Scribd
Upload
32 views

IRM Assignment

The document discusses risk management for a skin care clinic. It outlines the objectives of risk management as minimizing negative impacts, optimizing decision making, improving resilience, and enhancing value creation. It then describes the steps of risk management as risk identification, analysis, prioritization, treatment, and monitoring. Finally, it discusses risk control and financing techniques for a skin care clinic.

Uploaded by

nibasek766
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
32 views

IRM Assignment

The document discusses risk management for a skin care clinic. It outlines the objectives of risk management as minimizing negative impacts, optimizing decision making, improving resilience, and enhancing value creation. It then describes the steps of risk management as risk identification, analysis, prioritization, treatment, and monitoring. Finally, it discusses risk control and financing techniques for a skin care clinic.

Uploaded by

nibasek766
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

INSURANCE AND RISK MANAGEMENT

SUBMITTED TO: Prof. Dr Nisar Ahmad

SUBMITTED BY :

• Muhammad Nibrass Siddique (BC22-273)


• Ali Tahir Khan (BC22-278)
• Jansher (BC22-266)
• Muhammad Mazhar (BC22- 293)

PROGRAM: BCOM (Hons) Self-Supporting

SESSION: 2022-2024

SEMESTER: 7th
SKIN CARE CLINIC

Risk management is the continuing process of identifying, analyzing,


evaluating, and treating loss exposures and monitoring risk control and
financial resources to mitigate the adverse effects of loss of any
business or organization.

OBJECTIVES
• Minimize negative impacts: This is the most obvious objective. By
identifying and mitigating risks, organizations aim to prevent or
reduce potential losses, damages, and disruptions.
• Optimize decision-making: Risk management provides a
framework for making informed decisions based on a clearer
understanding of potential challenges and opportunities. This
allows for a more strategic allocation of resources and reduces
the likelihood of bad decisions based on gut feeling or overlooking
significant risks.
• Improve resilience: Effective risk management helps
organizations build their capacity to adapt to changing
circumstances and overcome unexpected events. This includes
developing contingency plans and building flexibility into
processes.
• Enhance value creation: Ultimately, good risk management
contributes to an organization's overall success by allowing it to
operate within acceptable levels of risk while pursuing its
objectives. This can lead to improved profitability, efficiency, and
reputation.

These are the objectives of risk management that every business or


organization needs to carry out.

STEPS
1. Risk Identification: Think about and pinpoint potential threats
using risk assessment tools.

2. Analyze Risks: Assess the likelihood and impact of each risk using
qualitative or quantitative methods.

3. Prioritize the risks: Not all risks are equal. We should focus on the
most critical ones based on likelihood, impact, and available
resources.

4. Treat the risks: Develop a plan to mitigate them. Avoid, transfer,


mitigate, or accept the risks as the situation demands.

5. Monitor and review the risks: This is an ongoing process. Identify


new risks, track mitigation strategies, and adapt the organization.

RISK CONTROL TECHNIQUES


1. AVOIDANCE: The skin care clinic prefers to avoid any risky or
dangerous operations and treatments which may risk the
customer or any employees/assets of the clinic.
2. LOSS PREVENTION: There are various safety measures which
the employees take to ensure prevention of any accidents,
most of the machinery used in operations also have built in fail
safes.
3. LOSS REDUCTION: One of the ways the clinic reduces loss is by
loss sharing meaning the clinic is insured against accidental
loss.

RISK FINANCING TECHNIQUES


1. RETENTION: In this case, most of the losses will be retained as
the processes related to skin are complicated and majorly
depend on the person's skills and abilities. So, most of the
things that are not covered by Insurance will be retained.
2. NON-INSURANCE TRANSFERS: A skincare clinic is a small
business with few operations. It’s mostly 2-10 employee-based
and there are not many risks that could be transferred or
outsourced.
3. INSURANCE: In this case we can opt for property insurance and
liability insurance which will cover most of the aspects of the
business.

You might also like