a. What is enterprise risk management? b. How does enterprise risk management differ from traditional risk management? Identify the major types of personal risks that are associated with economic insecurity. Describe the major social and economic burdens of risk on society. Explain the difference between a direct loss and an indirect or consequential loss. Identify the major risks faced by business firms. a. Briefly explain each of the following risk-control techniques for managing risk: 1. Avoidance 2. Loss prevention 3. Loss reduction 4. Duplication 5. Separation 6. Diversification b. Briefly explain each of the following risk-financing techniques for managing risk: 1. Retention 2. Noninsurance transfers 3. Insurance