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THOMAS BAYES
•Bayes' Theorem
HARRY MARKOWITZ
Modern Portfolio Theory"
HENRY FAYOL
•Divided all industrial activities into six broad function
RISK TRANSFER
-The accountability or problem for damage or loss is reallocated to another party through contractual provisions, insurance or other means.
RISK RETENTION
Preferred term for self-insurance
RISK AVOIDANCE
-An advised decision is made eradicate risk to elect for a different level of risk.
RISK REDUCTION
-Fitting practices and management standards are carefully operated to mitigate either the likelihood and or penalties of known risks.
Embrace Change
Risk management is an evolving field, requiring continuous learning and adaptation.
Leverage Technology
Utilize risk management software and tools to enhance efficiency and accuracy.
Focus on Culture
Foster a culture of risk awareness and responsibility within the organization.
RISK IDENTIFICATION
Conducting regular risk assessments and identifying potential threats.
RISK ANALYSIS
Evaluating the likelihood and impact of each identified risk.
RISK RESPONSE
Developing strategies to mitigate, avoid, or accept risks.
RISK MONITORING
Continuously monitoring and evaluating risks to ensure effectiveness of responses.
Financial Stability
Proactive risk management can help organizations avoid costly losses and maintain financial stability.
Reputation Protection
Managing risks proactively can safeguard the organization's reputation and public image.
Enhanced growth
By mitigating potential threats, organizations can focus on growth and innovation.
