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Risk Management

Risk Management. Mrs. Smith 2/10/2014. Recession. A Period of temporary economic decline. Trade and Industrial activity are reduced During recessions jobs are scarce and companies are doing everything they can to protect their reputations. Inflation Warranty Guarantee. What is Risk?.

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Risk Management

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  1. Risk Management Mrs. Smith 2/10/2014

  2. Recession • A Period of temporary economic decline. Trade and Industrial activity are reduced • During recessions jobs are scarce and companies are doing everything they can to protect their reputations. • Inflation • Warranty • Guarantee

  3. What is Risk? • A situation exposing itself to danger • A Business Risk is a circumstance or factor that may have a negative impact on an operation or profit of a company. • What type of risks do rap industry deal with that other businesses may not have to deal with? • What happens if a team pays millions for the #1 draft pick and then he is not as good as expected, or they are have a season ending injury? Does that effect profit?

  4. Risk Management • A system of identifying, assessing and addressing potential risks in a business in order to prevent or reduce losses. Types of Business Risks • Lifestyles • Incompetence • Natural Disasters • Vandalism • Injuries • Vandalism • Illness

  5. Insurance • Liability • Fault • Negligence • Fraud • External and Internal Theft • Incompetence • Outlines an insurer’s contract to pay in case a covered event happens • What if the cover girl make up model experiences burns that damage her face? • What if you are in a car accident (you are at fault) and your car has too much damage to allow you to drive?

  6. 4 Steps of Risk Management • Identify • Analyze • Plan • Manage(Proactive and Reactive)

  7. Outcomes of Risk management

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