Risk Management
The process of identifying, assessing, and controlling threats to a business's capital, earnings, and operations
Detailed Explanation
Effective risk management integrates insurance with other strategies like avoidance, prevention, reduction, and retention to create a comprehensive approach to protecting the business.
Practical Example
A manufacturing company implements a risk management program that includes regular safety training, equipment maintenance, contractual risk transfer, and appropriate insurance coverage, resulting in fewer workplace accidents and product liability claims.
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