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Questions and Answers
What is the correct definition of a vulnerability in the context of risk evaluation?
What is the correct definition of a vulnerability in the context of risk evaluation?
Which category indicates the most severe impact of loss when evaluating threats?
Which category indicates the most severe impact of loss when evaluating threats?
Which law requires employers to maintain a safe and healthy workplace?
Which law requires employers to maintain a safe and healthy workplace?
What does the Vulnerability Rating of 'Very High' indicate?
What does the Vulnerability Rating of 'Very High' indicate?
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What is the primary purpose of risk evaluation?
What is the primary purpose of risk evaluation?
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What is the primary purpose of risk management within an organization?
What is the primary purpose of risk management within an organization?
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Which of the following is considered an example of compliance risk?
Which of the following is considered an example of compliance risk?
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What does risk identification primarily involve?
What does risk identification primarily involve?
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Which type of risk involves uncertainty arising from internal control processes?
Which type of risk involves uncertainty arising from internal control processes?
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What characteristic makes risk management practices dynamic?
What characteristic makes risk management practices dynamic?
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Which of the following best describes 'emerging risk indicators'?
Which of the following best describes 'emerging risk indicators'?
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What is an essential characteristic of risk assessment in an organization?
What is an essential characteristic of risk assessment in an organization?
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What does risk analysis aim to achieve within the risk management framework?
What does risk analysis aim to achieve within the risk management framework?
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Study Notes
Risk Assessment Framework
- Risk is the effect of uncertainty on objectives, typically expressed through sources, events, consequences, and likelihood.
- Risk assessment includes identification, analysis, and evaluation of risks to manage uncertainties affecting organizational goals.
Risk Identification
- The process of recognizing and describing various types of risks.
- Types of Risks:
- Tangible Risks: Physical items like machinery.
- Intangible Risks: Non-physical factors like bad reviews.
- Considerations include:
- Cause and effect relationships.
- Threats and opportunities, such as competition.
- Vulnerabilities and strengths within an organization.
- Changes in the internal and external context.
- Emerging risk indicators, such as rising costs.
- Asset and resource value assessment for training needs.
- Evaluating consequences and impacts to achieve goals.
Types of Risk
- Compliance Risk: Failure to adhere to laws and regulations.
- Hazard Risk: Pure risk from natural disasters affecting operations.
- Control Risk: Arises from uncertainty related to internal controls.
- Opportunity Risk: Risks associated with potential beneficial investments or chances.
Value Creation and Protection
- Risk management should be integrated within organizational structures and project planning.
- Must be structured, comprehensive, customized, and inclusive of stakeholder input.
- Dynamic management adapts to changing circumstances.
- Continual improvement processes seek effective identification, assessment, and mitigation of risks.
Risk Analysis
- Understand the nature and characteristics of risks, aiding organizational preparedness.
- Highlights the importance of analyzing consequences, impacts, and probabilities.
- Utilizes both qualitative and quantitative assessments:
- Qualitative: Standards and protocols.
- Quantitative: Statistical data and calculations.
Impact of Loss
- Damage from threats is categorized as:
- Minor: Negligible impact.
- Noticeable: Distinct but not critical.
- Major: Significant disruption.
- Severe: Total breakdown.
- Vulnerability ratings indicate likelihood of occurrence:
- Low: Unlikely event.
- Moderate: Possible but not guaranteed.
- High: Likely occurrence.
- Very High: Almost certain event.
Risk Evaluation
- Supports decision-making by comparing chosen problems.
- Evaluates various factors involved in risk scenarios.
Legislative Framework for Safety and Security
- 1987 Constitution: Foundation for safety regulations.
- PD 442 Labor Code: Mandates maintenance of safe workplaces.
- OSH Standards: Sets requirements for occupational health and safety.
- EO 307: Establishes the OSH Center.
- PD 626: Provides a compensation framework for work-related injuries.
- Anti Sexual Harassment Act: Protects against workplace harassment.
- RA 9165: Addresses drug-related offenses.
- RA 8504: Aims to prevent and manage HIV/AIDS in workplaces.
- RA 11058: Strengthens compliance with OSHS and outlines penalties for violations.
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Description
Explore the principles of risk assessment as outlined in the ISO 31000:2018 framework. This quiz covers the processes of risk identification, analysis, and evaluation, focusing on the sources and impacts of risks within organizations. Test your understanding of key concepts and terminology associated with risk management.
