Risk Management Awareness for Senior Management Quiz

What is the purpose of defining a risk response?

What should the risk assessment report and risk register document?

Who is responsible for evaluating and responding to the recommendations included in the report?

What is the strategy to reduce the impact of risk by assigning or sharing it with another enterprise?

What is crucial for understanding liability, compliance, due care, and creating a risk management culture?

What are essential for risk mitigation and can be categorized as managerial, technical, or physical in a control matrix?

What is the focus of risk mitigation?

What is an effective way to mitigate enterprise risk?

What is essential for effective risk management with procedural controls?

What is the primary focus of incident management team?

Which factor is considered in the decision to implement a control?

What does incident management focus on?

What is included in control management procedures?

What should business continuity and disaster recovery planning consider?

How are controls monitored in an enterprise?

Controls are chosen to mitigate risks to an acceptable level and are monitored through specific metrics.
Enterprise sets own metrics and thresholds for control performance, which may be compared to industry standards.
Control management procedures include installation, policy creation, change management, staff training, and scheduling for review and reporting.
Decision to implement a control factors in current risk level, laws and regulations, ongoing projects, strategic plans, budgets, staff availability, public pressure, and actions of competitors.
Risk environment changes require review and revision of business continuity and disaster recovery plans.
Incident management focuses on returning affected systems and operations to normal service as quickly as possible, but it may impact evidence collection.
Incident response plan includes prevention, detection, containment, and recovery measures.
Incident management team consists of internal and external resources, with a primary focus on restoring normal service.
Each incident must be thoroughly reviewed to extract lessons learned for future prevention and detection improvements.
Threats, vulnerabilities, and impact can be identified from incident reports.
Business continuity and disaster recovery planning must consider available resources, expected services, and the types and severity of threats.
Recovery plans should balance risk management efforts, incident management, and business continuity/disaster recovery planning for the most cost-effective solution.

Test your understanding of risk management concepts crucial for senior management. This quiz covers liability, compliance, due care and due diligence, risk transfer, and creating a culture of enterprise through policy and good practice.