This website uses cookies to ensure you have the best experience. Learn more

Tornado & Bank Essay

545 words - 3 pages

Answer 1- Direct losses the bank experienced
The bank’s IT such as information about client record and business data, the bank‘s furniture, computers, and other equipments. The bank can sue the building owner for leasing unsafe premises because the owner declared too expensive to repair the building and building is very tall tower.
2- Indirect cost : the bank could not use the building, the bank inabilty to hold needed conferences and meetings there is a business loss and income loss,key employee loss, loss of costumer, the bank has expenses to recover office and business. The shuttle service cost for the bank.

3- In a maximum probable loss event arising from a tornado, identify the additional losses that you would expect.
After the tornado damaged, the bank’s employees and ...view middle of the document...

I believe training can reduce the cost. Such training for an earthquake San Francisco, earthquake training is given in the high school and elementary schools. Disability or temporary damaged would be happened in the building.
4. How could the bank’s risk manager use each of the following risk management tools in this case?
a. Risk assumption: The bank mightn’t have been established a risk management department. They would not have considered huge potential losses for the bank that makes the bank has more losses. They would not want to consider any huge losses come from a Tornado. The bank must establish a cash fund that it can use when losses occur. This funding may supplement a plan to finance small losses from current cash flow.

b. Loss Prevention: the bank can rent an office space in a more secure building, they can make the office more secure equipment if the bank wants more effective the loss prevention they should meet safety requirements. They can train their employees.

c. Loss Reduction: The bank can back up data and important files. The bank built emergency doors, the employees should ready for transfer a new location

d. Insurance: Insurance should cover all the building and cover the loss of use of the property, and cover for workers’ compensation claims; insurance should provide returning the building in the same shape received at the beginning of the lease. But, risk manager must make sure the company does not violate any of the terms of the insurance agreement.

e. Risk transfer: the bank can use risk transfer for many contracts or leases. The risk manager should make sure everything written down who is going to accountable for the damage and following recovery for damage. Also, damaged should have been transferred to the landlord and this should have written down in the contract.

Other Papers Like Tornado & Bank

Community Health and Population Focused Nursing Task 1

2715 words - 11 pages rate was at 3% far below the national average of 5.0% in the year 2015 (Economic Research Federal Reserve Bank of St. Louis, 2015). There are no homeless shelters in Broomfield county because of its small size and recent inception. Neighboring counties possess homeless and emergency shelters that is used by Broomfield residents in case of need. Using the Cultural assessment tool, the community presents as primarily made up of Caucasians

Cause Marketing Essay

1421 words - 6 pages in providing their customers with opportunities to show their support and contribute actively to saving nature. WWF license the panda logo and WWF name to secure revenue and to build brand awareness. * One version of this is the World Wildlife Fund Visa credit card with Cash Rewards from Bank of America. The Bank of America will contribute $100 to WWF for each new qualifying World Wildlife Fund Visa® credit card account. * This past

Business

2626 words - 11 pages Yamao LED Bulb • 5Watt • B22, E27 1 Year Warranty 299 Philips Essential 18W Energy Saver Daylight/Warm white B22, E27 179 Yamao LED Bulb 1 Philips Essential 14 Watt Yamao LED Bulb • 7Watt • B22, E27 • 10Watt • B22, E27 Daylight/Warm white B22, E27 1 Year Warranty Year Warranty 399 Philips Tornado 23 Watt Daylight/Warm white B22, E27 209 499 159 Philips Ecotone 45/65 Watt Daylight/Warm white E27 45 Watt 65 Watt 999

Spain Sub Prime Crisis

7844 words - 32 pages a beautiful picture of the situation, offering easy AAA ratings to almost every bank, although they were on obvious very risky positions. All this combined to fuel a massive property bubble, which eventually overshoot and burst. The rhythm of innovation and the speed of the financial markets created imbalances in the US economy. As seen in the 1929 crash, the market was getting oversaturated, but this time it was more synthetic. The viral effect

Business

6074 words - 25 pages ; and the manufacture of colours and coatings for the glass and ceramics industries. [pic] The company comprises 4 divisions as above. This study will focus on the Catalysts division. The company has existed for over 150 years. It was founded by Percival Johnson and George Matthey around 1851. The company originally was based on the assaying precious metals i.e. determining the purity of the very expensive metals for the Bank of England

Cultural Diversification Japan Vs Bangladesh

4725 words - 19 pages rampant in Bangladesh. The poor health conditions in Bangladesh are attributed by the lack of healthcare and services provision by the government. The total expenditure on healthcare as a percentage of their GDP was only 3.35% in 2009, according to a World Bank report published in 2010. The number of hospital beds per 10 000 population is 4. The General government expenditure on healthcare as a percentage of total government expenditure was only

Analysis For Best Buy Company

9866 words - 40 pages $1 million mark in annual revenues. Growth and Challenge 1974. Sound of Music moves into new headquarters in Bloomington, Minnesota. 1978. Sound of Music operates nine stores in Minnesota by year end. 1981. A tornado hits the Roseville, Minnesota store; Sound of Music responds with a “Tornado Sale,” introducing low prices in a no frills retail environment. As a measure of the success of the enhanced assortment, stores average $350 in sales

Principles Of Information Security

3291 words - 14 pages tornado is a threat agent that is part of the threat of severe storms. Vulnerability: A weaknesses or fault in a system or protection mechanism that opens it to attack or damage. Some examples of vulnerabilities are a flaw in a software package, an unprotected system port, and an unlocked door. Some well-known vulnerabilities have been examined, documented, and published; others remain latent (or undiscovered). 1 Critical Characteristics of

Computer System Security

3291 words - 14 pages tornado is a threat agent that is part of the threat of severe storms. Vulnerability: A weaknesses or fault in a system or protection mechanism that opens it to attack or damage. Some examples of vulnerabilities are a flaw in a software package, an unprotected system port, and an unlocked door. Some well-known vulnerabilities have been examined, documented, and published; others remain latent (or undiscovered). 1 Critical Characteristics of

Principles of Information Security

3241 words - 13 pages agent: The specific instance or a component of a threat. For example, all hackers in the world present a collective threat, while Kevin Mitnick, who was convicted for hacking into phone systems, is a specific threat agent. Likewise, a lightning strike, hailstorm, or tornado is a threat agent that is part of the threat of severe storms. Vulnerability: A weaknesses or fault in a system or protection mechanism that opens it to attack or damage

Freedom And Responsibility

2141 words - 9 pages Built within the Constitution of the United States are specifically defined freedoms that are guaranteed to all citizens. Conversely, with every constitutional freedom there comes a corresponding responsibility. On September 25, 1789, the state legislature’s twelve proposed amendments were transmitted by congress, the first two dealing with congressional representation and congressional pay. The following numbers three through twelve were

Related Essays

Tornado & Bank Essay

734 words - 3 pages Bank Tornado In March 2000, at 5:30 p.m., a tornado hit several major buildings in downtown Fort Worth, Texas. Among the buildings damaged by the windstorm was a tall glass tower that a large bank had leased mostly for administrative offices for its 600 employees, but that also had public banking facilities on the lower floors. Because the tornado hit just after the end of the workday, there was no loss of life, but property damage to the

Enviroment Lab Assignment

816 words - 4 pages weather and temperature as it changes throughout the world. As the temperatures gets warmer species move to a cooler habitation or they may even die. The warming of the temperature has also caused changes in the timing of spring and the length of the season. Just recently, we had a tornado warnings and I noticed that they have gotten much stronger and they are coming more frequently and they have been seen in places where no hurricane or tornado

The Unfortunate Consequences Of Neglect Waco Essay

1261 words - 6 pages murdering a white woman was abducted by a mob just inside of the courthouse. Once he was drug outside he was tortured and drug through the streets. He was mutilated while still alive and eventually burned to death, all while nearly 15,000 spectators watched. Later in the 1950s a tornado blew through Waco, killing over 110 people and making the list as one of the deadliest tornados in American history. In 1993, a cult known as the Branch Davidians held

Social Media In Emergency Management Essay

3584 words - 15 pages instantly for recovery efforts, thus expediting the process. A few great examples of crowd-funding are: the Japan Tsunami, Hurricane Sandy, and the Joplin Tornadoes. If you go to the Joplin Tornado Facebook page you will find continuously updated information regarding recovery efforts of this disaster (Joplin, MO Tornado Recovery, 2013). Most social media sites will include links to click for quick donations to recovery such as PayPal. The