Question

a) There are various ways on how to tackle and minimize risks faced by a company.

However, some suggestions as to how to minimize risk may include developing an

enterprise risk management program for the company, and to determine what risks

pose the greatest danger to the company. Propose to the company how to manage

their property risks.

b) Businesses have four options to avoid losses stemming from pure risk situations. If

the situation required the president of an asbestos removal firm in Sepang, closed

his firm for four months because Movement Control Order (MCO) and determine

which option the firm is choosing for the case and please give reason why it being

chosen.

Answer 1

a)

lets look at the ways on how the property can control the risk properly.there are several ways in which the company can control its risk.this are decided by the top-level management and they are taken proper measures to control the risk.

insurance-

insurance is a way where the company can contorl its financial loss,its a form of risk management to hedge against uncertanity.this is where the company pay a premium to and the insurance company.so the company must enusure that all property are covered under insurance.

inspection-

conducting inspection in the regular interval by the supervisor and top level managment is importanat to ensure that the copany property is under control.the company must have a team of people who are accountable for inspection and they must have a report on this inspection as well.

audit committee-if the company is having an audit committee they must ensure that the company property is properly audited.and 6the internal audit team must to proper procedure to do the same. having a proper audit committe will help the conpany to controml its risk properly .

try to collect evidences or reciept including photograph throughout inspection in a team must audit this to ensure the numbers are precise and genuine.this will help ythe managmet to control risk.

safety and health check-

building a proper enviorment for workuing is very impirtant.properr health an dsafety measures must be carried out by the ckmpany to contro the risk.

b)

administrative ontrols risk mangaemnt stratergy will be good uner this situation.

customers must be allowed to enter the premise after proper thermal checks and ensure that the company must ensure that the customers are taking proper social distancing measures.

workers must wear gloves and mask when working

using sanitizing equipment to sanitize the premise is very important

the employer can depend on artificail intelligence and robots to work on behlaf of humanbeing.