umuc fin351 all week discussions latest

umuc fin351 all week discussions latest

Question

Week 1 discussion

Introduction to Risk

Every day, individual

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umuc fin351 all week discussions latest

Question

Week 1 discussion

Introduction to Risk

Every day, individuals take risks concerning their personal

and professional lives. Drivers take a
risk by speeding on a highway. Students
take a risk by not studying for a quiz.
Investors take a risk by investing in a stock. Business owners take a risk by offering a new
product line. In almost every case, the
risk takers have some sort of control mechanism – or management – to equal out
those risks (or at least they should).
Individuals take the risk to achieve a personal or professional benefit
(e.g., getting to work on time, getting more sleep, making money, increasing
market share); to what level depends on a myriad of factors, none the least of
which involves the level of risk the individual is willing to take.

This class will focus on the management of risk used by

businesses operating on a national and global level. Personal risk and investment risk is
discussed in other classes. Risk
management is of great concern to any CEO or business owner, especially as it
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pertains to property and liability risks.
Before we delve into this subject deeper, provide the class with an
example of a risk that you engage in on a regular basis; explain what level you
engage and what is your expected benefit.

Week 2 discussion

Risk managers rely on statistics and trend analysis in

making their risk decisions. Chapter 2
provides a refresher course in statistics and mathematical concepts. Risk managers must
provide executive
management is hard number reasons for the directions they must take. Consider an insurance
company that wants to
underwrite automobile insurance; the actuaries need historical data involving
claims and motor vehicle violations to properly rate their product. If you were the risk manager
charged with
developing a new line of auto insurance, which market would you pursue and
which ones would you not pursue? Provide
examples with factual data (and cite your sources) in your answer.

Week 3 discussion

Utility Theory

Our Introduction to Risk Management discussion in Week 1 is

expanded to the understanding of chapter 3’s Utility Theory. Utility Theory discusses the
satisfaction
level based on the individual’s amount of risk they are willing to take. In some cases, the risk
may be too great and the
desired object is avoided (e.g., skydiving), or the satisfaction is too great
that no risk management is considered (e.g., buying a lottery ticket). Somewhere in between,
the management of risk
is usually done by some form of insurance.
For example, on a personal level, most drivers will buy auto insurance
(actually, it’s required in all states) to hedge against a larger loss – the
cost of the vehicle or the medical expenses of injured passengers. On the investment side,
investors hedge their
risky investments with conservative investments (or through the use of
derivative instruments).

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Risk management is fully discussed in chapter 4. The identification of a company’s risk
profile and the analysis of what risks should be avoided. Risks are managed four ways:
avoidance,
retention, retention with loss control, and transfer. Provide an example of how the company you
work for uses one of these risk management techniques. (if you don't currently
have an employer, you should go online and research risk management tools for
companies).

Week 4 discussion

Library Assignment

As stated in the Project Description of the Syllabus, you

are to visit your local public (or military base) library and observe the risk
management tactics used by the facility.
Develop a paper and post as a conference post; in addition, you must
read and respond to two of your classmate’s papers.

Week 5 discussion

Insurance Companies

This week we discuss the operations of an insurance

company. As stated before, the primary technique
for risk management is transferring the risk, usually to an insurance
company. Every risk manager should have
a strong understanding of how an insurance company operates, prices its
products, underwrites the risk, sells, and services the customer. (If you don't
have an employer at this time you can call an insurance agent and interview
them about the commercial risks and how they help their clients manage those
risks). This helps tremendously if a claim arises. Ask the risk manager of your company who
provides the property insurance and respond with an overview of that insurance
company. Include their history, current
business model, and premium volume.

Week 6 discussion

Property and Liability Risk Management

Chapters 11 and 12 provide the tools and techniques needed

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 by risk managers to control the myriad of potential losses from property and
liability claims. A recent example is
e-commerce risk – the data breaches at Target and the University of Maryland. Just as
important is the management of
liability risks, which brings on the use of the legal system as it pertains to
negligence. Read the article titled
“Obesity and Insurance—Litigation or Self-Discipline?” on page 509-510 and
answer the discussion question as your conference post. Respond to your classmates posts as
well.

Week 7 discussion

Commercial Insurance

All of the information we’ve read and discussed this

semester should provide you with a good understanding of what defines risk
management, and what options a risk manager has to control the company’s
risks. But some things are never even
considered and the risk manager has to rely on the public (and courts) to
resolve. Consider the special article
titled “Liability Limits: One Event or Two?” on pages 662-665; answer discussion
question #1 as your conference posting.
Read your classmates responses and agree or disagree.

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