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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?

Allocate adequate resources to implement and maintain necessary control measures Signup and view all the answers

Why is 'Reaction Planning' important in risk management?

To develop disaster recovery or business continuity plans for hazard risks Signup and view all the answers

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

Keeping track of risk performance, actions, and events Signup and view all the answers

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

To update the risk architecture, strategy, and protocols as needed Signup and view all the answers

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

Hazard risks Signup and view all the answers

What is the primary goal of managing control risks?

To minimize the variance between expected and actual outcomes of projects or business activities Signup and view all the answers

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

Opportunity risks Signup and view all the answers

What is the primary strategy for managing hazard risks?

Implementing operational risk management and safety programs Signup and view all the answers

What is the purpose of risk classification systems?

To categorize risks based on various attributes and criteria Signup and view all the answers