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RISK
MANAGEME
NT
TECHNIQUE
S
RISK CONTROL
Objective of risk control
1)To minimize the total cost of risk of an
organization
2)To ensure long-term economic survival or
organization after the occurrence of major loss
event.
Includes
1) Risk avoidance
2) Risk reduction
3) Segregation of exposure units
4) Contractual transfer for risk control
Risk avoidance
Risk Reduction
Includes two approaches
Loss prevention
Loss prevention
Loss control
Segregation of exposure
units
Contingency planning
There is three components of contingency
planning.
1.Pre-loss phase- preparation and
implementation of contingency plan
2.Loss phase- crisis management plan to
save lives and limit damage.
3.Post-loss phase- business recover plan to
initiate speedy and effective business
recovery.
Crisis management
planning
1)
Domino Theory
Developed mainly from the study of
industrial accidents and worker
injuries.
2) Energy Theory
considers accident as a result of
uncontrolled
release of energy