BMS 202: Risk Management Notes

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TABLE OF CONTENTS

MODULE SUMMARY ii
MODULE OBJECTIVES iii
LESSON ONE CONCEPT OF RISKS 1
1.1 Introduction 1
1.2 Lesson Objectives 1
1.3 Definition of risk 1
1.4 Types of risks 2
1.5 Response to risk 5
1.6 Measurement of risks 5
1.7 Insurable risks 6
1.8 Perils and hazards 7
1.9 Cost and burden of risk 8
LESSON TWO:RISK MANAGEMENT 12
2.0 Introduction 12
2.1 Lesson objectives 12
2.2 Nature of risk management 12
2.3 Functions of risk management 13
2.4 Benefits of risk management 13
LESSON THREE: STRATEGIC RISK MANAGEMENT 27
3.0 Introduction 27
3.1 Lesson Objectives 27
3.2 Rules in risk management 27
3.3 Principles of risk management 31
3.4 Risk management policy 31
3.5 Risk management problems 31
LESSON FOUR: RISK MANAGEMENT STRATEGIES 35
4.0 Introduction 35
4.1 Lesson Objectives 35
4.2 Risk Control 35
4.3 Risk Reduction 37
4.4 Risk Retention 39
4.5 Risk Transfer 40
LESSON FIVE: RISK MANAGEMENT PROCESS 61
5.0 Introduction 61
5.1 Lesson Objectives 61
5.2 Identification of risks 61
5.3 Evaluation of risks 62
5.4 Consideration of alternatives 62
5.5 Selection of the risk treatment device 63
5.6 Implementing decisions 63
5.7 Evaluation and review 63
LESSON SIX: RISK MANAGEMENT MATHEMATICAL TECHNIQUES……………65
6:1 Introduction……………………………………………………………………65
6:2 Learning objectives…………………………………………………………...65
6:3 Risk management evaluation techniques………………………………....66
6:4 Accounting profit……………………………………………………………...66
6:5 Cash flow Method…………………………………………………………….66
6:6 Accounting rate of return method…………………………………………...67
6:7 Discounted cash flow method………………………………………………..67
6:8 Net present value method…………………………………………………….67
LESSON SEVEN: INTERNATIONAL RISK MANAGEMENT ..68
7.0 Introduction ….68
7.1 Lesson Objectives 68
7.2 Transaction exposure risk 69
7.3 Translation exposure risk 69
7.4 Economic exposure risk 69
7.5 Methods of managing international risks 69
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