Risk Management Awareness for Senior Management Quiz

Study Notes

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.

Description

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.