the risk of theft.