1. Identifying loss exposures. This is the stage where the risk manager identifies all major and minor loss exposures and analyzes al potential losses.
2. Analysis of loss exposures. This step involves measuring the frequency and severity of a loss. Once the risk manager estimates the frequency and severity of a loss, the various loss exposures can be ranked according to their relative importance.
3. Selection of the appropriate techniques for treating the loss exposures. This step involves of selecting the most appropriate or a combination of techniques for treating loss exposures. These techniques can be either risk control or risk financing.
skilled writter answered the question on May 1, 2018 at 16:17
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