Basic Risk Concepts

Charles Andoh ()
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Charles Andoh: University of Ghana Business School, Department of Finance

Chapter 1 in Fundamentals of Managing Risk and Insurance, 2026, pp 1-19 from Springer

Abstract: Abstract This chapter presents the foundational concepts of risk that all individuals should be familiar with, underscoring the importance of developing a comprehensive understanding of these concepts. It outlines the basic approaches to risk management, including loss control, loss financing, and internal risk-reduction mechanisms. The discussion subsequently focuses on internal and external risk management techniques as they apply to both enterprises and households. Furthermore, the chapter differentiates between direct and indirect losses, providing illustrative examples and emphasising the necessity of considering indirect losses whenever a loss event occurs. The chapter concludes by proposing a range of risk-mitigation strategies relevant to individuals and organisations.

Keywords: Direct loss; Indirect loss; Internal risk reduction; Loss control; Loss finance; Risk (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-95-4581-0_1

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DOI: 10.1007/978-981-95-4581-0_1

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