Describe the steps in the risk management process.
Answer to relevant Questionsa. Identify the sources of information that a risk manager can use to identify loss exposures.b. What is the difference between the maximum possible loss and probable maximum loss?a. Explain the advantages of using insurance in a risk management program.b. Explain the disadvantages of using insurance in a risk management program.Name three speculative financial risks that may be considered by a risk manager.What variables are difficult to quantify when analyzing investments in risk-control projects?a. Describe the basic features of mutual insurers.b. Identify the major types of mutual insurers.
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