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Risk Management

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  1. 14 Risk Management 14-1 Overview of Risk Management 14-2 Insurable Risks 14-3 Uninsurable Risks

  2. LESSON 14-1Overview of Risk Management Goals • Identify the types of risks facing businesses. • Describe ways that businesses can deal with risks. Chapter 14

  3. risk economic risk personal risk property risk liability risk pure risk controllable risk insurance Key Terms Chapter 14

  4. IDENTIFYING RISKS • Types of risks • Economic and non-economic risks • Pure and speculative risks • Controllable and uncontrollable risks • Insurable and uninsurable risks Chapter 14

  5. >> C H E C K P O I N T What is a risk? Chapter 14

  6. DEALING WITH RISKS • Avoid the risk • Transfer the risk • Insure the risk • Assume the risk Chapter 14

  7. POSSIBLE WAYS TO DEAL WITH RISK Chapter 14

  8. >> C H E C K P O I N T Identify four ways that business can deal with risks. Chapter 14

  9. LESSON 14-2Insurable Risks Goals • Recognize important insurance concepts. • Describe several types of business insurance. Chapter 14

  10. Key Terms • insurers • insured • policyholder • insurance policy • premium • claim Chapter 14

  11. PURCHASING INSURANCE • Insurance basics • Insurance companies • Insured losses Chapter 14

  12. >> C H E C K P O I N T What information should be considered when selecting an insurance company? Chapter 14

  13. BUSINESS INSURANCE • Insuring personnel • Health insurance • Disability insurance • Life insurance • Insuring property • Insuring business operations Chapter 14

  14. >> C H E C K P O I N T What are the three major areas that can be covered by business insurance? Chapter 14

  15. LESSON 14-3Uninsurable Risks Goals • Describe why some business risks are uninsurable. • List the strategies a company can use to reduce the risks of doing business internationally. Chapter 14

  16. Key Terms • property rights • counterfeiting Chapter 14

  17. IDENTIFYING RISKS • Types of uninsurable risks • Economic conditions • Consumer demand • Competitors’ actions • Technology changes • Local factors • Business operations Chapter 14

  18. MANAGING RISKS • Inform everyone in the business of the types of risks that are particularly important to their part of the operations • Implement measures to gather information and spot possible problems • Inspect facilities and equipment • Be active in local communities • Build relationships with government officials Chapter 14

  19. >> C H E C K P O I N T What are several things businesses can do to manage risks? Chapter 14

  20. RISKS IN INTERNATIONAL BUSINESS • Strategies for reducing risk • International property rights Chapter 14

  21. >> C H E C K P O I N T Why do U.S. companies have difficulty enforcing intellectual property rights in some international markets? Chapter 14

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