Assume that your organisation has experienced a loss due to an unexpected event. As such, provide an overview of how you will plan for, and recover from such loss.

Prepare a comparative analysis of the practice of risk management in South Africa and other countries.

 According to Valsamakis, Vivian and du Toit (2016:108), “risk identification must be viewed as the single most important function of the risk management process...”. In view of this statement, detail the concepts of macro and micro-risk identification. 

 Elaborate on: -

how, by analysing a firm’s financial statements, risks can be identified?
the significance of the risk-identification process.

Define and outline what risk evaluation is.                 

Munich Re classified the causes of machinery breakdowns into three categories. As such, provide an overview of these three categories and explain the associated risk control steps.

In July of 2021, a deadly spree of violence and looting engulfed the South African provinces of KwaZulu-Natal and Gauteng during which at least 330 people were killed and thousands of businesses were destroyed. In total the looting cost 2.5 billion rands in stolen goods and damaged assets, with a loss of around 650 million rand after insurance proceeds.

Considering this occurrence: -

 analyze how risk control and fire and allied perils assist in the mitigation of the above destruction of property?                                           

explain risk financing and risk management to ease the above financial strain that businesses suffered.

 

Answer rating: 100% (QA)

Answer Recovering from Unexpected Losses When an organization experiences an unexpected loss due to an event a wellplanned recovery strategy is crucial The following steps can be considered for planni... View the full answer