Assignment 1- Embracing Risktech | Assignment 2 - Creating a Stronger RM Foundation | Assignment 3 - Identifying and Analyzing Costly Risks | Assignment 4 - Leveraging Tech and Insurance | Assignment 5 - Preparing for Hazards |
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What is blockchain?
A distributed digital ledger that facilitates secure transactions without the need for a third part
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What are the 5 Risk Treatment options?
The below 5 options are called what?
Avoid the risk Modify the likelihood and/or impact of the risk Transfer the risk Retain the risk Exploit the risk |
What is the Delphi technique?
This technique, which is named after the myth of the all-knowing Oracle —uses the opinions of a select group of experts to identify risks. Typically, these experts don’t meet but respond to a survey or inquiry instead
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What is Loss Prevention?
A risk control technique that reduces the frequency of a particular loss
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What are Acts of Nature?
Another name for Natural Risk Sources such as Fire, Hail and Volcanic Eruption?
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What is IOT (Internet of Things)?
A network of objects that transmit data to and from each other without human interaction
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What is pure risk?
This type of risk involves a chance of loss or no loss, but no chance of gain
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What is a SWOT Analysis?
This technique is a team approach that is useful in analyzing a new project or product. The strengths and weaknesses are internal environmental factors to be considered. The opportunities and threats are external environmental factors
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What is Loss Reduction?
The risk control technique that reduces the severity of a particular loss
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What is Box Action Design?
The construction of thesebuildings are stiff and can withstand considerable ground motion. However, an intense earthquake can sever their foundations or other anchors
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What is Ergonomics?
The science of designing work space and equipment based on the needs of the people who use the work space and equipment
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What are Hazard, Operational, Financial and Strategic?
These are the 4 quadrants of Risk
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What is the TOR (Technique of Operations) approach?
An approach to accident causation that views the cause of accidents to be a result of management’s shortcomings
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What is Telematics?
The use of technological devices in vehicles with wireless communication and GPS tracking that transmit data to businesses or government agencies; some return information for the driver
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What are Density and Crowd Control?
These are the 2 additional characteristics in addition to Age, Mobility, Awareness of the fire and Knowledge of the building that affect Groups of individuals, as opposed to just individuals
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What is Cloud Computing?
Information, technology, and storage services contractually provided from remote locations, through the internet or another network, without a direct server connection
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What is Liquidity Risk?
The risk that an asset cannot be sold on short notice without incurring a loss
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What is an Energy Transfer Theory?
An approach to accident causation that views accidents as energy that is released and that affects objects, including living things, in amounts or at rates that the objects cannot tolerate
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What is a Machine Learning?
Artificial intelligence in which computers continually teach themselves to make better decisions based on previous results and new data
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What is Book Value?
This type of valuation is defined as an asset's historical cost minus accumulated depreciation
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What is a Smart Product?
An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved
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What is Value at Risk (VaR)?
A technique to quantify financial risk by measuring the likelihood of losing more than a specific dollar amount over a specific period of time
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What are causal factors?
In a Root Cause Analysis, these are the agents that directly result in one event causing another
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What is Hedging?
A financial transaction in which one asset is held to offset the risk associated with another asset
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What is Functional Replacement Cost?
This type of valuation is defined as the cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property
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