California Varieties of Risk Part 1

Every business enterprise today is subject to a wide range of physical, legal, and economic risks. Each of these risks are rigorously scrutinized by an enterprise itself and its various stakeholders, including shareholders, lenders, suppliers, distributors, buyers, employees, and others. Given the scope of these interests, virtually no type of risk is overlooked.

As a result, you could say that business management today is risk management.

Risk appears in a variety of ways—pure and speculative; physical and financial; tangible and intangible; first-, second-, and third-party; and more. The survival and success of any enterprise depends on how well its managers, stakeholders, and advisors can identify and prioritize its risks and adopt appropriate strategies to mitigate them.

An insurance agent, broker, or counselor cannot apply his or her own expertise effectively without having some understanding of all the risks a client must address.

To help aspiring risk professionals understand "the big picture" of risk, this course covers:

• Loss and Uncertainty
• More risks, less “risk”
• Pure and speculative risk
• Absolute and relative risk
• Physical risks, transferred and retained
• Warranty and equipment breakdown
• Financial risks
• Financial risk management
• “Sentimental” risks
• Reputations at stake
• Property risk
• “Casualty” risk
• Business risk and transferable risk
• Non-insurance transfer
• Significance of “cyber”
• Legal, political, and regulatory risk
• Operational and supply chain risk
• Health care financing
• Health maintenance
• Enterprise risk management