Risk Management: Risk Control Methods

In Risk Management: Risk Control Methods, you'll learn ...

• What is risk control and why it is so crucial to a business organization’s bottom line
• Claims management and litigation management
• Disaster recovery
• Ownership and monitoring of risk control methods

Overview

Credit: 1 PDH

Length: 17 pages

THIS COURSE SHOULD NOT BE TAKEN TO FULFILL PDH REQUIREMENTS IN THE FOLLOWING STATES: NY, IL, MD, MI, NE

This course is part of a series of six (6) courses covering the topic of Risk Management. There are no pre-requisites needed for any of the courses. If you have limited knowledge of risk management, you would benefit most by starting with the course “The Risk Management Process”.

The remaining courses can be taken in any order or as a “stand-alone” course, based on your needs and interests. The most logical course order if you are seeking to expand your overall knowledge in the field of risk management would be:

1. The Risk Management Process
2. Risk Identification Methods
3. Risk Analysis Methods
4. Risk Control Methods
5. Risk Financing Methods
6. Risk Management Program Administration, Review and Evaluation

The control of risk is the logical next step in the risk management process after identifying and analyzing risk factors to which the organization is exposed. The organization can approach risk control through a strategic, system-wide risk management plan. This plan must result in the most economic financial benefit to the organization's cash flows.

Risk control reduces the financial impact of risk and must be applied to each identified risk factor. There are a variety of risk control methods, and each risk factor must be treated with one or more of these methods. It is imperative that each risk factor is controlled by the most cost-effective and financially beneficial way or means.

In this course, we will explore the risk management methods that can be utilized to control the identified risk exposures. You will gain an understanding of the seven methods used for risk control, the importance of post-loss procedures, claims management, litigation management, disaster recovery, and ownership and monitoring of risk control methods.

Upon completion of this course, you will understand the risk control process for applying the most appropriate risk control method or methods for the identified risk factors to which the business organization is exposed by utilizing the most cost useful and financially beneficial methods for each risk factor.