Refer to the following risk matrix: Likelihood What's the chance the of the risk occurring? Almost Certain Consequence How severe could the outcomes be if the risk event occurred? 1 2 4 5 Insignificant Minor Significant Major Severe 10 15 Medium High Very high Extreme Extreme 4 12 16 Likely Medium Medium High Very high Extreme 12 15 Moderate Low Medium Medium High Very high 2 10 Unlikely Very low Low Medium Medium High 1 Rare Very low Very low Low Medium Medium Identify four risks associated with driving a car and relate these risks to the matrix. Use the format (X, Y) i.e. (Likelihood, Consequence) where X and Y have values ranging from 1 to 5. Note that one needs to distinguish between hazards (risk sources) and actual risks. A risk is something that can occur, with a probability (likelihood) of happening, and predictable negative consequences.

What is the risk that defines risks caused by natural and man-made disasters in risk management ?

The five risk-control approaches should be listed and briefly defined.

, identify and explain any three criteria to be applied by the risk managers when considering specific proposals aimed at reducing risk.

Risk Management at MS Company MS Company is a Trading Company involved in Import and export trade. With various suppliers from Europe and Asia, MS has to keep track of the activities of its suppliers and the entire supply chain. Indeed, MS has to ensure that quality standards and other production standards like occupation safety, labour and human rights are upheld. The shipment process also has its own challenges ranging from damage due to poor handling in shipment containers, loss of goods on transit due to theft or as a result of sea jettisoning practice, and delays in delivery.     Question   1.   Advise on the different types of insurance that MS could have pursued in order to mitigate against risks in its nature of business.   2.   Explain how each of these the insurance types can be benefitial to MS’s business.

Why is risk management important in the hospitality and tourism industry?   Only typing answer Please explain step by step

Identify and explain at least 4 Control Activities being implemented by entities to manage risks.

Suggest possible systematic approaches that you would use to identify risk at comapny in order to facilitate an effective risk management programme and ultimately prevent this risk catastrophe.

Subject:Risk and Risk Management Distinguish between risk probability, risk impact and risk exposure. Include their impact on Risk Analyses within your answer.

Problem identification is critical to risk management analysis. Why is it vital that managers and teams brainstorm through risk issues? Is there a cost associated with accurate identification and of risk?