- "Risk management is the identification, evaluation, and prioritization of risks... followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities."
The process of assessing and mitigating risks, and protecting against potential losses through various forms of insurance.
Definition of Risk Management: The identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to protect and minimize, monitor, and control the probability and impact of unfortunate events.
Types of Risks: Known risks, Unknown risks, Pure risks, Speculative risks, Dynamic risks, Static risks, Personal risks, Property risks, Liability risks, and many more.
Insurance: Concept, history, types, and functions of Insurance, social, and economic significance.
Principles of Insurance: Insurable Interest, utmost good faith, indemnity, contribution, and subrogation.
Insurance Contracts: Different types of insurance policies, essentials and features of insurance contracts, and the process of insurance underwriting.
Risk Financing Techniques: Captive Insurance, Self-Insurance, Commercial Insurance, and Alternative Risk Financing.
Risk Assessment: The process of identifying and evaluating risks based on probability, severity, and impact.
Risk Analysis: A systematic study of the risks including identification, analysis, and evaluation of the risks.
Risk Management Strategies: Avoidance, loss prevention, reduction, retention, transfer, and sharing of risks.
Risk Management in Personal Financial Planning: Introduction, the basic principles of personal financial planning, investment risk, retirement planning, and insurance.
Risk Management in Business: Introduction, understanding different types of business risks, business interruption insurance, and risk management planning techniques.
Claims Management: The process of handling insurance claims, including evaluating, processing, and settling claims.
Ethics in Insurance and Risk Management: Ethics, moral principles, and professional standards for risk management and insurance professionals.
International Risk Management and Insurance: International aspects of risk management and insurance, global risks, and insurance programs.
Reinsurance: Concept, types, and functioning of reinsurance, its purpose, and its role in risk management.
Emerging Risks: Future of Insurance, Cybersecurity Risks, Climate Change risks, and Innovations in Insurance.
Life Insurance: Life insurance provides a lump-sum payment to beneficiaries designated by the policyholder, after the insured's death. It helps provide financial support to loved ones in the event of an unexpected death.
Health Insurance: Health insurance helps cover medical expenses such as doctor visits, hospitalization, and prescription drugs. It is designed to protect individuals from the high costs of medical treatment.
Property Insurance: Property insurance offers protection for property owners against damage or loss to their homes, buildings and other physical assets, due to perils such as fire, theft or natural disasters.
Liability Insurance: Liability insurance offers protection for policyholders against legal claims or lawsuits in case they are found responsible for causing harm or injury to others either unintentionally or due to their negligence.
Auto Insurance: Auto insurance helps cover the cost of damage to a vehicle or injury sustained by anyone involved in a vehicle accident.
Disability Insurance: Disability insurance provides replacement income to policyholders who are unable to work due to an injury or illness, protecting their livelihood.
Long-term care Insurance: Long-term care insurance provides coverage for expenses related to in-home or nursing home care for individuals who need such care, as they age or suffer from chronic illness.
Travel Insurance: Travel insurance provides coverage for losses incurred while traveling, such as trip cancellations, medical emergencies, or lost or stolen luggage.
Cyber Liability Insurance: Cyber liability insurance provides coverage for losses due to data breaches, hacking, or other cyber attacks on companies or individuals.
Flood Insurance: Flood insurance offers protection against losses due to flooding of homes, buildings, and other assets, which are often not covered by standard property insurance policies.
- "...risks (defined in ISO 31000 as the effect of uncertainty on objectives)..."
- "Risks can come from various sources including uncertainty in international markets, threats from project failures, legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause."
- "Negative events can be classified as risks while positive events are classified as opportunities."
- "Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards."
- "Strategies to manage threats typically include avoiding the threat, reducing the negative effect or probability of the threat, transferring all or part of the threat to another party, and even retaining some or all of the potential or actual consequences of a particular threat."
- "As a professional role, a risk manager will 'oversee the organization's comprehensive insurance and risk management program, assessing and identifying risks that could impede the reputation, safety, security, or financial success of the organization'."
- "Risk Analysts support the technical side of the organization's risk management approach... analysts share their findings with their managers, who use those insights to decide among possible solutions."
- "Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety."
- "Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase."
- "Opportunities are uncertain future states with benefits."
- "See also Chief Risk Officer, internal audit, and Financial risk management ยง Corporate finance."
- "Risk managers develop plans to minimize and/or mitigate any negative (financial) outcomes."
- "The primary goal of risk management is to minimize the probability or impact of unfortunate events or maximize the realization of opportunities."
- "Risk evaluations are conducted to assess and identify risks that could impede the reputation, safety, security, or financial success of the organization."
- "Managers use insights from risk analysts to decide among possible solutions."
- "The main components of risk management include the identification, evaluation, and prioritization of risks, followed by the application of resources to minimize, monitor, and control the probability or impact of events."
- "Negative consequences of threats can include financial, reputational, safety, security, or operational impacts."
- "ISO standards provide quality management standards to help work more efficiently and reduce product failures."
- "Negative events can be classified as risks while positive events are classified as opportunities."