Understanding Risk Assessment

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Level: Intermediate

Why you need this course:
After completing this course, you'll be able to analyze, based on the size of your organization, the types of losses to which your organization is exposed.

Upon successful completion of this course, you should be able to:

  • Describe the following methods of loss exposure identification:
    • Document analysis
    • Compliance review
    • Personal inspections
    • Expertise within and beyond the organization
  • Explain why data used in risk management decisions need to be relevant, complete, consistent, and organized.
  • Describe the nature of probability with respect to the law of large numbers and theoretical and empirical probability.
  • Interpret the information provided in a simple probability distribution and explain how that information can be used in making basic risk management decisions.
  • Explain how various measures of central tendency and measures of dispersion can be used in analyzing the probabilities associated with risk.
  • Explain how an insurance or a risk management professional can apply normal distributions to analyze loss exposures and project future losses more accurately.
  • Explain how to analyze loss exposures considering the four dimensions of loss and data credibility.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Understanding Risk Assessment Topics Include:

  • Methods of loss exposure identification
  • Why data used in risk management decisions need to be relevant, complete, consistent, and organized
  • The nature of probability with respect to the law of large numbers and theoretical and empirical probability
  • How information provided in a simple probability distribution can be used in making basic risk management decisions
  • How various measures of central tendency and measures of dispersion can be used in analyzing the probabilities associated with risk
  • Applying normal distributions to analyze loss exposures and project future losses more accurately
  • Analyzing loss exposures using the four dimensions of loss and data credibility

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