Types of risk identification techniques : v) Organisational charts which help in understanding the group, group companies and their management structures, vi) Flow charts, vii) HAZOP which helps in defining the intentions of a small system and then determines all that could possibly go wrong with the system, viii) Fault trees show the way in which individual events can combine together to produce potentially dangerous situations and it forces us to consider all aspects of the problem, including quantification of likelihood
Types of risk identification techniques : ix) Event analysis for considering likely events which could cause losses and then investigating causes and effects, x) Hazard indices which attempt to express the degree of hazard by using a number, xi) Input-output analysis helps to reveal the exposure of an organisation to risks of disruption of its business, xii) Record of past losses
Risk assessment measures the probability of an identified risk actually taking place, as well as the amount of loss that would be suffered were the risk to actually occur.
Types of exposures are : physical assets exposures, financial assets exposures, human assets exposures and legal liability exposures.
An organisation becomes exposed to risks through COCAs (Contracts, Obligations, Commitments and Agreements) which either create risks or serve as a portal for risks.
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