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Process of Managing Risk | Report

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Added on  2020-02-03

Process of Managing Risk | Report

   Added on 2020-02-03

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GLOBALPERSPECTIVESON RISK
Process of Managing Risk | Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1Key Insurance Requirements for deep water rig drilling............................................................1Factors which influence the insurance buying decisions............................................................2Loss scenarios.............................................................................................................................3a) Setting the deductible limit.....................................................................................................4b) Potential pitfalls......................................................................................................................4c) Remedies.................................................................................................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
Process of Managing Risk | Report_2
INTRODUCTIONManaging risk is a important process for a growth of every organisation. There areseveral rules and regulation which helps to operate a business at international level. One of therule is related with the insurance making in a foreign countries (McHenry, 2013). It can be saidthat global insurance programs helps to minimize the risk and provides benefits to employees.Hence, in an international level it is essential for every person to maintain such rules andregulation for achieving its planned growth. In a global insurance programmes, it can beclassified into six parts which plays an important role specially in cross-border financialtransactions. Present report analysis the various factors by which a company can manage its riskeffectively. It also explained the global insurance programmes which is propounded at UKspecially on multinational oil company. By using this process, a firm can expand its business inthe Gulf of Mexico for the deep water rig drilling capacity. It also explained the various kinds ofrisks which is related to the business activity.Key Insurance Requirements for deep water rig drillingThere are various kinds of risks which are faced by the multinational companies whileoperating their business at irregular conditions. It is essential for every business to manage itsrisk like physical damages through storm, earthquake, business profit and loss, environmentalpollution which is based on the liability of third party. To reduced the impact of risk, there arevarious kinds of insurance schemes which is beneficial for a company. Hence, it can be said thatinsurance is a agreement between two party in which one person promise to other to save thenfrom uncertain events (Surminski and Oramas-Dorta, 2014). Though companies purchasingvarious insurance coverage as per the requirement for protecting itself from any kind of losses.There are some conditions where damages can be happened by performing the human activity,such kind of activity can not be measured and controlled by the person. If a firm does not insureditself in any uncertain activity than oner of a company depends on their stakeholders situation bywhich it can overcome its situation. In respect to this, global insurance programmes helps the business to protect itself due tosome uncertain events but it need to be follows some other insurance schemes for implementingtheir programmes. In this process, the first step is to make self insurance in which a company can1
Process of Managing Risk | Report_3

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