Master the Art of Risk Management

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Questions and Answers

Which of the following best defines risk management?

  • The coordination and application of resources to maximize opportunities
  • The monitoring and control of international markets
  • The identification, evaluation, and prioritization of risks (correct)
  • The management of legal liabilities

What is the purpose of risk management?

  • To eliminate all risks
  • To maximize the realization of opportunities
  • To minimize the impact of unfortunate events (correct)
  • To control international markets

What are the sources of risks?

  • Uncertainty in international markets, political instability, threats from project failures
  • Legal liabilities, credit risk, accidents
  • Natural causes and disasters, deliberate attack from an adversary
  • All of the above (correct)

How are negative events classified in risk management?

<p>As risks (B)</p> Signup and view all the answers

Which institutions have developed risk management standards?

<p>Both A and B (C)</p> Signup and view all the answers

Which of the following is NOT a component of an early warning system?

<p>Response system (C)</p> Signup and view all the answers

What is one of the main functions of an early warning system?

<p>Risk analysis (A)</p> Signup and view all the answers

What is the purpose of involving communities at risk in an early warning system?

<p>To facilitate public education and awareness of risks (A)</p> Signup and view all the answers

What does risk analysis involve in the context of an early warning system?

<p>Collecting data and undertaking risk assessments (A)</p> Signup and view all the answers

What is one of the key functions of an early warning system?

<p>Monitoring and warning (B)</p> Signup and view all the answers

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