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Risk management
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.
What are the five steps in risk management process?
Five Steps of the Risk Management Process
Step 1: Identify the Risk.
Step 2: Analyze the Risk.
Step 3: Evaluate or Rank the Risk.
Step 4: Treat the Risk.
Step 5: Monitor and Review the Risk.
What are the 3 types of risk?
Widely, risks can be classified into three types:
Business Risk
Non-Business Risk
Financial Risk.
How US CIBER Helps to manage risk?
- Avoidance means not participating in activities that could harm you; in the case of health, smoking is a good example.
- Retention acknowledges the inevitability of certain risks, and in terms of health care, it could mean picking a less expensive health insurance plan that has a higher deductible rate.
- Sharing risk can be applied to how employer-based benefits are often more affordable than if an individual gets their own health insurance.
- Transferring risk relates to healthcare in that the cost of the care is transferred to the insurer from the individual, beyond the cost of premiums and a deductible.
- Loss prevention and reduction are used to minimize risk, not eliminate it—the same concept is used in healthcare with preventative care.
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