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Which of the following are included in total risk management?
1. Safety
2. Fire prevention
3. Damage control
4. Insurance functions
Select the correct answer using the code given below.
Explanation
Total Risk Management (TRM) is a comprehensive framework used by organizations to identify, assess, and mitigate various forms of risk. It generally consists of two main strategies: Risk Control and Risk Financing.
- Risk Control: This involves physical and operational measures to prevent or reduce losses. Safety protocols and Fire prevention are proactive measures to stop incidents before they occur. Damage control is a reactive measure aimed at limiting the extent of loss once an incident has happened.
- Risk Financing: This involves managing the financial impact of risks. Insurance functions are a key part of this, where the financial risk is transferred to an insurance company in exchange for a premium.
Because TRM integrates both the physical prevention of accidents and the financial management of potential losses, all four elements listed are essential components of a total risk management strategy.
SIMILAR QUESTIONS
Integrated Security System includes : 1. Combined Security Equipment with computers and common communication medium 2. Human Resource Data Acquisition and Management 3. Fire and Life safety 4. Information transfer and information accessibility over Local and Wide Area Networks Select the answer using the code given below :
Which of the following are the three 'D's in the Principles of Security ?
1. Denial
2. Detection
3. Deterrence
4. Destruction
Select the correct answer using the code given below :
Which of the following are included under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952?
1. Employees' Provident Fund
2. Employees' Deposit Linked Insurance Scheme
3. Employees' Permanent Disablement Pension
4. Pension of the Employees' Widows
Select the correct answer using the code given below.