This video details the different ways to transfer both risk and the financial consequences of loss.
- Without transfer of risk, business couldn't exist.…Some giant corporation with seemingly endless dollars…being willing to pay upwards of tens of millions of dollars…if your company messes up and is responsible…for injury or damage to someone else…saves you from being stuck paying the damages…out of your cash flow or, more likely,…going out of business.…Without transfer of risk,…the global economy, from Fortune 500 companies…down to the corner cafe, would not be able to operate.…
While insurance is the most notable way to transfer risk,…there are a total of three ways to do it…so that a business can most effectively manage theirs.…The first is called the additional insured method.…This is popular with landlords and tenants.…The owner of a commercial building…doesn't want to be dragged in to a damaging lawsuit…if their tenant is responsible for someone…being injured on the property.…One of my clients had a situation…where a woman had the heel of her shoe…get stuck in the recently-asphalted parking lot…and injured herself.…
- Explain the process of identifying exposures.
- Cite examples of transferring risk.
- Name the tools used for implementation and monitoring risks.
- Define “organizational amnesia” and explain how to prevent it.
- Describe security concerns an organization may have and explain the cybersecurity tools that may be used to mitigate them.
- Identify the benefits of an employee handbook for mitigating risks.
- Explain the various parts of an insurance policy.
- Summarize the importance of a business continuity plan and describe the steps for creating one.