principles of risk management pdf


What are the five basic principles of risk management?

    While risk professionals are well familiar with the core principles of risk management — risk identification, risk analysis, risk control, risk financing and claims management — they are certainly not the only ones to rely on them in their daily thinking and decision-making.

What are the components of risk management?

    Three important steps of the risk management process are risk identification, risk analysis and assessment, and risk mitigation and monitoring. Risk identification is the process of identifying and assessing threats to an organization, its operations and its workforce.

How do you assess and control risk?

    Risk control: Look at the solutions the organization currently has in place to avoid, prevent, and reduce workers’ compensation illness and injury. This can include everything from loss control to safety programs. Then, focus on prioritization and implementing effective solutions to fill the gaps.

How do you identify risks?

    The most popular risk identification techniques are: Talking about risks (not a real technique, but I’ll explain it below). Checklists (risk categories). Document analysis. Root cause analysis. Assumptions analysis. Brainstorming. Interviews.
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