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3-1
The Tools of Risk Management
RISK CONTROLFocuses on minimizing the risk of loss to whichthe firm is exposed.Includes the techniques of 
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Avoidance
•
Reduction.
 
3-2
The Tools of Risk Management
RISK FINANCINGConcentrates on arranging the availability of funds to meet losses arising from the risks thatremain after the application of risk control.Includes the tools of 
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Retention
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Transfer.
 
3-3
Risk Management Decisions
Once risks have been identified and measured, adecision must be made regarding what, if anything, should be done about each risk.This is the basic risk management problem.There are several approaches that are used, or that have been suggested as the approach to riskmanagement decisions.
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