Podcast
Questions and Answers
What are the key components of risk management?
What are the key components of risk management?
- Mitigating, monitoring, and controlling risks
- Identifying, assessing, and prioritizing risks (correct)
- Maximizing opportunities and minimizing uncertainties
- Allocating resources and developing reaction plans
How does the risk management model suggest responding to risks?
How does the risk management model suggest responding to risks?
- Ignore the risks and hope for the best outcomes
- Respond to all risks equally without prioritization
- Decide on actions for significant risks: tolerate, treat, transfer, or terminate (correct)
- Avoid acknowledging the existence of risks
What does the 'Rating of Risks' step in the risk management model involve?
What does the 'Rating of Risks' step in the risk management model involve?
- Creating a risk profile without evaluating the likelihood of risks
- Implementing disaster recovery plans for all identified risks
- Evaluating risks by determining their magnitude and likelihood of occurrence (correct)
- Ignoring the risks and proceeding directly to risk response
What is the purpose of 'Resourcing Controls' in risk management?
What is the purpose of 'Resourcing Controls' in risk management?
Why is 'Reaction Planning' important in risk management?
Why is 'Reaction Planning' important in risk management?
What does 'Reporting and Monitoring' involve in the context of risk management?
What does 'Reporting and Monitoring' involve in the context of risk management?
What is the primary purpose of conducting regular reviews of the risk management system?
What is the primary purpose of conducting regular reviews of the risk management system?
Which type of risk involves potential events that can only result in negative outcomes?
Which type of risk involves potential events that can only result in negative outcomes?
What is the primary goal of managing control risks?
What is the primary goal of managing control risks?
Which type of risk involves taking calculated risks to achieve positive outcomes, particularly in commercial or marketplace ventures?
Which type of risk involves taking calculated risks to achieve positive outcomes, particularly in commercial or marketplace ventures?
What is the primary strategy for managing hazard risks?
What is the primary strategy for managing hazard risks?
What is the purpose of risk classification systems?
What is the purpose of risk classification systems?
