Keppel Ltd. 1Q 2024 Business Update Presentation Slides
CASE STUDY RISK AND INSURANCE
1. RISK AND INSURANCE (INS 200)
CASE STUDY ( HAZARDOUS PLACE )
INDIVIDUAL ASSIGNMENT
PREPARED BY
FACULTY & PROGRAM : BUSINESS MANAGEMENT
SEMESTER : 5
NAME : SHADINA SHAH
MATRIC NUMBER :
CLASS : MBM 111 5B
PREPARED FOR
PN NURUL AIDA BT HARUN
SUBMISSION DATE
23RD OCTOBER 2017
2. CASE STUDY RISK ANDINSURANCE(INS200) 2
CASE STUDY INS 200 [HAZARDOUS PLACE]
Risk is the uncertainty pertaining to an outcome, risk is exposure to danger and risk is
the subject matter of insurance. A risk exists whenever the future is unknown, it can be said to
be present everywhere and in all things. It is present in the lives of individuals and in the world
of commerce and industry. It can be unexpected and unpredictable events. Hazard is a factor
that is likely to increase the probability of a loss occurring or the size of such a loss.
Risk management is a process of thinking systematically about all possible risks,
problem or disasters before they happen and setting up procedures that will avoid the risk or
minimize its impact or cope with its impact. It is one of the management functions that seek to
assess and address the causes and effects of uncertainty and risk on an organization. It is
basically setting up a process to identify the risk and setting up strategy to control or deal with it
and making a realistic evaluation of the true level of risk. An effective risk management
programme will reduce the overall impact of losses.
Here is the study about the hazardous place that I found in UiTM. That place is a steep
way from Unit Kesihatan UiTM Melaka that use by student as a shortcut to go to the night
market. Risk management demands on-going process. It can be divided into a series of
individual steps that need to be implemented in order to minimize the impact of risks.
Risk identification is the first step and it is known to be the most important process. It is
the process that able to learn of the areas in which it is exposed to risk. According to that case,
student may accidentally slip and sliding falls into the drain and also head banging that cause by
big stone around the area. Therefore, that steep way is not stable for people who using it. It can
cause injury that can affect them.
Step two is evaluating potential risks. Once the risks have been identified, it can help to
measure the severity (potential size of the loss) and frequency (the probability that is likely to
occur). In this case, it will cause low severity and high frequency. The victim who using that
3. CASE STUDY RISK ANDINSURANCE(INS200) 3
steep way may suffer bodily injury and may loss of life. It became a high risk especially during
raining because it is too slippery and unstable. Therefore, at the area that I study found that
there is a drain that is not covers properly and students may easily fall from the slippery steep
way into the drain and injured.
Once the risks have been identified and evaluated, the next step is to examining
alternative risk management techniques. That are two techniques that I used to handle my case
study which is risk avoidance. Risk avoidance is a risk control technique whereby a risk is
proactively avoided after rational consideration that a certain loss exposure is never. If one is
afraid of taking risks, then the best way to deal with them is to avoid them completely. In my
case, the avoidance that can do practically is students must aware, behave and carefully when
walk through the steep way. They also should avoid from playing around that can cause a
serious injury. Another is students need to play their role to not walks on the way as it can very
dangerous for the time being until it has been repaired. Second technique is loss reduction.
Loss reduction programme are designed to reduce the severity of losses. It can be measured
according to the application timing, at the time of the event. Safety inspections illustrate
measures that are designed to prevent the occurrence before losses occur. Based on the case
study, UiTM staffs need to play their role as looking around all the hazards that may occur in
UiTM’s area. They need to hire a contractor to repair the steep way by build a stairs that help
student walking down the way. The contractor also needs to cover the drain as well as other
area around the university.
The forth step is the management must draw up and implement the best and most
effective risk management programme. According to the case study, it involve financial of UiTM
as they need to appoint a contractor to build the stable stairs along the way for safety purposes
and to engage a contractor to cover the drain in order to reduce the amount of students who
may fell down.
Final step in risk management process is evaluating, reviewing and controlling the risk
management programme. The risk management programme must be monitored and controlled
systematically. It must be periodically reviewed to ensure that the techniques employed are still
4. CASE STUDY RISK ANDINSURANCE(INS200) 4
suitable and that they satisfy the current conditions. For this case, UiTM can place a safety sign
such as “DANGER” sign as a reminder for student to really careful. Therefore, UiTM staff or
police assistance can make an inspection to monitor whether the road will bring hazard to the
students or not. They need to service and do maintenance the drain environment and also to
make sure it safe, stable and suitable to use by students.
Last but not least, a risk management programme is an organized method to deal with
the risks. So, my recommendation is the UiTM management need to have self-awareness and
take actions about these particular things which is the places where the student was exposed to
danger. For this case, the management can hire a contractor to build a stairs so student may
easily use it as a shortcut to go to the night market. If they do not take it serious or not take any
actions, it will affect the organization.