BBM 224 Principles of Risk Management and Insurance

TOPIC ONE: INTRODUCTION TO RISK MANAGEMENT

  • Definition of Risk1
  • Uncertainty versus Risks
  • Basic Categories of Risk
  • Risk and Insurance
  • Peril and Hazard
  • Moral Hazard and Adverse Selection
  • Risk Management
  • The Risk Management Department
  • Review Questions
  • Selected References

TOPIC TWO: RISK IDENTIFICATION

  • Definition of Risk Identification
  • Techniques and Tools for Risk Identification
    • Checklists
    • Information-Gathering Techniques
    • Hazard and Operability (HAZOP) Study
    • Documentation Reviews/Document Analysis
    • Combination Approach
  • Risk Description
  • Outputs from Risk Identification
  • Review Questions
  • Selected References

TOPIC 3. RISK ANALYSIS/EVALUATION

  • The Prouty Approach
  • Risk Maps
  • Probability Theory
    • Practical Application of Probability Theory
  • Event Tree Analysis (ETA)
  • Gain/Loss Curves
  • Tornado Charts
  • Risk Corrected / Adjusted Revenues
  • Earnings at Risk
  • Revision Questions
  • Selected References

TOPIC FOUR: RISK MANAGEMENT METHODS

  • Meaning of Risk Management
  • Objectives of Risk Management
  • Steps in the Risk Management Process
  • Methods of Handling Risks
  • Risk Control and Risk financing
  • Contingency or catastrophe planning
  • Information Management
  • Role of Government in Risk Management
  • Funding Arrangements
  • Non insurance Transfers
  • Agreements and Combination
  • Factors Affecting Choice between Retention and Transfer
  • Commercial Insurance
  • Review Questions
  • Selected References

TOPIC FIVE: RISK MANAGEMENT THROUGH INSURANCE

  • Definition of insurance
  • Elements of an insurance transaction
  • Characteristics of Insurance
  • Distinguishing Features of Insurance Contract
  • Principles of Insurance
  • An Analysis Insurance Contracts
  • Endorsement and Riders
  • Deductibles
  • Coinsurance
  • Other Insurance Provision
  • Benefits of Insurance
  • Costs of Insurance
  • Contemporary Issues in Risk Management
  • Revision Questions
  • Selected References
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