What is a program designed to minimize incident-based financial losses?

What is a program designed to minimize incident-based financial losses?

• A. Loss Control
• B. Loss Prevention
• C. Workplace losses
• D. Risks

Answer: (A)

Loss control is the program that aims to reduce how costly a loss is after an incident occurs. It focuses on lowering both the frequency and, especially, the severity of losses by putting in place safeguards, preventive maintenance, training, incident investigations, and corrective actions to stop recurrence and lessen financial impact. While loss prevention works to stop incidents from happening in the first place, loss control targets the financial losses that do occur, making it the best fit for minimization of incident-based losses. The other options aren’t programs that specifically address reducing financial impact after incidents.

Loss control is the program that aims to reduce how costly a loss is after an incident occurs. It focuses on lowering both the frequency and, especially, the severity of losses by putting in place safeguards, preventive maintenance, training, incident investigations, and corrective actions to stop recurrence and lessen financial impact. While loss prevention works to stop incidents from happening in the first place, loss control targets the financial losses that do occur, making it the best fit for minimization of incident-based losses. The other options aren’t programs that specifically address reducing financial impact after incidents.