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22 Cards in this Set
- Front
- Back
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risk control |
a conscious act or decision not to act that reduces the frequency and or severity of loss |
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avoidance |
risk control technique that involves never doing the actity so that the possibility of loss is eliminated |
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loss prevention |
loss control technique that reduces the frequency of loss |
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loss reduction |
loss control technique to reduce the severity of a loss |
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disaster recovery plan |
plan for backup procedures, emergency response, and post disaster recoverty to ensure that critical resources are available to facilitate the contribution of operations in an emergency situation |
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seperation |
risk control technique to isolate loss exposures from one another to minimze the adverse effect of a single loss |
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duplication |
risk control technique that uses backup, spares, or copies of critical information and keep them in reserve |
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diversification |
risk control technique that spread loss exposures over numerous projects |
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proactive avoidance
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to avoid loss exposure before it exists
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reactive avoidance
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to eliminate loss exposure that already exists
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pre loss measures
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to reduce amount of damage from single event
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post loss measures
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focus on emergency procedures, salvage operations, etc
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life safety
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portion of fire safety that focuses on the minimum building design to sure safe exit in case of fire
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advantage of using cash flow analysis
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provides sane bases of comparison for all value maximizing decisions
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disadvantages of using cash flow analysts of risk control
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includes weakness of assumption and difficulty of accurately estimating future cash flows
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types of state or federal statutes
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fire safety codes
environment codes workers comp safe working environment |
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consequences fur failure to comply with legal requirements
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fines, sanctions, or liability
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life safety cause of loss
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product safety
building collapse environment pollution |
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risk control techniques for liability
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avoidance
loss prevention loss reduction |
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business continuity management
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identify potential threats to an organization and ensuring organization continue operations. ensures survival of organization
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guidelines for effective business continuity plan
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clear and able to be quickly read and understood
Provide copies to relevant parties provide training |
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business continuity plans contain following content
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-strategy the organization will follow to manage crisis
-information about the rules r and duties of various individuals the organization -steps that can be taken to prevent further losses -emergency response plan to deal with life and safety issues -crisis management plan to deal with communication and reputation issues -business recovery and reputation plan -access to stress management |
