QUESTION 1 1.1 What is risk management? What factors of risk are addressed by managing risk? (2 marks) 1.2 What is risk avoidance? Give an example (3 marks) 1.3 Name one way in which the Government is involved in risk reduction (2 marks) 1.4 Describe transfer of risk (3 marks) 1.5 Explain in detail the difference between pure risk and speculative risk (8 marks) 1.6 What is the importance of risk management in an organization? (2 marks)