Think of a risk that an individual faces and find a specific example. Then apply the 6 Methods of Risk Control. Select which of the Method you believe to be the best option for the scenario.
- Methods of risk control include:
-Avoidance: Loss exposure never acquired
-Loss prevention: Reduce frequency of loss
-Loss reduction: Reduce Severity of loss
-Duplication: having backups or copies of important documents or property available in case a loss occurs
-Separation: Dividing assets exposed to loss to minimize harm from single event
-Diversification: spreading the loss exposure across different parties