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Paper Topic:

Risk Management Exam Questions

Title

Risk Management Exam Questions

br Shamimul H . Chow

1 . Why is it often necessary to use evidence from high dose situations to assess risk at lower doses and what problems do this pose ? Illustrate your answer with examples

Environmental risk is not merely risk to the natural environment . We can define "environment " as including people and their social and cultural beliefs , as well as the natural environment . Environmental risk therefore , includes ecological risk , human health risk , social , and cultural risk . This is consistent with the approach taken by the

U .S Environmental Protection Agency (EPA ) with their comparative risk assessment prioritization of environmental problems . Risk management is the process of measuring , or assessing , risk and developing strategies to manage it . Strategies include transferring the risk to another party avoiding the risk , reducing the negative effect of the risk , and accepting some or all of the consequences of a particular risk Traditional risk management focuses on risks stemming from physical or legal causes . Financial risk management , on the other hand , focuses on risks that can be managed using traded financial instruments

In model risk management , a prioritization method is followed whereby the risks with the greatest loss and the greatest probability of occurring are handled first , and risks with lower probability of occurrence and lower loss are handled later . In practice the process can be very difficult , and balancing between risks with a high probability of occurrence but lower loss vs . a risk with high loss but lower probability of occurrence can often be mishandled . Thus is it often necessary to use evidence from high dose situations to assess risk at lower doses

Intangible risk management identifies a new type of risk - a risk that has a 100 probability of occurring but is ignored by the organization due to a lack of identification ability . For example , knowledge risk occurs when deficient knowledge is applied . Relationship risk occurs when collaboration ineffectiveness occurs . Process-engagement risk occurs when operational ineffectiveness occurs . These risks directly reduce the productivity of knowledge workers , decrease cost effectiveness , profitability , service , quality , reputation , brand value and earnings quality . Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity

Responding to concerns about how scientific evidence was used in two toxic tort cases , the U .S . Supreme Court decided a trilogy of cases that instituted a number of changes in the evidentiary rules governing expert testimony . In brief , the trial court has a gate keeping role in to ensure that expert testimony is more likely than not both relevant and reliable . In for proffered testimony to meet this standard , a court must ensure that it is "ground[ed] in the methods and procedures of science " Courts have considerable latitude in determining how the gate keeping decision is to be made as well as in making it in particular cases . Moreover , the Supreme Court emphasized the "liberal thrust " toward admissibility in the Federal Rules

Some courts may have misunderstood or learned...

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