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Unit 7. Risk Management

Lead in: taking risks

Vocabulary: key terms

Reading: successful risk management

Speaking: risk identification

Grammar: Wish

Case Study: risk management at MegaFon

Translation: key terms

Writing: risk management process; essay

Culture: home rules

Lead in

  1. Comment on the quotation.

If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.28

  1. Answer the questions:

  1. What major risks do businesses face in today’s fast-changing world?

  2. Give an example of a well-known company that managed/didn’t manage to handle risk. Mention the type of risks.

Vocabulary

  1. These are the terms for you to learn.

    1. Make sentences with them.

    2. Translate them.

  1. risk

  1. risk management

  1. risk management committee

  1. risk assessment

  1. Standard & Poor’s

  1. risk analysis

  1. risk evaluation

  1. risk criteria

  1. risk avoidance

  1. risk transfer

  1. risk reduction

  1. risk mitigation

  1. risk optimization

  1. risk financing

  1. risk control

  1. stakeholder

  1. insuring agreement

  1. premium

  1. property insurance

  1. strategic risk management

  1. occupational accident

  1. insurance

  1. immunity

  1. health insurance

  1. declarations

  1. context

  1. self-insurance

  1. named insured

  1. aggregate limit

  1. property

  1. insurance policy 

  1. Match terms 1- 10 with definitions a- j:

  1. risk management

  1. the payment for an insurance policy or bond

  1. risk management committee

  1. traditional risk-financing tool used to transfer the financial hazard of risk

  1. risk

  1. a nationally recognized organization that rates insurance companies on their financial strength

  1. premium

  1. a provision in the law, which shields a person or organization from legal obligations

  1. insurance

  1. a discipline that counters downside risks by reducing the likelihood, magnitude, and unpredictability of losses and financing recovery from these losses

  1. immunity

  1. the first page of an insurance policy; summarizes key information specific to the policy; sometimes called a dec page

  1. declarations

  1. coordinated activities to direct and control an organization with regard to risk

  1. Standard & Poor’s

  1. a measure of the possibility that the future may be surprisingly different from what we expect

  1. strategic risk management

  1. the environment and circumstances facing your nonprofit which affect risks and risk management efforts

  1. context

  1. a representative group of staff, volunteers and advisors who identify exposures, develop a risk control program, and establish a risk-financing strategy.

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