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Risk Management Fundamentals Quiz

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Questions and Answers

What is the primary purpose of risk management for an organization?

Maximizing profits and minimizing expenses

Identifying, assessing, and controlling threats to the organization’s capital and earnings (correct)

Focusing solely on legal liability

Ensuring 100% elimination of all risks

How does risk management contribute to corporate governance principles?

By focusing specifically on risk management to help the company reach its goals (correct)

By only considering the organization's insurance needs

By eliminating all risks to ensure a safe work environment

By ignoring potential threats to focus on profits

What does risk management enable organizations to do in their business decisions?

Avoid establishing procedures to minimize impact of potential threats

Ignore potential threats for short-term gains

Take unnecessary risks for higher profits

Be more confident in their business decisions (correct)

How does risk management contribute to creating a safe and secure work environment?

By establishing procedures to avoid potential threats and minimize their impact Signup and view all the answers

What is one of the benefits of risk management for an organization's insurance needs?

Helps establish the organization's insurance needs to save on unnecessary premiums Signup and view all the answers

What is a key benefit of risk management for an organization's operations?

Increases the stability of business operations and decreases legal liability Signup and view all the answers

How does risk management contribute to an organization's financial well-being?

Helps establish the organization's insurance needs to save on unnecessary premiums Signup and view all the answers

What does risk management enable organizations to do in their decision-making process?

Establish procedures to avoid potential threats and minimize their impact Signup and view all the answers

How does risk management contribute to creating a safe work environment?

Protects all involved people and assets from potential harm Signup and view all the answers

What is a key role of strong corporate governance principles that focus on risk management?

Help a company reach its goals Signup and view all the answers