| A | B |
|---|
| risk management | The process used to identify potential risks of injury or loss and to take appropriate steps to reduce or eliminate the risks |
| physical risk | risk of bodily harm to participants |
| emotional risk | Risk of participants feeling upset, |
| financial risk | any risk associated with money |
| risk | the possibility of incurring a loss |
| controllable risk | a risk that can be eliminated by actions you take |
| pure risk | a risk that presents the chance of loss but no opportunity for gain |
| property risk | risk that can result in loss of property |
| personal risk | can result in loss of health or well-being |
| reputation | Risk of others losing confidence |
| probability | The likelihood that the risk will occur |
| speculative risk | a risk that offers the cahnce either to gain or lose. |
| economic risk | a risk that can result in financial loss |
| non-economic risk | may result in inconvenience or embarassment but does not have a financial impact |
| avoid | choosing not to complete the risky activity |
| transfer | find another business to complete the activity |
| insure | purchase insurance to pay for any losses |
| assume | complete the activity with full responsibility |
| insurable risk | large number of peole face a given risk and the cost of possible losses can be predicted |
| unisurable risk | riskk is not common or it is impossible to predict the amount of loss that can be suffered |
