Insurance forms an integral part of risk appetite. However, a business must be adequately insured. Explain the risk transfer concept and analyse the insurance adequacy for the caravan park, considering all the relevant information in the case study. Make a final recommendation that will ensure adequate insurance cover for Mr Sigcau. Question 2 (10 x marks) People play a significant role in ensuring that Mr Sigcaus business is successful. Discuss people risk as an essential operational risk factor and analyse how Mr Sigcau can manage people risk in his business. Question 3 (18 x marks) Using key risk indicators (KRIs) is crucial to operational risk management. Briefly distinguish between a key performance indicator and a key risk indicator. Using the information in the case study, illustrate through graphs how the risk of system downtime and the height of the swells can be monitored. Explain the current trends and make recommendations to mitigate the risks