Risk assessment is an attempt to detect potential risks and hazards that could cast a negative impact on the way an organization carries activities and conducts business. The assessment helps identify inherent risks and proposes preventive measures and solutions to curb or reduce the impact of...
Operational risk encompasses the uncertainties coupled with hazards a company might encounter as it attempts to carry out its day-to-day business affairs. In other words, it can also be referred to as a set of unsystematic risks, which varies from one industry to another. A common assumption is...
Workers' compensation classification codes are numeric codes that insurance providers use to categorize various working professions. For example, as a company's employee, you may be working as a contractor supervisor; however, the insurance company will know your job title by an assigned code, i.e., "5606." Insurance companies categorize various work types into classification codes,...
Whether you are a business owner or an entrepreneur with the next big business idea, you must know every business is prone to certain risks. Some of them can cause serious damage such as loss of profits and, in worse cases, bankruptcy. While large corporations have risk management...
Risk management refers to a process that involves identifying, assessing, and controlling potential threats or risks to a company’s capital. These threats can crop up from a variety of sources. This includes financial uncertainty or instability, legal liabilities, management errors, mishaps, or accidents, and natural calamities. Creating a risk management...