RMI 4597- Midterm Exam Guide - Comprehensive Notes for the exam ( 58 pages long!)

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Published on 13 Oct 2017
Course
Professor
Temple
RMI 4597
MIDTERM EXAM
STUDY GUIDE
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Topic one
What is Risk
Risk
Standard deviation
Coefficient of variation
Variation of actual outcome from expected outcome
Pure risk
Speculative risk
Objective risk
Subjective risk
Enterprise risk management
Source of risk
Upside and down side
Increase stakeholder value
Risk Management Paradigm
1.Risk Management Policy Statement
a)Mission
b)Priorities
c)Goals
2.Risk(Exposure to Loss) Identification/Assessment
a)Asset
b)Cause of loss/perils x hazard
c)Impact
3.Risk Quantification—“The Loss Pic”
a)Frequency (# likelihood)
b)Severity ($ financial impact)
c)Aggregate [specific excess of loss (vertical)/policy year aggregate/stop
loss (horizontal)]
d)Time (coverage trigger)
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e)Efficacy of the current risk treatment
4.Risk treatment
a)Risk Avoidance (opportunity cost)
b)Risk Control (loss prevention/reduction)
c)Risk Finance [transfer (financial and contractual) and retention]
5.Feasibility of Risk Management Techniques -- Implement and Manage
6.Monitor, Benchmark and seek continuous improvement
Hymie’s Case
The RM Setting
Background:
Business
Stakeholders
Environment
RM Policy
RM Tools to meet RM Goals
ERM Drivers
Internal v. External
Risk Identification
Hazard
Operational
Strategic
The Event
Property Damage
Business Continuity
Employee Industry
ERM Issues
Foreseeability of event
Residual Risk Opportunity
Reputational Consequences
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