9/11/23
What is the likelihood of a risk occurring and if it did, what would be the impact?
Measure frequency and severity
A risk map is a visual tool that details which risks are frequent and which are severe (and thus require the most resources).
15
Examine alternative solutions
u What are the potential ways to treat the risk and of these, which strikes the best balance between being affordable and effective? Casinos usually have the options to accept, avoid, control, or transfer a risk. u Accepting the risk means deciding that some risks are inherent in doing business and that the benefits of an activity outweigh the potential risks. u To avoid a risk , the organization simply has to not participate in that activity. u Risk control involves prevention (reducing the likelihood that the risk will occur) or mitigation, which is reducing the impact it will have if it does occur. u Risk transfer involves giving responsibility for any negative outcomes to another party, as is the case when an organization purchases insurance.
16
8
Made with FlippingBook - Online catalogs