Read the extract below and answer the questions that follow: Risk management may be expanded to include the annoyance of foregoing the occurrence of something good. This is called inverted risk or potential regret and occurs wherever there are potentially lost opportunities. For example, a person participating free of charge in a lottery risks not to win. This conception of inverted risk broadens the set of situations that involve risk to all situations with uncertain outcomes. The risk definitions are of little use when comparing and measuring risks. Therefore, several risk measures have been developed, most of them being a function of a probability measure and a loss measure. A requirement for using most risk measures is that the potential loss is quantifiable and projectable on a one-dimensional scale. In order to make different types of losses comparable e.g. value-tree methods can be used. Next a short summary of the most common risk measures is presented. The severity of a risk can be quantitatively assessed by mapping the risk on a risk matrix according to (i) the value of the negativity of the outcome and (ii) its probability (or frequency of occurrence). One of the most basic risk measures is the expected loss. In this method, the potential consequences, losses, of the undesired events and their probabilities are quantified. The expected value of the loss is calculated based on this information. Source: Adapted from semanticscholar.org (2018) 1.1 Explain the time-related aspects of consequential losses. 1.2 Discuss the various risk-financing mechanisms available to businesses