10 Questions
What does 'risk sharing or transfer' involve?
Contracting with a third party to bear some or all costs of a risk
When is a risk accepted according to the text?
When risks fall within the organization's risk appetite and tolerance
What is the purpose of risk management according to the text?
To identify potential problems before they occur
What is emphasized in the text about mitigating risks?
It is less costly to prevent risks from triggering rather than dealing with them after they trigger
What activities are involved in the 'Monitoring and review' step of risk management?
Measuring key performance indicators and looking for key risk indicators
Which phase of a project is risk management considered important according to the text?
Initiation phase
'Risk treatment' in the context of risk management involves:
Applying agreed-upon controls and processes
'Crisis management' deals with:
Handling an event that occurs at a specific point in time
What should monitoring activities in risk management focus on?
Measuring key performance indicators and looking for key risk indicators
How does the text suggest dealing with risks to prevent failure?
Proactively mitigating risks before they trigger
Test your knowledge on organizational crisis management and learn how to handle unforeseen events that can potentially harm an organization's finances, reputation, and more. Explore examples of crises like sudden departures of key executives, fraud, accusations of misconduct, and viral incidents.
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