BUISENESS MANAGEMENT
RISK MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Avoid
|
|
|
Control
|
|
|
Reduce
|
|
|
Transfer
|
Detailed explanation-1: -All of the following risk treatment techniques are classified as risk control methods EXCEPT. loss prevention. insurance.
Detailed explanation-2: -Risk control methods include avoidance, loss prevention, loss reduction, separation, duplication, and diversification.
Detailed explanation-3: -Risk control, a crucial part of the risk management process, is a business strategy that allows organizations to evaluate potential losses and take action to reduce or eliminate those risks.
Detailed explanation-4: -What are the main types of control? Controls are usually categorised as either Preventive, Detective or Reactive. This is based primarily on where in a risk’s life do they apply and as a result, do they modify the likelihood and or the impact of the risk.