II. Vocabulary exercises

1. Mach the words with their definitions:

1. risk management a. the activity of making money

2. to reduce b. someone who buys and uses goods and services

3. employee c. physical harm

4. business d. a worker

5. a solid grasp e. the way you hold something firmly

6. damage f. to make something smaller

7. consumer g. politically agreed actions oriented to modernization

8. revamping policies h. logical process that minimizes the level of

business risk

2. The words in the box frequently occur in front of or after "management"

buyout consultant risk management international crisis middle

Find combinations that mean:

1. someone who is paid to advise the management of a company how to improve their organization and working methods;

2. a situation when a company's managers buy the company they work for;

3. the activity of controlling and organizing the work under unusually difficult or dangerous circumstances;

4. a logical process or approach that seeks to eliminate or at least minimize the level of risk associated with a business operation;

5. the people in charge of small groups within an organization;

6. the process of managing resources (people, funds, inventories, and technologies) across national boundaries.

3. Fill in the blanks:

1. Risk management is a logical process or approach that seeks … or at least … the level of risk associated with a business operation.

2. … of effective risk … strategies is the desire to find ways to manage the degree of uncertainty that exists within any … enterprise.

3. Once there is … of how the … functions, it is then possible to move on to … that process … managing that uncertainty factor.

4. … management seeks to … the potential for injury to ...

5. Risk management … the opportunity for money and other forms of finance … or utilized ineffectively.

6. Risk management may also demand … and procedures in order … the company environment of … risk situations.

7. The … process of risk management will … from company to company.

4. Complete the following sentences:

1. The actual process of risk management will …

2. Risk management is a logical process or approach that seeks to eliminate or at least minimize …

3. This step involves understanding the logical flow of the production process and …

4. Risk management not only seeks to minimize the potential for injury to employees, but also …

5. Risk management may demand revamping policies and procedures in order to rid the company environment of ...

6. Risk management normally requires the support of owners and the management team in order to refine the overall operation and …

5. Find English equivalents to the following Ukrainian phrases:

ризик-менеджмент, приносити високі результати, досягти якомога нижчого рівня ризику, визначити специфічний ризик, логічний процес, знаходити шляхи керування рівнем ризику, знизити рівень травмування, ефективно та безпечно використовувати ресурси, надзвичайно складний процес, потребувати підтримки власників підприємств, позбавляти від потенційно ризикових ситуацій, потребувати політику оновлення.

6. Working with a partner, fill in the other forms of the words in the chart:

NOUN	VERB	ADJECTIVE
Possession consumer negligence	to reduce to alter to damage to schedule	reduced injured abusive negligent

7. Find words in the text opposite in meaning to the following:

Employer, seller, to increase, to stabilize, typical, responsibility, ineffective, negative, illogical, stable policy.

8. Translate into English:

1. Ризик-менеджмент – це логічний процес або підхід, який спрямований на ліквідацію чи зменшення рівня ризику, пов’язаного з роботою в бізнес-структурах.

2. В основі найефективніших стратегій ризик-менеджменту лежить бажання знайти шляхи контролю рівня невпевненості, з яким стикається кожне підприємство.

3. Цей шаг включає повне розуміння логічного ходу виробничого процесу.

4. В бізнесі існують специфічні види ризику, які аналізуються таким чином, щоб їхній рівень в виробничому процесі знижувався.

5. Фактична сфера діяльності ризик-менеджменту має свої особливості в кожній компанії.

9. Read the text carefully and decide whether these statements are true or false. Reason it out. Make use of the following phrases: judging from my own experience…; as far as I know…; therefore; taking into account that…; it is universally accepted that…; on the whole; it must be stressed that; I am not quite sure, but….

1. Risk management is a study that seeks to reduce the level of risk associated with a business sphere in general.

2. Any particular business situation can turn out to be a subject matter of risk management.

3. At the core of effective risk management strategies is the possibility to invent new ways to increase the degree of uncertainty that exists within any business enterprise.

4. For risk-manager it is necessary to understand the logical flow of the production process.

5. By making sure that all resources are utilized in a manner that is safe, logical, and efficient, the profit margin for the company will increase and everyone associated with the company is motivated to continue production.

6. Risk management also studies the opportunities for the ineffective utilization of money sources.

7. The actual process of risk management has some similarities in different business organizations.

8. Contemporary risk management policy can demand the replenishing process to rid the company environment of potential risk situations.

9. Risk management never requires the support of owners and the management team in order to refine the overall operation and achieve the lowest degree of risk possible.

10. Answer the following questions:

1. What does the notion "Risk management" mean?

2. What does risk management identify?

3. What is at the core of effective risk management strategies?

4. Is the process of the identification of risks complicated? Why?

5. Does risk management seek to minimize the potential for injury to employees?

6. How does risk management influence the profit margin for the company?

7. Will the actual process of risk management vary from company to company?

8. What can risk management demand in some companies?

9. What does risk management normally require?