Questiont 1: In its broadest sense, risk is speculative. That is there is a chance of beneficial or positive outcomes as well as a chance of negative ones. However, much of the focus on risk in industry is about decision-making related to minimizing the risk of potential adverse situations, either foreseen or unforeseen. Explain the role risk management plays in achieving this loss prevention objective.
Questiont 2:The principle “as far as reasonably practicable” is used as a regulatory benchmark target for the obligation to reduce risk to an acceptable level. Discuss the implications for loss prevention, how it should be applied and your opinion on any difficulties or limitations that have to be considered in applying it in a business.
Questiont 3:Select a risk management tool your are familiar with and discuss its key features, how it should be applied and its limitations.
Questiont 4: Haimes (2009) suggested that management systems fail for a number of reasons he described as “sources of failure”. In relation to your business, or a business with which you are familiar, discuss the implications of these failures types in relation to the policies, procedures and systems in place. Your response you should explain the features of your company’s loss prevention arrangements.