Logistics. Risk management (most important)

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Logistics. Risk management (most important)

Lecture notes, cheat sheets

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42. RISK MANAGEMENT

Measures taken by insurance companies in the field of risk management:

1) carrying out organizational and technical measures to prevent the onset of impending dangers;

2) encouraging clients to take adequate precautions by setting lower insurance premiums;

3) initiating the introduction of effective security measures into business practice to increase the level of own profitability.

Risk management methods:

1) risk avoidance;

2) risk transfer;

3) risk limitation;

4) risk reduction.

Security Methodology:

1) resources and types of logistics activities that bring added value to the consumer and are potentially at risk are identified and established;

2) the probability of occurrence of these risks is estimated;

3) a system is developed and implemented to manage the identified risks.

Effective risk management is possible only if there is reliable and sufficient information under the given conditions, since this allows one to make a specific decision on actions under risk conditions. This information includes awareness of the likelihood of an insured event, the presence and magnitude of demand for goods, capital, financial stability and solvency of its clients, partners, competitors, prices, rates and tariffs, including for insurers’ services, insurance conditions and etc.

There are no ready-made solutions in risk management, therefore, in cases where it is impossible to calculate the risk, risk decisions are made using heuristics.

Heuristics - a set of logical techniques and methodological rules for theoretical research and the search for truth. Of course, heuristics are less reliable and less certain than mathematical calculations. However, it makes it possible to obtain a definite solution.

Basic risk management heuristics:

1) you can not risk more than your own capital can afford. This means that before making a decision on a risky investment of capital, one should determine the maximum possible amount of loss for this risk, compare it with the amount of invested capital, compare it with one's own financial resources;

2) you need to think about the consequences of the risk. This means that the manager, knowing the maximum possible loss, must determine what this can lead to and decide whether to abandon the risk or transfer the risk to another responsible person;

3) you can not risk a lot for the sake of a little. This is especially evident in the transfer of risk, i.e., insurance. In this case, it is necessary to clearly define and choose an acceptable ratio between the insurance premium and the sum insured.

Insurance fee - is the payment of the insured to the insurer for the insurance risk.

Sum insured - This is the amount of money for which material assets are insured. The enterprise should not take on the risk if the amount of loss is relatively large compared to the savings on the insurance premium;

4) a positive decision is made only in the absence of doubt;

5) if there are doubts, negative decisions are made;

6) one cannot think that there is always only one solution, perhaps there are others.

Author: Shepeleva A.Yu.

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