Chapter 11

1. Describe Enterprise Risk Management.
2. What are the differences between a conventional risk management program and an Enterprise Risk Management program?
3. Why is it important to develop a communication plan in the early stages of ERM development?
4. There are five impediments to implementing an ERM; length of time to complete, failure to adequately define ERM, lack of access to key resources, lack of education, and no champion or defined responsibility. Select the impediment you feel is the most important and explain why.

Chapter 12

1. Who are the primary professionals that an organization should use in formulating the risk financing plan?
2. What are the advantages and disadvantages of self-insurance?

Chapter 13

1. Explain the primary purpose of a cost-allocation system.
2. Explain the difference between a prospective and retrospective approach to a risk management program.

Chapter 14

1. Explain how Loss Prevention can help the risk manager add value to the administration of workers compensation.
2. Explain the financial impact of workers compensation on an organization.