Risk Control
Risk Control – ARM 55
Case Study McMaster University
Instructor: Z.Linda Papadopoulos, B.Sc., C.I.P., C.C.I.B., C.R.M.
Final Exam
Fun Risk Enterprise
April 12, 2011
a) Property
Theft Of Cash – Due to the enormous amount of cash receipts and due to affluent clientele that indulge in fancy rides and gourmet restaurants we are at risk for losses to occur.
LOSS PREVENTION: Move to cashless environment. Implement credit cards, interact and automated bracelets that can be linked to a credit card instead of having visitors use cash.
LOSS REDUCTION: Monitor all cash stations. Have employees carry float and once they exceed the float limit have the float deposited into the safe
SEPERATION: Make regular bank run deposits throughout the day so large amounts of cash are not stored on premises.
DUPLICATION: Not applicable – cannot duplicate cash
Storage building – Our building could catch on fire due to the highly combustible type of storage materials.
LOSS PREVENTION: Do not store highly combustible liquids inside of the building
LOSS REDUCTION: Ensure adequate fire suppression equipment is located inside and is easily accessible
SEPERATION: Divide the fuel and lubricant storage into three separate buildings, located on different sides of the park
DUPLICATION: Not applicable
Solarium –this is a very expensive building and due to the combustibles stored beneath, and the glass construction of the building this could lead to spontaneous combustion resulting in an explosion.
LOSS PREVENTION: Do not store fireworks in the solarium
LOSS REDUCTION: Implement a fire suppression system that has a temperature gauge, set to release once that temperature has been reached.
SEPERATION: Divide the fireworks into two separate locations, or only store the least combustible fireworks in the solarium
DUPLICATION: There are no current plans to build another solarium at this time.
Exotic Pets – due to extreme cost of these animals
Case Study McMaster University
Instructor: Z.Linda Papadopoulos, B.Sc., C.I.P., C.C.I.B., C.R.M.
Final Exam
Fun Risk Enterprise
April 12, 2011
a) Property
Theft Of Cash – Due to the enormous amount of cash receipts and due to affluent clientele that indulge in fancy rides and gourmet restaurants we are at risk for losses to occur.
LOSS PREVENTION: Move to cashless environment. Implement credit cards, interact and automated bracelets that can be linked to a credit card instead of having visitors use cash.
LOSS REDUCTION: Monitor all cash stations. Have employees carry float and once they exceed the float limit have the float deposited into the safe
SEPERATION: Make regular bank run deposits throughout the day so large amounts of cash are not stored on premises.
DUPLICATION: Not applicable – cannot duplicate cash
Storage building – Our building could catch on fire due to the highly combustible type of storage materials.
LOSS PREVENTION: Do not store highly combustible liquids inside of the building
LOSS REDUCTION: Ensure adequate fire suppression equipment is located inside and is easily accessible
SEPERATION: Divide the fuel and lubricant storage into three separate buildings, located on different sides of the park
DUPLICATION: Not applicable
Solarium –this is a very expensive building and due to the combustibles stored beneath, and the glass construction of the building this could lead to spontaneous combustion resulting in an explosion.
LOSS PREVENTION: Do not store fireworks in the solarium
LOSS REDUCTION: Implement a fire suppression system that has a temperature gauge, set to release once that temperature has been reached.
SEPERATION: Divide the fireworks into two separate locations, or only store the least combustible fireworks in the solarium
DUPLICATION: There are no current plans to build another solarium at this time.
Exotic Pets – due to extreme cost of these animals