Question II

a)Distinguish between the concepts of risk, uncertainty, chance, and insecurity.

b) Classify, using specific examples to illustrate, four main connotations of the concept of risk in informal language.

d) Why is it important for a university to manage risks?

d) As a very successful graduate in Risk Management and Insurance ,you have been approached by the University Authorities to help identify its major risk exposures. Please present a paper to the Administration of the University discussing how you would approach this problem.

e) What are the major tools and techniques you would recommend to the University for the administration of an effective risk management programme?

f) Explain the use of:

Organizational Charts

Flow Charts

Financial Statements and Accounting Records in the identification risks.