Risk Remedies and Treatment by Derek Hendrikz
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Transcript of Risk Remedies and Treatment by Derek Hendrikz
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Risk Remedies
and Treatment
Copyright © 2008 Derek Hendrikz Consulting
derek hendrikzwww.derekhendrikz.com
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Copyright © 2014
Derek Hendrikz Consulting
www.derekhendrikz.com
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2 risk remedies…
Take the RISK or
Don’t take the Risk!!!
www.derekhendrikz.com
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Dealing with Risk:
Risk Manageme
nt
Take the Risk
Retain Mitigate
Don’t take the Risk
Transfer Avoid
www.derekhendrikz.com
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ACAT risk treatment…
• Avoidance (Eliminate)• Control (Mitigate)• Accept (Retention)• Transfer (Outsource or Insure)
www.derekhendrikz.com
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…most effective way of risk management … implies not taking the risk at all or not performing the activity that could carry risk… www.derekhendrikz.com
Risk Avoidance
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…avoidance has a weakness… ‘NO RISK = NO RETURN’
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Risk Avoidance
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…risk control involves methods that reduce the severity of the loss or the likelihood of the loss form occurring… it thus mitigates…
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Risk Control
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…risk retention is accepting the loss when it occurs… an acceptable practice if the cost of insurance is greater than the possible total loss sustained… www.derekhendrikz.com
Risk Acceptance
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…all risk that is not avoided or transferred is retained by default… war is an good example of non- retained, non-avoided risk resulting in risk retention… www.derekhendrikz.com
Risk Acceptance
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…risk transference is a process of shifting the responsibility or burden to another party or individual, which is mostly done through legislation, contract, insurance or other means… www.derekhendrikz.com
Risk Transference
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…it can also refer to the shifting of a physical risk or part thereof elsewhere…
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Risk Transference
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…insurance as method of risk transfer is often seen as incorrect since it is a post-event compensatory method (yet the risk of compensation is still transferred)…www.derekhendrikz.com
Risk Transference