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RM (part 1) (TYPES OF PERSONAL RISK (EARNING RISK: ur self nak cari duit…
RM (part 1)
TYPES OF PERSONAL RISK
LIABILITY RISK: sue by other party (u ada loan kereta, u tk byr 3 bln, u will be sued by bank)
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MEDICAL RISK: u are in the working environment, company will give u medical benefit
FINANCIAL ASSETS RISK: when u have ur own income, suddenly u want to buy stock/bonds to invest.
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LONGEVITY RISK: when u reach age 50, u consider as retire people, if they want hire u, consider as contract. u need to prepare money for future.
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HAZARD
MORAL: Dishonesty attitude in individual that increase loss (u hit car infront of u but then u making fraudulent claim, padahal u yg hit kereta dpn)
MORALE: Carelessness bcs of the existence of insurance. (u dah tau u sleepy, but u still drive ur car)
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LEGAL: characteristic of legal system/regulatory env. tht increase losses (large damage award in liability lawsuit, klau u sendiri ad hutang yg byk, u langgar undang2 tak? )
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DIRECT LOSS: actual loss, asset loss.
INDIRECT LOSS: Happen after direct loss. rumah terbakar( direct loss), then spent repaired the house is (indirect loss)
RISK MANAGEMENT
MAJOR RM METHOD
LOSS FINANCING
Insurance by paying a premium to an insurance company in exchange for a payment of a possible large loss.
Hedging: mcm financial asset risk. simkad emas. method use can minimize losses that can occur due to changes in interest rates, commodity prices, foreign exchange rates.
Other contractual risk transfers: beli brg ada warranty yg dicover oleh company (ind.) company better lease asset rather than buy bcz the cost maintenance will go to lessor yg tanggung.
Retention and self insurance: retain the risk, msu have insurance for this building, they need to pay RM200 monthly, so they just retain maintain the risk. anything happen in future, it will not effect the cash flow or money msu bcz insurance already cover for the loss
INTERNAL RISK REDUCTION
Diversification: pelbagaikan dia punya bisnes activity. mcm MSU ada duit lebih dia buat hospitality msu instead education shj.
investment in information: u cari org yg specialist in RM, org yg pandai forecast expected loss in future
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