1. Avoidance.
This is the best means that a company can use to control loss. This involves completely eliminating a threat.
2. Loss prevention.
This technique of dealing with a risk that does not eliminate but instead it limit the loss. It attempts to minimize a given loss caused by a risk.
3. Separation.
This is a technique of risk control which involve dispersing the business assets in different locations so that when a loss occurs at one location the impact to the given business is only limited to the assets at that location.
4. Duplication.
It essentially involve the creation of backup plan. It is often important in technology. A failure with information system server should not affect the backup server. It should be availed for access in event of failure.
5. Diversification.
This risk control technique allocates business resources to create multiple levies of business that likely offers a variety of goods and services in different industries. If there is diversification then a significant loss from one line of business will not cause any harm to organization bottom line.
Jonmhumble answered the question on November 14, 2017 at 11:57
- State and explain examples of marketing and sales risk.(Solved)
State and explain examples of marketing and sales risk.
Date posted: November 14, 2017. Answers (1)
- State and explain examples of financial risk.(Solved)
State and explain examples of financial risk.
Date posted: November 14, 2017. Answers (1)
- State and explain examples of strategic risks.(Solved)
State and explain examples of strategic risks.
Date posted: November 14, 2017. Answers (1)
- Explain the factors an auditor should consider when determining the adequacy of a client’s internal control system
(Solved)
Explain the factors an auditor should consider when determining the adequacy of a client’s internal control system
Date posted: October 31, 2017. Answers (1)
- What is ledger?(Solved)
What is ledger?
Date posted: October 30, 2017. Answers (1)
- What is contained in partnership deed?(Solved)
What is contained in partnership deed?
Date posted: October 28, 2017. Answers (1)
- State and explain the concepts and principles of accounting(Solved)
State and explain the concepts and principles of accounting
Date posted: October 27, 2017. Answers (1)
- State and explain the principles of financial accounting(Solved)
State and explain the principles of financial accounting
Date posted: October 27, 2017. Answers (1)
- Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income(Solved)
Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income
Date posted: October 26, 2017. Answers (1)
- Distinguish between regressive and degressive taxes(Solved)
Distinguish between regressive and degressive taxes
Date posted: October 26, 2017. Answers (1)
- Explain the term TAXABLE LIMIT as used in taxation (Solved)
Taxation
Theory of taxation
Date posted: October 26, 2017. Answers (1)
- Ways on how tax policy can be used to promote the growth of small and medium Enterprises (SMEs)(Solved)
Taxation
Date posted: October 26, 2017. Answers (1)
- Outline the characteristics of preference shares(Solved)
Outline the characteristics of preference shares
Date posted: October 26, 2017. Answers (1)
- State and explain types of preference shares.(Solved)
State and explain types of preference shares.
Date posted: October 26, 2017. Answers (1)
- Differentiate between private limited companies and public limited companies.(Solved)
Differentiate between private limited companies and public limited companies.
Date posted: October 26, 2017. Answers (1)
- What are the rights of a registered taxpayer under the VAT act?(Solved)
What are the rights of a registered taxpayer under the VAT act?
Date posted: October 25, 2017. Answers (1)
- Give reasons for differences in financial reporting.(Solved)
Give reasons for differences in financial reporting.
Date posted: October 17, 2017. Answers (1)
- Differentiate between cash basis of accounting and accrual basis of accounting.(Solved)
Differentiate between cash basis of accounting and accrual basis of accounting.
Date posted: October 17, 2017. Answers (1)
- Differentiate between note receivable and Bill receivable. (Solved)
Differentiate between note receivable and Bill receivable.
Date posted: October 17, 2017. Answers (1)
- Outline ways of improving a company profits and liquidity without setting extra funds.(Solved)
Outline ways of improving a company profits and liquidity without setting extra funds.
Date posted: October 17, 2017. Answers (1)