1. THE CONCEPT OF RISK  Introduction to risk  Nature of risk  Types of risk  Risk Management  Risk evaluation and abatement

4. We can look at risks in the following manner also Personal Property Liability Fidelity risks Risk due to ownership or use of transport vehicle Loss due to other’s failure

7. Fidelity Risks : Risks arising due to dishonesty of employees and others in course of performance of their duties causing loss of money and stocks to the owner . Risks due to ownership and use of Transport vehicle : Use of transport vehicles opens scope for two types of risks – 1 Own damage or loss to the vehicle due to a variety of pure risks including negligence 2 Death/injury to third parties and loss/damage to their property.

8. Management of Risks Definition Management of risks is concerned with direction of purposeful activities towards the achievement of individual or organizational goals. Risk Management may be defined as “the identification, analysis and economic control of those risks which can threaten, the assets or earning capacity of an enterprise.” Risk management evaluates which risks identified in the risk assessment process require management and selects and implements the plans or actions that are required to ensure that those risks are controlled.

12. Scope of Risk Management Control of Loss Financing of Loss Internal Risk Control Extra Precautions Risk Retention and Self Insurance Reduced Level of Risky Activities Non-Insurance Risk Transfers Buy Insurance Policies Contracts Investment In risk information Diversification