b. Indicate where in the risk matrix the following example of risks would fall. Suggest how each of the risks could be handled by the organisation.i. Working from heights in a construction company. (3 marks)ii. The cashier might steal coins from the cash box to buy airtime. (3 marks)iii. A University catching fire and being burnt down. (3 marks)iv. People in the University neighbourhood will complain due to noise made by students during a fashion show at the university. (3 marks)v. Identify any four risks faced by an organisation when cleaners perform their duties. (4 marks.
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b. Indicate where in the risk matrix the following example of risks would fall. Suggest how
each of the risks could be handled by the organisation.
i. Working from heights in a construction company. (3 marks)
ii. The cashier might steal coins from the cash box to buy airtime. (3 marks)
iii. A University catching fire and being burnt down. (3 marks)
iv. People in the University neighbourhood will complain due to noise made by
students during a fashion show at the university. (3 marks)
v. Identify any four risks faced by an organisation when cleaners perform their duties.
(4 marks.
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- 2. A company assesses the danger that its internal control systems cannot prevent or detect material errors in a certain process or activity in a timely manner and that they exceed materiality when added to other existing errors. The situation of the company alludes to the concept of: Select one: a.Control risk. b.Internal business control. c.Business risk management. d.Risk areas.Indicate where in the risk matrix the following example of risks would fall. Suggest how each of the risks could be handled by the organisation.i. Working from heights in a construction company. (3 marks)ii. The cashier might steal coins from the cash box to buy airtime. (3 marks)iii. A University catching fire and being burnt down. (3 marks)iv. People in the University neighbourhood will complain due to noise made by students during a fashion show at the university. (3 marks)v. Identify any four risks faced by an organisation when cleaners perform their duties.Kind Sicherheit is a manufacturer of childcare safety products, primarily car seats and strollers. The products are sold directly to independent retailers in Europe. The company’s risk manager knows that the company could be sued if a car seat or a stroller is defective, and someone is injured. Because the cost of products liability insurance has increased, the risk manager is considering other techniques to treat the company’s loss exposure. Name at least three major risk- control techniques that Kind Sicherheit can apply for reducing the frequency or severity of losses due to potential product defects. Describe specific actions using these techniques that may be helpful in dealing with the company’s products liability exposure
- Classify the following risks into variation, foreseen uncertainty, unforeseen uncertainty, and chaos:a. A hurricane on the U.S. East Coast floods a regional warehouse destroying a large amount of stock.b. A machine on the plant floor breaks down for an hour.c. Bad weather on the weekend causes an increase in demand for umbrellas.d. A cool summer causes a decrease in demand for air conditioners for that season.e. The excavation process for a new manufacturing plant in the U.S. Midwest uncovers an archaeological find of such significance that no building can take place on that site and a new site for the plant must be found.f. Competitors to the iPad launch smaller tablet computers before the iPad mini is ready to launch, thus negatively affecting demand for the iPad.g. The Second World War caused auto manufacturers to switch to producing military vehicles.h. A drug is found to have dangerous side effects following its launch.i. The transportation disruptions, including the grounding of…Your insured telephones to report his/her parked car was struck by a hit-and-run vehicle and badly damaged. The incident was not witnessed and no details are known of the vehicle or driver causing the damage. What coverage under your insured's automobile policy, O.A.P. 1 Owner's Policy, would be needed for the damage to your insured's car to be covered? OA) Direct Compensation-Property Damage Coverage (Section 6). OB) Specified Perils (Section 7.1.2 A). OC) Collision (Section 7.1.2 C). OD) Uninsured Automobile Coverage (Section 5).There are 2 scenarios in which it is necessary to give a sustained response: there is a production of radioactive material that belongs to abandoned lots of which there is no record of origin or specific details of each material, these materials are used as energy generators in eastern europe a report is requested that reports the state of the material for which a report is requested1. What contributions would be provided in said report, consider assumptions that are duly substantiated According to the visual inspection of the materials, an engraving is observed on the bar containers, for which traceability is carried out, obtaining a record with all the weights and coding of the materials present, however, it is requested to compare the information to ensure a range of reliability that the batches are described in the record2. How would you ensure the reliability of the report, taking into account that you want to avoid handling these materials as much as possible?
- 1. With respect to a cause – effect (fishbone) diagram, which of the following statements are true? a) The effect is critically analyzed to relate it to the causes of the problem b) Suppliers, Distributors and Top Management are the entities analyzed in the cause section of the fishbone diagram c) The targeted improvements are generally represented as the “effect” in the fishbone diagram d) None of the above 2. A fastfood joint offers a home delivery with a promise of 20 minute window for delivery. On a particular day there was considerable delay in delivery on account of heavy traffic in the city. Since several customers started calling the fastfood joint, the unit manager put the phone in automatic answering mode, which merely repeated "We are on our way to your place". Which of the following statements are true with respect to the service quality? a) The customers would not have been affected much by this behavior as they have been given a response b) The service quality will…A risk matrix, also called frequency-severity table is used to analyse risks.a. Describe how this matrix is utilised in the analysis of risks.b. A company is trying to decide whether to bid for a certain contract or not. They estimate that merely preparing the bid will cost R10 000. If their company bid then they estimate that there is a 50% chance that their bid will be put on the "short-list", otherwise their bid will be rejected. Once "short-listed" the company will have to supply further detailed information (entailing costs estimated at R5 000). After this stage their bid will either be accepted or rejected. The company estimates that the labour and material costs associated with the contract are R127 000. They are considering three possible bid prices, namely R155 000, R170 000 and R190 000. They estimate that the probability of these bids being accepted (once they have been short-listed) is 0.90, 0.75 and 0.35 respectively. The immediate question facing the company is whether or not to prepare a bid. Draw a decision tree for the above decision situation. Show each decision point and each chance event. Insert all…
- Define each of the following terms:a. Acceptable risk of overreliance (ARO). Companies that are developing a formalized risk management process are encouraged to develop a risk or threat profile and use their intuition to create an inventory of risks that seem most relevant to their operations. At that stage, they are encouraged to rank risks using which of the following approaches? a The risks with the greatest impact on staff and the highest anticipated frequency of occurring take top priority b The risks with most significant impact on the business and the highest probability of occurring take top priority c The risks with the highest probability of occurring and the highest anticipated frequency take top priority d The risks with the highest anticipated frequency of occurring and the most significant public visibility take top priorityWhich of the following best defines risk management? * A physical feature or operational attribute that renders an entity, asset, system, network, or geographic area open to exploitation or susceptible to a given hazard. The management of the consequence of something happening, described in either quantitative terms of probability or frequency. The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences. A process of identifying the potential for an unwanted outcome, determining what to do about it from among the available alternatives, and then doing it.