Risk management and insuranc Assignment Example | Topics and Well Written Essays - 500 words

Risk management and insuranc - Assignment Example Secondly, the risk discovered is then measured in terms of the impact it can cause if it was to occur. That is done by estimating the frequency and severity of the risk. Alternative solutions are then examined to come up with the best way of solving the risk. The step puts more emphasis on how to deal with the risk and the most affordable alternative as well as choosing the most effective method to deal with the risk. The fourth step involves making a decision on which alternative to apply in order to manage the risk entirely. Risk managers come up with a conclusion of which method to use and, as a result, implement it. Potential methods are applied to either control or prevent the occurrence of a risk. After applying the solution, managers monitor the results of the activity performed to ensure quality work and fair progress of the risk management process. Managers also find the needed resources to fund the process (Outreville, 2014). Finally, the process ends up with an evaluation step. After implementing the alternative, an analysis is undertaken to evaluate the effectiveness of the method towards managing risk. When it comes to comparing social security programs in different countries, one would be referring to the systems used by various countries to maintain the social security benefits programs. Comparing Australia and Mexico, both have employed new strategies of increasing the revenue they generate to support the programs. Australia has indeed increased the retirement age of women from 60 to 65 (Zavora, & Chepurny, 2014). The country has also strengthened the ways of determining whether an individual qualifies for age pension as well as instituting asset-based tests to help in the process. In Mexico, things seem to change a bit since the government has increased the year earnings as well as the contribution rates to