Name: ______Date: ______

Risk Management Note Taking Guide

Define Risk – The ______of ______loss

Define Management – The business function used to ______, organize, and ______all available ______to reach company ______

Define Risk Management – The systematic process of ______an organization’s ______to achieve objectives in a manner ______with public ______, human ______, ______factors and the ______.

List the 3 Kinds of Risk:

1.

2.

3.

Define Economic Risks: These risks occur from ______in ______business ______.

This can include:

  • ______or ______of competitor(s)
  • changing consumer ______
  • ______changes
  • government ______
  • ______
  • ______

Define Natural Risks: These risks results from ______disasters or ______

This can include:

  • ______
  • ______
  • ______
  • ______
  • droughts
  • lightning
  • ______
  • even sudden ______weather conditions

Define Human Risks: These risks are caused by ______mistakes and ______, as well as the ______of customers, ______, or the ______environment.

This could include:

  • ______
  • ______on the job
  • ______checks
  • employee ______
  • ______
  • incompetence
  • (list at least 1 more example) ______

List the 4 principle ways of handling risk:

1. Risk ______and ______

2. Risk ______

3. Risk ______

4.Risk ______

What are ways to prevent or control risk?

  • ______or ______employees
  • Providing ______conditions
  • Providing ______Instruction
  • ______External ______
  • ______Employee Theft
  • What is the common business term for this way? ______Prevention

What are the 3 common types of risk transfer?

  1. ______
  2. Product/Service ______
  3. Transference through business ______

Define Insurance Policy – a ______that covers a business with a ______type of insurance ______risks

What is business liability insurance? Insurance that ______a business against ______for which it may be legally ______, usually up to only ______

Liable – Financially Responsible

What is personal liability insurance? Insurance that ______the business from damages caused by ______or ______.

What is product liability insurance? Insurance that ______the business from injuries caused by the ______manufactured or ______by the business.

What is a ______/Service Warranty? Promises made by the ______or manufacturer with respect to the ______and ______of a product and protection against ______.

What is transference through ownership?

How does the type of business ownership help to handle risk?

What is Risk Acceptance? When the business ______the ______responsibility into the ______of the company

Most companies pull out a certain ______of their ______for ______, loss to ______and ______items.

What is Risk Avoidance? Advance ______.

How can a company avoid risk? By following market ______to assist a business in making the ______on whether or not to ______in a product.

By weighing the potential ______against the potential ______

What is a Risk Management Plan? A plan to analyze the ______the business faces and how the business can ______those risks through risk ______and ______, risk ______, risk ______and risk ______. The plan should be ______down and the most important points shared with ______because they can affect how they do their ______.

Does 1 RMP do it? If not, why not?

How often should a business review and update their overall RMP?

When should a business develop a specific Risk Management Plan for the business?

CTAE Resource Network / Intro. to Sports & Entertainment Mkt. • Grades 9-12 • Unit 7 / Page 1 of 1