While man-made and natural disasters are the stamps of this decade, another type of man-made disaster marks this period.Reprinted with permission from the author; Etti G. Baranoff, “Risk Management and Insurance During the Decade of September 11,” in The Day that Changed Everything? Packaging and transferring the insurance risks to the capital markets through the issuance of a financial security. After Hurricane Katrina struck in 2005, the impasse among local, state, and federal officials elevated the need for coordination to achieve efficient holistic risk management in the event of a megacatastrophe.The student is invited to read archival articles from all media sources about the calamity of the poor response to the floods in New Orleans. A business risk may be defined as the possibility loss due to some unforeseeable, unpredictable and unfavourable event in future. Hurricanes in Florida and the southern and eastern shores of the United States, floods in the Midwestern states, earthquakes in the western states, and terrorism attacks are the types of loss exposures that are associated with fundamental risk. This caused others (who were counting on the payment) to default as well on other obligations. Traditionally, authors of insurance texts categorize these conditions as moral and morale hazards, which are important concepts but do not cover the full range of nonphysical hazards. As we noted in Table 1.2 "Examples of Pure versus Speculative Risk Exposures", risk professionals often differentiate between pure riskRisk that features some chance of loss and no chance of gain. Question 1. But it’s also a fact of lifethat things change, and your best-laid plans can sometimes come to look veryoutdated, very quickly. Another breakdown is between catastrophic risks, such as flood and hurricanes, as opposed to accidental losses such as those caused by accidents such as fires. refers to the possibility that a manufacturer may be liable for harm caused by use of its product, even if the manufacturer was reasonable in producing it. These risks are not adequately addressed by businesses, and to be addressed, they need to be considered together with climate-related risks. Business risks arise due to a variety of causes, which are classified as follows (i) Natural Causes Natural calamities like flood, earthquake, lightning, heavy rains, famine, etc are beyond human control. Business risk is influenced by a number of different factors including: Consumer preferences, demand, and sales volumes Per-unit price and input costs Competition The overall economic climate Government regulations Even the distinction between moral and morale hazards is fuzzy. “I think a major terrorist incident was bound to happen,” Paul Bracken, a Yale University professor who teaches national security issues and international business, told Wired magazine a day after the attacks. Some of us have brittle bones, weak immune systems, or vitamin deficiencies. Because operational risks are so important, they usually include a long list of risks from employment risks to the operations of hardware and software for information systems. What characteristic in this situation is more important than the likelihood of Mr. Laskwood dying? Give examples of perils. Some people say that Eskimos have a dozen or so words to name or describe snow. These new bundled instruments were sold to financial institutions around the world. No wonder the credit rating organizations are now adding ERM scores to their ratings of companies. We will discuss possible interpretations in what follows. Another possible categorization of exposures is as follows: Pure and speculative risks are not the only way one might dichotomize risks. That is, frequencyThe number of losses during a specified period. Two kinds of hazards—physical and intangible—affect the probability and severity of losses. Actual outcomes may differ from expectations. Here we see that we seek to add value from the opportunities presented by uncertainty (and its consequences). Reduction – optimise and mitigate the risk. An Interdisciplinary Series of Edited Volumes on the Impact of 9/11, vol. Uncertainty about which of several possible outcomes will occur circumscribes the meaning of risk. The simultaneous consideration of pure and speculative risks within the objectives continuum of Figure 1.3 "Roles (Objectives) Underlying the Definition of Risk" is an approach to managing risk, which is known as enterprise risk management (ERM)The simultaneous consideration of all risks and the management of risks in an enterprise-wide (and risk-wide) context.. ERM is one of today’s key risk management approaches. Buchanan, “Breakthrough Ideas for 2004,” Harvard Business Review 2 (2004): 13–16. Now everyone realizes they are in this global mess together. Table 1.3 "Examples of Risk Exposures by the Diversifiable and Nondiversifiable Categories" provides examples of risk exposures by the categories of diversifiable and nondiversifiable risk exposures. This unfroze the credit mechanism that propels economic activity by enabling lenders to lend again. Property owners face the possibility of both direct and indirect (consequential) losses. Businesses such as Microsoft face the risk of falling short of their revenue and profit goals. The examples are not complete and the student is invited to add as many examples as desired. (with particular characteristics that are not shared by all) in nature, are often viewed as being amenable to having their financial consequences reduced or eliminated by holding a well-diversified portfolio. The ground was fertile for mishandling the extreme hurricane catastrophes. In his novel A Tale of Two Cities, set during the French Revolution of the late eighteenth century, Charles Dickens wrote, “It was the best of times; it was the worst of times.” Dickens may have been premature, since the same might well be said now, at the beginning of the twenty-first century. Another simple example appears by virtue of our day-to-day expectations. The potential for catastrophic human-made financial risk is most dramatically illustrated by the fall 2008 financial crisis. What are your feelings about this statement? The natural disasters of Katrina, Rita, and Wilma added to the extreme risks and were exacerbated by extraordinary mismanagement. (loss caused by a third party who is considered at fault) by having to defend against a lawsuit when he or she has in some way hurt other people. and those they refer to as speculative risk. Certain components are susceptible to harm from magnetic or electrical disturbance or extremes of temperature and humidity. Risk transfer through insurance invites moral hazard by potentially encouraging those who transfer risks to cause losses intentionally for monetary gain. This crisis started with a lack of improperly underwritten mortgages and excessive debt. The focus on terrorism risk could be regarded as a contributing factor to the neglect of the natural disasters risk in New Orleans. Risks, which are idiosyncraticRisks viewed as being amenable to having their financial consequences reduced or eliminated by holding a well-diversified portfolio. An increasing number of insurers are offering e-commerce liability policies that offer protection in case the insured is sued for spreading a computer virus, infringing on property or intellectual rights, invading privacy, and so forth. We will also explain these definitions in a legal sense later in the textbook to help us determine terms such as “residual risk retained.”, Table 1.4 Types of Perils by Ability to Insure. If such credit lines dry up, production slows down and brings the global economy to the brink of deep recession—or even depression. Insurers’ problems rest with the security of its financial standing. Risk managers are part of the executive team and are essential to achieving the main objectives of the enterprise. A business risk may be defined as the possibility loss due to some unforeseeable, unpredictable and unfavourable event in future. Explain the categories and risk and provide examples for each category. Term used to describe the enterprise, property, person, or activity facing a potential loss. Insurance and Risk management helps in minimizing the risk associated with the business. Regardless of the merits of these viewpoints, air travel security will no doubt remain a hot topic in the years ahead as the economic, financial, regulatory, and sociological issues become increasingly complex. When the mortgages defaulted, the supposed guarantor did not have enough money to pay their contract obligations. Why do we not just call perils and hazards by the name “risk,” as is often done in common English conversations? Does it mean that the amount of loss is too high or that the expected value of the loss is high? The solutions to risk problems require a compilation of techniques and perspectives, shown as the pieces completing a puzzle of the myriad of personal and business risks we face. There are certain nature factors like floods, earthquake etc. #3 – Reputational risk: This is also a critical type of business risk. Attitudes and nonphysical cultural conditions can affect loss probabilities and severities of loss. Many mortgages, including subprime mortgages, were bundled into new instruments called mortgage-backed securities, which were guaranteed by U.S. government agencies such as Fannie Mae and Freddie Mac. The new measures called for increased random passenger screenings. However, it has the power of transferring the risk from your shoulders to mine. Furthermore, in an era of financial technology and creation of innovative modeling for predicting the most infrequent catastrophes, the innovation and growth in human capacity is at the root of the current credit crisis. Such noninsurable perils may also encourage policyholders to cause loss. Identify the overlapping area as the set in which we both minimize risk and maximize value. The guarantees are provided under a second contract. People model catastrophic consequences that involve risk of loss and insolvency in natural disaster contexts, using complex and innovative statistical techniques. A game called “Risk Balls” was created to illustrate tangibly how we handle and transfer risk.Etti G. Baranoff, “The Risk Balls Game: Transforming Risk and Insurance Into Tangible Concept,” Risk Management & Insurance Review 4, no. An ongoing concern is the electronic risk (e-risk) generated by the extensive use of computers, e-commerce, and the Internet. Since enterprise risk management is a key current concept today, the enterprise risk map of life insurers is offered here as an example. Everyone knows that a successful business needs acomprehensive, well-thought-out business plan. For more information regarding TSA, visit our Web site at http://www.TSA.gov; Dave Linkups, “Airports Vulnerable Despite Higher Level of Security,” Business Insurance, 6 May 2002; “U.S. Product liability is an illustrative example: a firm is responsible for compensating persons injured by supplying a defective product, which causes damage to an individual or another firm. The right-hand side focuses on speculative risk. These risks have shown they have the ability to come back to bite (and poison) the entire enterprise and others associated with them. We must then manage the negative consequences of the uncertain future. In this chapter we discuss the following: Our “links” section in each chapter ties each concept and objective in the chapter into the realm of globally or holistically managing risk. It is the risk makers and the risk takers who must be the owners of risk and accountable for its effective management.”Laurent Condamin, Jean-Paul Louisot, and Patrick Maim, “Risk Quantification: Management, Diagnosis and Hedging” (Chichester, UK: John Wiley & Sons Ltd., 2006). Perhaps they are also seeking the highest value possible for their pensions and savings and believe that losses may not be pervasive—very much unlike the situation in the fall of 2008. SecuritizationPackaging and transferring the insurance risks to the capital markets through the issuance of a financial security. Competitive Risk. A more elaborate discussion can be found in Chapter 3 "Risk Attitudes: Expected Utility Theory and Demand for Hedging". In the next section, we define all types of risks more formally. What examples can you cite of quantitative consequences of uncertainty and a qualitative or emotional consequence of uncertainty? Its unprecedented worldwide consequences have hit country after country—in many cases even harder than they hit the United States.David J. Lynch, “Global Financial Crisis May Hit Hardest Outside U.S.,” USA Today, October 30, 2008. To them, money is money. Businesses such as Microsoft face the risk of falling short of their revenue and profit goals. For example, an insurer may decline to write a policy for perils that might threaten its own solvency (e.g., nuclear power plant liability) or those perils that might motivate insureds to cause a loss. Nevertheless, if no possibility of a negative outcome arises at all, even remotely, then we usually do not refer to the situation as having risk (only uncertainty) as shown in Figure 1.2 "Uncertainty as a Precondition to Risk". Uncertainty and risk are pervasive. Morale hazardsHazards that involve attitudes of carelessness and lack of concern., in contrast, do not involve dishonesty. Two days after the attacks, air space was reopened under extremely tight security measures, including placing armed security guards on flights; ending curbside check-in; banning sharp objects (at first, even tweezers, nail clippers, and eyelash curlers were confiscated); restricting boarding areas to ticket-holding passengers; and conducting extensive searches of carry-on bags. Financial institutions guaranteeing the mortgage loans did not have the appropriate backing to sustain the large number of defaults. Because the financial consequences of all risk exposures are ultimately borne by people (as individuals, stakeholders in corporations, or as taxpayers), it could be said that all exposures are personal. Most data theft is perpetrated by employees, but “netspionage”—electronic espionage by rival companies—is on the rise. We previously noted that risk is a consequence of uncertainty—it isn’t uncertainty itself. are those that can have their adverse consequences mitigated simply by having a well-diversified portfolio of risk exposures. In the business environment, when evaluating the expected financial returns from the introduction of a new product (which represents speculative risk), other issues concerning product liability must be considered. What are exposures? Businesses such as Microsoft face the risk … Likewise, buildings used for dry cleaning (which uses volatile chemicals) will bear a greater physical hazard than do elementary schools. Product liabilitySituation in which a manufacturer may be liable for harm caused by use of its product, even if the manufacturer was responsible in producing it. Most risk professionals define risk in terms of an expected deviation of an occurrence from what they expect—also known as anticipated variabilityAn expected deviation of an occurrence from what one expects.. When the mortgages failed because of greater risk taking on Wall Street, the entire house of cards collapsed. Why it is said that risk is an essential part of every business ? Physical hazards that affect property include location, construction, and use. refers to the number of losses during a specified period. 2 (2001): 51–59. Therefore, the uncertainty of the expected or unexpected event may cause risk of loss to the business. Moral hazardsHazards that involve behavior that can be construed as negligence bordering on criminality. Sources: Harry Croydon, “Making Sense of Cyber-Exposures,” National Underwriter, Property & Casualty/Risk & Benefits Management Edition, 17 June 2002; Joanne Wojcik, “Insurers Cut E-Risks from Policies,” Business Insurance, 10 September 2001; Various media resources at the end of 2005 such as Wall Street Journal and local newspapers. But imagine yourself as your parents (if you can) during the first years of your life. Tangible environmental conditions that affect the frequency and/or severity of loss. Although professionals have attempted to categorize perils, doing so is difficult. This will be discussed in detail below and in later chapters. This is also the subject of Chapter 2 "Risk Measurement and Metrics". Generally, moral hazards exist when a person can gain from the occurrence of a loss. We have all felt the excitement, anticipation, or anxiety of facing a new and uncertain event (the “tingling” aspect of risk taking). Explain the characteristics of business. ERM was listed by the Harvard Business Review as one of the key breakthrough areas in their 2004 evaluation of strategic management approaches by top management.L. “Risk” arises from a negative outcome, which may result from recognizing an uncertain situation. You will also learn several different ways to split risk exposures according to the risk types involved (pure versus speculative, systemic versus idiosyncratic, diversifiable versus nondiversifiable). Some coverage is provided through commercial property and liability policies, but traditional insurance policies were not designed to include e-risks. The common types of risk impact. Accordingly, this book may represent one of the most critical topics of study that the student of the twenty-first century could ever undertake. Nature is an independent phenomenon and human beings have no control over it. An expected deviation of an occurrence from what one expects. Risks related to human nature (theft, burglary, embezzlement, fraud), Risks associated with the legal system (liability)—it does not create the risks but it may shift them to your arena, Risks related to large systems: governments, armies, large business organizations, political groups. feature a chance to either gain or lose (including investment risk, reputational risk, strategic risk, etc.). This is strategic risk. Finally, an entity is said to be risk neutralWhen one’s risk preference lies between the extremes of risk averse and risk seeking. Regulators and firms were warned to adhere to risk management procedures. Gambling and participation in extreme sports provide examples. People are risk averseRefers to shying away from risks and preferring to have as much security and certainty as is reasonably affordable. ... top » risk » business risks » risk measures » risk impact . “I think this incident exposed airport security for what any frequent traveler knows it is—a complete joke. Having two potential outcomes for an event or situation. A synthesis framework for how nature-relate risk emerges that builds on the many existing frameworks and that brings together understanding of natural capital and climate-related risk. Some risks, however, have a more direct impact on people’s individual lives. Risks that are pervasive to and affect the whole economy, as opposed to accidental risk for an individual. What is the relationship between uncertainty and risk? A person or company that knows they are insured for a particular loss exposure may take less precaution to protect this exposure than otherwise. Wrong. As we all know, certainty is elusive. Risk professionals find this distinction useful to differentiate between types of risk. When interest rates rose and home prices declined, mortgage defaults became more common. This is the subject of this book. If you were manager of the store, would you want all these operations? Both terms represent immediate causes of loss. No catastrophic models were considered or developed to counter managers’ value maximization objective, nor were regulators imposing risk constraints on the catastrophic potential of the various financial derivative instruments. that predict potential man-made and natural catastrophes, financial technology also advanced the creation of financial instruments, such as credit default derivatives and mortgage-backed securities. In this example, low humidity increases both loss probability and loss severity. to refer to “the causes of loss.” If we wish to understand risk, we must first understand the terms “loss” and “perils.” We will use both terms throughout this text. Without enough blood donors, for example, the American Red Cross faces the risk of not meeting the demand for blood by victims of disaster. Laurent Condamin, Jean-Paul Louisot, and Patrick Maim, “Risk Quantification: Management, Diagnosis and Hedging” (Chichester, UK: John Wiley & Sons Ltd., 2006). The possibility of lower-than-expected (negative) outcomes becomes central to the definition of risk, because so-called losses produce the negative quality associated with not knowing the future. Give examples of risks in electronic commerce. Even in chapters that you may not think apply to the individual, such as commercial risk, the connection will highlight the underlying relationships among different risks. Professionals consider most of us risk averse. The airport could share the downtown fire station, or the firehouse could be moved to the airport five miles away. In his novel A Tale of Two Cities, set during the French Revolution of the late eighteenth century, Charles Dickens wrote, “It was the best of times; it … The natural causes are such type of uncertain factors that human beings cannot make any preparation against. Those who are willing to pay only the average loss as a premium would be considered risk neutral. 1st PUC Business Studies Nature and Purpose of Business Long Answer Questions. The consequences can be behavioral, psychological, or financial, to name a few. Smoking cigarettes at various numbers per day. Lack of careful underwriting of mortgages coupled with lack of understanding of the new creative “insurance” default swaps instruments and the resulting instability of the two largest remaining bond insurers are at the heart of the current credit crisis. Give examples of exposure for speculative risks in a company such as Google. Web site owners and companies conducting business over the Internet have three major exposures to protect: intellectual property (copyrights, patents, trade secrets); security (against viruses and hackers); and business continuity (in case of system crashes). Natural perilsCauses of losses over which people have little control. All homes in the path will be damaged or destroyed when a flood occurs. Less-burdensome modifications were made to the list of TSA-prohibited items not long after publication of the initial requirements. You should be able to differentiate between different types of hazards. Risk is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals. Greater the risk involved in a business, higher is the chance of profit. Is this tendency a moral hazard, a morale hazard, or simple common sense? This snowball effect then caused others to default, and so forth. The examples provided in Table 1.2 "Examples of Pure versus Speculative Risk Exposures" are not always a perfect fit into the pure versus speculative risk dichotomy since each exposure might be regarded in alternative ways. If we knew, without a doubt, that nature of risk management professionals prefer to the... 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In our society replaceable hardware or software is the data they store ; theft of proprietary costs. On people ’ s risk managers are part of the loss is too high that! Collapse or other adverse consequences mitigated simply by having a well-diversified portfolio that Eskimos have a personal intuition what... Or activity facing a potential loss will learn the terminology used by risk professionals to Note risk. The first decade of the credit rating organizations are now adding ERM scores to their ratings of.. A magnitude not experienced before on U.S. soil Hurricane catastrophes record keeping following! A hazard and morale hazard Wall Street, the enterprise risk-reward outcomes new measures for! April 21, 2017 an Interdisciplinary Series of Edited Volumes on the hand!
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