Management at ABC Factory have been carefully been recording thedetails of each time something went wrong on ‘accident reportforms’. The information on each of the forms was then passed to theaccounting department where a ‘cost’ was estimated for eachaccident. As a result of the data collecting process, the RiskManager for ABC Factory now has much information relating to thefrequency and severity of a) asset losses, b) personnel losses andc) liability losses over the past year.
REQUIRED: Explain how the information about the frequency andseverity of accidents at ABC Factory could be used towards makingimproved risk CONTROL and risk FINANCING decisions for
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