Video bài nghe Market Leader Upper Intermediate – Unit 6: Risk – HocHay
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Market Leader Upper Intermediate – Unit 6: Risk - Listening
A. Listen to Steve Fowler, Managing Director of the Institute of Risk Management, and give one example of internal risk and one example of external risk.
Internal risk: injuries to employees within a factory, fire in a warehouse
External risk: earthquake, tsunami, change in exchange-rate mechanism
B. Listen again and complete the chart.
4. lack of liquidity*
6 availability of new technology
*Means that a company has little immediately available cash, even though it has other assets. Not to be confused with insolvency, where a business can no longer operate because it has run out of money and is unable to borrow more
C. Listen to the second part of the interview. What are the five key steps to risk management?
1. Recognise strategic objectives for organisation and key processes
2. Identify risks affecting the organisation (top down and bottom up)
3. Assess and prioritise risks
4. Mitigate (explain this as reduce) the risk and deal with it by a) treating it, b) terminating it. c) tolerating it or d) transferring it.
5. Flow actions back to strategic objectives
D. Listen to the final part. Which three examples does Steve give of organisations or industries that failed to manage risk? What does he say about each example?
• Banking industry: systematic and reckless risk-taking* with massive implications for the organisations, the banks, their shareholders and the world in general
• US-based clothing retailer: lost 45 million credit-card details, losses of $80m and impact on reputation
• Video-cassette industry: failed to anticipate changes in customer demand caused by new technologies
*Means making investments which will not only have implications for the parties involved, but also for the whole industry or market, and done so with a disregard for the possible negative consequences
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Vocabulary Market Leader Upper Intermediate – Unit 6: Risk – HocHay
A. The verbs in the box are used when talking about risk. Check their meanings and put them under the appropriate heading in the table below.
|anticipate calculate eliminate encounter estimate evaluate face foresee gauge identify measure minimise prioritise reduce spread weigh up|
B. Match these sentence halves from newspaper extracts.
1. During the credit crunch, many businesses...
2. We can reduce risk ...
3. Trying to minimise risk ...
4. It is impossible to ...
5. It is difficult to foresee the risks ...
6. Actuaries calculate risk ...
7. It is important to consider ...
a) the risks involved when sending staff to work in dangerous locations.
b) in order to advise insurance companies.
c) involved in setting up a new business.
d) eliminate all risk when entering a new market.
e) faced the risk of running out of money.
f) by spreading our lending across more markets.
g) is an important part of business strategy.
C. These adjectives can be used with the word risk. Complete them with the missing vowels.
1. s l _ g h t
2. g r _ _ t
3. m _ n _ s c _ l _
4. c _ n s _ d _ r _ b l _
5. p _ t _ n t _ _ I
6. _ m m _ d _ _ t _
7. h _ g _
8. r _ m _ t _
9. s _ r _ _ _ s
10. n _ g l _ g _ b l _
11. s _ g n _ f _ c _ n t
12. _ m m _ n _ n t
13. s _ b s t _ n t _ _ l
14. t _ r r _ b l _
15. t r _ m _ n d _ _ s
D. Of the adjectives in Exercise C, which describe:
1. a high level of risk? a low level?
2. a possible future risk? a risk in the very near future?
High: great, considerable, huge, serious, significant, terrible, tremendous, substantial
Low: slight, remote, minuscule, negligible
Very near future: immediate, imminent
Language Review Market Leader Upper Intermediate – Unit 6: Risk – HocHay
A. Which of these adverbs strengthen the adjective which follow and which soften it?
|a bit entirely exceptionally extremely fairly fully highly increasingly moderately quite rather reasonably slightly somewhat totally very|
Strengthen: entirely, exceptionally, extremely, fully, highly, increasingly, totally, very
Soften: a bit, fairly, moderately, quite, rather, reasonably, slightly, somewhat
B. Complete these dialogues with a suitable adverb.
1. 'What were your sales results like last year?'
' ............ good. I made my targets with two months to spare.'
2. 'What's your new CEO like?
'Extremely talented and ............ intelligent. She brings out the best in people.'
3. 'Do you really think we should invest in an ............ volatile market?'
'Well, first of all we should stay calm and review what we already own.'
4. 'What did you think of the H R Director's presentation?'
'To be honest, I don't think she was ............ prepared. She seemed to be reading it most of the time.'
5. 'Are you confident that the merger will go ahead?'
' ............ confident, although we still need a few more meetings to sort out one or two problems.'
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