Question 1 (Marks: 50) Answer the following questions. Provide examples where required. Q.1.1 The case for an integrated and enterprise-wide approach to managing risk becomes more prominent when certain trends are considered. Briefly explain and provide practical examples of the following trends: Q.1.1.1 Increasing awareness of risk. (6) Q.1.1.2 The decline of insurance as a risk-financing technique. (6) Q.1.2 Distinguish between the Expected Monetary Value (EMV) criterion and the Expected (8) Utility Value criterion to decision making. Q.1.3 Define loss frequency and give two examples which this frequency relates to. (6) Q.1.4 Name the two principal methods of estimating loss distributions. (4) Q.1.5 Define maximum probable yearly aggregate loss (MPY) and estimated maximum loss (10) (EML) and describe their application. Q.1.6 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