Answered

Riley Turner is performing a comprehensive evaluation of Hardwick Enterprises to ensure its insurance and risk management efforts are serving the organization appropriately. Which one of the following will be true in regard to this effort?

A. Results-based standards are solely responsible for ensuring successful risk management.
B. The four step-by-step risk consultation process is considered the most effective method to use.
C. Besides risk management goals being attainable, they should also pose a challenge.
D. Riley will concentrate on new risk management techniques rather than changes in loss exposures.



Answer :

GinnyAnswer

Final answer:

The correct approach for evaluating risk management efforts at Hardwick Enterprises involves enhanced problem formulation, planning, and risk management. Objective-based risk identification requires explicit objective setting and normative decision-making. Risk management encompasses the process of identifying, assessing, and controlling risks to achieve organizational goals.


Explanation:

Enhanced problem formulation and scoping; planning and assessment; and risk management is the correct answer to the evaluation efforts at Hardwick Enterprises. This framework, proposed by the co-authors of the "Silver Book," involves these crucial phases to ensure effective risk assessment and management.

Objective-based risk identification involves assessing various "risk drivers" concerning the cost or potential for achieving specific objectives. This approach requires decision-makers to be explicit about their objectives, making normative choices about what is most important.

Risk management involves the process of identifying, assessing, and controlling risks to achieve an organization's goals and objectives.


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