Risk Management Fundamentals
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Questions and Answers

Which of the following is NOT a contribution of Risk Management?

  • More accurate reporting of business information
  • Simplification of business processes (correct)
  • Better decision making
  • Increased Efficiency

    • What is the primary objective of Hazard Management?

  • Making outcomes more positive
  • Reducing the spread of possible outcomes
  • Minimising opportunity risks
  • Making outcomes less negative (correct)

    • What is the focus of Control Management in Risk Management?

  • Reducing the spread of possible outcomes (correct)
  • Making outcomes more positive
  • Increasing the spread of possible outcomes
  • Minimising opportunity risks

    • Which of the following is a step in the Risk Management Process?

    <p>Reviewing of Risks</p> Signup and view all the answers

    What is the focus of Opportunity Management in Risk Management?

    <p>Making outcomes more positive</p> Signup and view all the answers

    What is the result of effective Risk Management?

    <p>Greater assurance to organisation’s stakeholders</p> Signup and view all the answers

    What is the goal of Risk Identification?

    <p>To identify potential risks and hazards</p> Signup and view all the answers

    What is the purpose of Risk Analysis?

    <p>To evaluate the likelihood and impact of risks</p> Signup and view all the answers

    What is the objective of Risk Treatment?

    <p>To treat or modify risks</p> Signup and view all the answers

    What is the focus of Risk Review?

    <p>To review and monitor risks</p> Signup and view all the answers

    What is the result of effective Risk Reporting?

    <p>More accurate financial reporting</p> Signup and view all the answers

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