Question 1 lMarks: 50} Answer the following questions. Provide examples where required. (1.1.1 The case for an integrated and enterprisewide approach to managing risk becomes more prominent when certain trends are considered. Briey explain and provide practical examples of the following trends: (1.1.1.1 Increasing awareness of risk. {6} (1.1.1.2 The decline of insurance as a risk-nancing technique. {6} (1.1.2 Distinguish between the Expected Monetary Value {EMU} criterion and the Expected {8} Utility 'u'alue criterion to decision making. (1.1.3 Define loss frequencyr and give two examples which this frequency relates to. {6} (1.1.4 Name the two principal methods of estimating loss distributions. {4} (1.1.5 Define maximum probable yearly aggregate loss {MPH and estimated maximum loss [10} {EML} and describe their application. (1.1.5 Risk management is concerned with managing possible future consequences or [10} outcomes. This suggests that risk has a number of elements. Provide practical examples of each element of risk