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Published by: mohdsolahuddin on Jun 30, 2009
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Risk Control
Avoiding losses has always been one of humanity's greatest concerns, and risk controlwas undoubtedly the first risk managementtechnique.
Broadly defined, risk control encompasses alltechniques aimed at reducing the number of risks facing the organization or the amount of loss that can arise from these exposures.
Risk control includes risk avoidance and riskreduction.
Risk Avoidance
Technically, avoidance takes place whendecisions are made that prevent a risk fromeven coming into existence.
Risks are avoided when the organizationrefuses to accept the risk even for an instant.
An example is a firm that considersmanufacturing some product but, because of the hazards involved elects not to do so.
Risk Avoidance
While avoidance is the only alternative for dealing with some risks, it is a negative rather than a positive approach.
If avoidance is used extensively, the firm maynot be able to achieve its primary objectives.
For this reason, avoidance is, in a sense, thelast resort in dealing with risk. It is usedwhen there is no other alternative.

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