Risk Management Model Overview

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Questions and Answers

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?

  • 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?

  • 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?

<p>Allocate adequate resources to implement and maintain necessary control measures (A)</p> Signup and view all the answers

Why is 'Reaction Planning' important in risk management?

<p>To develop disaster recovery or business continuity plans for hazard risks (C)</p> Signup and view all the answers

What does 'Reporting and Monitoring' involve in the context of risk management?

<p>Keeping track of risk performance, actions, and events (C)</p> Signup and view all the answers

What is the primary purpose of conducting regular reviews of the risk management system?

<p>To update the risk architecture, strategy, and protocols as needed (D)</p> Signup and view all the answers

Which type of risk involves potential events that can only result in negative outcomes?

<p>Hazard risks (B)</p> Signup and view all the answers

What is the primary goal of managing control risks?

<p>To minimize the variance between expected and actual outcomes of projects or business activities (B)</p> Signup and view all the answers

Which type of risk involves taking calculated risks to achieve positive outcomes, particularly in commercial or marketplace ventures?

<p>Opportunity risks (B)</p> Signup and view all the answers

What is the primary strategy for managing hazard risks?

<p>Implementing operational risk management and safety programs (D)</p> Signup and view all the answers

What is the purpose of risk classification systems?

<p>To categorize risks based on various attributes and criteria (A)</p> Signup and view all the answers

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