Management Essay

2314 words - 10 pages

Risk Management & Insurance
Exam 1

By
Gursharan Deep Singh

T.Engel
MBA 546
Oct11 2013

Q1-We have studies how firms evaluate various risks and risk management techniques. Identify the risks and describe the techniques?
Answer- Risk has been defined as uncertainty concerning the occurrence of loss.

Various types of risk faced by firms are as follow:

1.property risks: The risk of damage to business property due to natural disasters like flood, earthquake. Tornadoes, fires and other perils.
2.Liability risks: In this company is sued for numerous number of reasons such as injuries to customer, discrimination against employees.
3.pure and speculative risk: pure risk is ...view middle of the document...

Various techniques used by firms to evaluate risk-
1.Avoidance: or e.g. we can avoid taking business in high crime rate area.
2.loss control: loss control includes various activities that reduce risk. Activities have two major objectives:
* Loss prevention: for e.g. auto accidents can be reduced by taking safe driving course.
* Loss reduction: for e.g.-department store can install sprinkler system to reduce severity of loss.
3.Retention: It means business or individual retains part of all financial consequences of given risk.
4.Self-insurance: Another name of it is self funding, it is special form of planned retention in which part or all of given loss exposure is retained by the firm.
5.Non-insurance transfers- In this risk is transferred to party other than insurance company.
Methods of transferring risk are as follow:
* Transfer of risks by contracts
* Hedging price risks
* Incorporation of business firm

Q2-what do you understand by integrated risk management? Answer-Integrated risk management is the integration of the management of risk at each level of management into all business and strategic planning and decision-making processes.
Integrated risk management brings together all risks that impact on each level of management. It means:
* Making staff identify the likelihood and consequences of activities
* Finding risks that impact on strategic and operational outcomes
* Making decisions about the best way to achieve objectives
* Targeting resources appropriately towards high-rating risks
The purpose of the Integrated Risk Management Framework is to:
* Provide guidance to advance the use of a more corporate and systematic approach to risk management;
* Contribute to building a risk-smart workforce and environment to protect the public interest, maintain public trust, and ensure due diligence; and
* Propose a set of risk management practices that departments can adapt to their specific circumstances and mandate.

Q3-Caerfully and critically evaluate the progress of the implementation of the Dodd-Frank Act?
Answer: The Commission has proposed or adopted following rules in connection with the Dodd-Frank Act. That Act contains more than 90 provisions that require SEC rulemaking, and dozens of other provisions that give the SEC discretionary rulemaking authority. Of the mandatory rulemaking provisions, the SEC has proposed or adopted rules for more than three-quarters.
The Commission has put in place a foundation for a framework that will
* support an entirely new regulatory regime designed to bring greater transparency and access to the securities-based swaps market,
* adopted rules that will result in increased oversight and transparency around hedge fund and other private fund advisers gave investors a say-on-pay regarding executive compensation and established a whistleblower program which offers incentives for individuals with...

Other Papers Like Management

Management Essay

1077 words - 5 pages Cash Management Paper INTRODUCTION Cash management techniques provide a framework for companies to follow that will enable it to maintain cash that is needed to operate the business. The primary goal of cash management is to maintain low balances of cash on hand but at the same time striking a balance so that necessary cash is available to pay for planned transactions, unexpected transactions, and compensating balances to banks for services

Management Essay

436 words - 2 pages -oriented). Speed, accuracy, and volume are specific, measureable, and assignable because they are indicators that can be gauged, and someone can be accountable and responsible for his success (Performance Measurement in Project Management, 2007). Differences exist in these three measurements and the way they are quantified. One difference is in the type of measurements. Speed represents a rate, such as miles per hour. Volume represents a number

Management

2354 words - 10 pages Introduction Leadership management and NLP Mastering self-awareness, and in order to become an extraordinary communicator, the leaders create the attributes of great self-awareness, resourcefulness, flexibility in behaviour and effectiveness, which all together develop their innate resilience. All this is necessary to establish a clear thinking, focused mind, personal grooming, and behavioural psychology and NLP can be applied here. According

Management - 2865 words

2865 words - 12 pages Introduction to Management Tutorial Work – Academic Year 2013 TABLE OF CONTENTS Overview ................................................................................................................................................. 3 Assessment ............................................................................................................................................. 4 Tutorial Activities

Management - 5870 words

5870 words - 24 pages International Journal of Business and Social Science Vol. 3 No. 11; June 2012 Cross-Cultural Values Comparison between Chinese and Sub-Saharan Africans Jean Pierre MIAHOUAKANA MATONDO PhD Student in Business Administration Glorious Sun School of Business and Management, Donghua University 1882, Yan’an Road, Shanghai China Abstract With a Sino-African trade growing at 40% a year and a steadily growing economy above 5% in Africa are

Management - 903 words

903 words - 4 pages Exchange of Dies (SMED). VISUAL FACTORY SYSTEMS The visual factory generates techniques that share important information and make distinctions between normal and abnormal production and quality conditions. Topics to be covered include visual implementation, roles for employees and management, lines, signs as labels, metrics, color-coding, point-of-use-storage, streamlined layout, standard work, and Andon. Learn how visual systems can improve your

Management - 1220 words

1220 words - 5 pages needs or those needs that have not been filled up by the existing service providers (Peter and Donnely, 2004). Filling these unsatisfied need or gap should be the objective of the company towards targeting the new market and converting prospects into its customers. References: 1. Kotler, Philip and Keller, Kevin Lane (2006). Marketing Management. Pearson Education, Inc. 2. Peter, Paul J. and Donnely, Jim (2004). Marketing Management: Knowledge

Project Management & Revenue Management

684 words - 3 pages Project Management Question I: (Discussion and Review Questions No.6) What is a work breakdown structure, and how is it useful for project planning? Work breakdown structure (WBS) – a hierarchical listing of what must be done during a project. It is useful due to the fact that large projects usually involve a very large number of activities, planners need some way to determine exactly what will need to be done so that they can

Business Management

349 words - 2 pages Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business management Business

Performance Management

410 words - 2 pages Performance management is an integral business tool for managing people from all levels in an organisation.(Armstrong, 1994). Nowadays organisations integrate performance management systems into its business models as a key driver for the development of its employees. The employee is given a specific set of objectives over a set period of time usually annually and measured to see if employee has achieved desired outcomes. Such targets can be

Science Management

1117 words - 5 pages Scientific management is an approach that involves using scientific methods - based on proven fact rather than on tradition, rule of thumb, guesswork, precedent, personal opinion, or hearsay and is in opposition to traditional management. (Taylor 1911/1967 cited in Locke,1982, p14). Scientific management is very important when talking about business activities and performing managerial jobs efficiently. But there are still a number of criticisms

Related Essays

Management Essay 302 Words

302 words - 2 pages Planning is the most important management function, in that it can be done independently of the other management functions. The four key functions of management are applied throughout an organization. Management is simply the act of getting people together to achieve desired goal and this is accomplished through the four functions of management: planning, organizing, leading and controlling. Planning means defining goals for future

Management Essay 3855 Words

3855 words - 16 pages The formation of organization implies that a leader should take the role to control the activities of the group; the work done by the leader is what we call management. Organization is formed by a group of people who work together. No matter the organization is a profit making ones or non-profit making ones, its formations are to achieve a common purpose or variety of goals, which are the desired future outcomes. The outcomes might be

Management Essay 2549 Words

2549 words - 11 pages Material management department is typically responsible for directing the supply chain. Material management is an umbrella department that has many other functions (e.g., central store, laundry and linen operations, and sterile processing). The core purpose of material management is to direct and control the movements of goods in an efficient manner through a hospital system (Langabeer, 2008). This material management proposal document will

Management Essay 798 Words

798 words - 4 pages Describe how the Unitarist and Pluralist approaches to conflict would explain the positions of (a) management and (b) unions in the Qantas dispute.  Identify which one of the approaches provides the better explanation. Explain how you reached this conclusion.   In order to describe how the Unitarist and Pluralist approaches to conflict in regards to the position of management and the unions in the Qantas dispute, it is critical to first