response to the following with 200 words, APA style:
- Transfer Risk – Hurricane damages infrastructure beyond repair – rationale for transfer of risk (i.e. purchasing insurance) is to have a means to rebuild and restore.
- Terminate Risk – Employee violating policy resulting in increased financial liability (i.e. embezzlement) – rationale is to eliminate the risk that is identifiable, future risk associated with the actions of this individual is eliminated, has a potential to affect the overall operation and ability to continue operations, and situation likely to improve if terminated versus implementing corrective action measures.
- Tolerate Risk – Security fence down due to power outage – rationale is a power outage will not deem the fence completely inoperable, but contingency plan will be required until full operation is restored. The time to restore will likely be minimal and/or contingency plan is sufficient to sustain for a significant amount of time.
- Treat Risk – Repaving cracked and uneven walkways in high traffic areas – rationale for repaving areas prone to increase falls/accidents is a way of minimizing the potential for risks and is cost efficient versus the potential liability.