Podcast
Questions and Answers
What characterizes risks in the Top-Right Quadrant?
What characterizes risks in the Top-Right Quadrant?
- High likelihood, high magnitude (correct)
- Low likelihood, low magnitude
- High likelihood, low magnitude
- Low likelihood, high magnitude
Which example best fits the category of risks with high likelihood and high magnitude?
Which example best fits the category of risks with high likelihood and high magnitude?
- Employee absenteeism in a large corporation
- Data breaches for companies handling sensitive data (correct)
- Minor equipment malfunction in a small business
- Routine maintenance delays in a manufacturing plant
How does proactive risk management help organizations in operations?
How does proactive risk management help organizations in operations?
- Ignoring potential risks until they materialize
- Reacting to risks as they occur
- Identifying potential disruptive events in advance (correct)
- Downplaying the impact of potential risks
What does the 'level of risk' refer to in risk management?
What does the 'level of risk' refer to in risk management?
Why is the explicit management of risks considered a baseline expectation from stakeholders?
Why is the explicit management of risks considered a baseline expectation from stakeholders?
In what quadrant would you most likely find a risk with low likelihood and high magnitude?
In what quadrant would you most likely find a risk with low likelihood and high magnitude?
What are 'opportunity risks' in organizations?
What are 'opportunity risks' in organizations?
What is the ideal goal concerning 'hazard risks'?
What is the ideal goal concerning 'hazard risks'?
Which type of risk can potentially enhance or inhibit the achievement of an organization's goals?
Which type of risk can potentially enhance or inhibit the achievement of an organization's goals?
What is the primary focus when dealing with 'compliance risks'?
What is the primary focus when dealing with 'compliance risks'?
Which risk type is often referred to as regulatory risk?
Which risk type is often referred to as regulatory risk?
In what situation do organizations acknowledge that eliminating risks entirely is not always feasible?
In what situation do organizations acknowledge that eliminating risks entirely is not always feasible?
What is a potential consequence of compliance risks for an organization?
What is a potential consequence of compliance risks for an organization?
In managing compliance risk, what is the purpose of identifying applicable laws and regulations?
In managing compliance risk, what is the purpose of identifying applicable laws and regulations?
What is a key component of a comprehensive compliance program according to the text?
What is a key component of a comprehensive compliance program according to the text?
Why is monitoring side effects crucial in risk management strategies?
Why is monitoring side effects crucial in risk management strategies?
What are spin-offs in the context of risk management according to the text?
What are spin-offs in the context of risk management according to the text?
How do organizations typically manage compliance risk according to the text?
How do organizations typically manage compliance risk according to the text?
What is the purpose of examining past incidents and nonconformities in a task?
What is the purpose of examining past incidents and nonconformities in a task?
Why is it important to check legal and regulatory requirements for a task?
Why is it important to check legal and regulatory requirements for a task?
What is the significance of identifying hazards and predicting hazardous events associated with a task?
What is the significance of identifying hazards and predicting hazardous events associated with a task?
Why is it crucial to rate risks after identifying hazards?
Why is it crucial to rate risks after identifying hazards?
What should be done if a risk is deemed unacceptable based on the risk rating?
What should be done if a risk is deemed unacceptable based on the risk rating?
Why is reviewing a task for risk elimination or reduction crucial?
Why is reviewing a task for risk elimination or reduction crucial?
Which risk control measure involves changing out a material or process to reduce the hazard?
Which risk control measure involves changing out a material or process to reduce the hazard?
What type of control measure aims to prevent hazards from coming into contact with workers while still allowing them to perform their tasks?
What type of control measure aims to prevent hazards from coming into contact with workers while still allowing them to perform their tasks?
Which control measure involves giving workers relevant procedures, training, or warnings to change the way work is done?
Which control measure involves giving workers relevant procedures, training, or warnings to change the way work is done?
What term is used in organizational risk management to refer to the adverse consequences resulting from incidents, accidents, near misses, and operational activities?
What term is used in organizational risk management to refer to the adverse consequences resulting from incidents, accidents, near misses, and operational activities?
Which control measure aims to completely eliminate a hazard by ensuring it no longer exists?
Which control measure aims to completely eliminate a hazard by ensuring it no longer exists?
What are examples of administrative controls?
What are examples of administrative controls?
