Control of selected hazard risks

Cost of risk control
1. Control effect/vector
2. Implementation cost
3. Cost effective
4. Inherent level
Control of financial risks
1. Fraud
  1. Analysis of controls
  2. Policy
  3. Annual review
2. Historical liabilities
  1. Most difficult
  2. Difficult to quantify
  3. Delayed industrial dieases
  4. Pension
    1. Opt out schemes
    2. captive insurance company
Infrastructure Risk
1. HASAW
  1. Legislation and regulation
  2. Risk assessment
  3. Hierarchy of control
2. Fire protection
  1. Most common risk
  2. PCDD controls
  3. BCP & DRP
3. IT security
  1. DRP
  2. IT policy
    1. Info and responsibilities
  3. Hot/Warm/Cold start
4. HR risk
  1. Recruitment
  2. Legislation
  3. Pension
  4. Staff handbook
  5. HR policies
Controls of reputational risks
1. Brand Protection
  1. Government policy
  2. changes in marketplace
  3. fake goods
  4. Failure of joint venture
  5. Careful management of opportunities
2. Environment
  1. Contamination
  2. Global warming
  3. Society
  4. Recycling
  5. Green policies
  6. Legislation
  7. Evaluation of risk
Control of Marketplace risks
1. Technology developments
  1. Consumer decisions
  2. Rapid changes
  3. Joint venture partnerships
    1. Difficult if not right
  4. Competitor agreement
    1. Future competitive advantage reduced
2. Regulatory risks
  1. COSO framework
  2. Compliance
  3. Different societies
  4. Regulators
  5. Insurance policies
Learning from controls
1. Analysis
2. Cost effective
3. Plan, Do, Measure Learn Approach
4. Constant evaluation
5. Internal audit
6. Opportunity risk and rewards
  1. Increase risk/increase reward
  2. Marginal benefit
    1. Judegement

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Control of selected hazard risks

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