RMIN 317 Lecture 3: 3. Risk Management Process – Chapter 3

• School: University of Calgary
• Department: Risk Management and Insurance
• Course: RMIN 317
• Professor: Anne Elizabeth Kleffner

Document Summary

Super storm sandy, climate change, driverless cars, etc. Iso 31000: a how to guide for risk management. Decide on strategy for treatment: risk control, risk treatment. Ensure those accountable for implementing the rm process and stakeholders understand the basis on which decisions are made, and the reasons why particular actions are required. Articulate objectives, defines the external and internal parameters to be taken into account when managing risk, and set the scope and risk criteria for the remaining process. External context: social, political, cultural, legal, financial, etc. What are important elements of mcdonald"s internal and external context that impact risk. Direct: damage to assets, injury/illness to employees; liability to third parties (customers, neighbours, etc. ) Indirect: loss of normal profit while not operating; continuing expenses (fixed costs that don"t stop) Two risks that are frequent (but low dollar value) and two that have potentially high dollar value (but low frequency) Brainstorming is a great way to identify risk!