Read the following scenario and answer the questions that follows.

Spring Clean

Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice.

Q.1.1 Jessica wants to learn more about the risk management process. Explain the following steps to her by applying it to Spring Clean.

1. Risk identification

2. Risk evaluation

3. Risk control

4. Risk Financing

Q.1.2. What are the four criteria that Jessica needs to apply when considering a proposal aimed at reducing risks?

Q.1.3 Explain what consequential losses are. Support your explanation with two comprehensive examples relevant to Spring Clean.