Risk Management Standards & Best Practices
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Questions and Answers

What is the primary focus of risk management?

  • Increasing profits
  • Reducing or mitigating risk (correct)
  • Improving customer satisfaction
  • Enhancing market share

    • How many elements of risk can be addressed to mitigate risk?

  • Two or more
  • One or two
  • One or all of three (correct)
  • All four

    • What is the outcome of addressing risk elements in risk management?

  • Reduced or mitigated risk (correct)
  • Increased risk
  • Unpredictable risk
  • No change in risk

    • What is the primary goal of identifying risk elements in risk management?

    <p>To reduce or mitigate risk</p> Signup and view all the answers

    What is the relationship between risk elements and risk mitigation?

    <p>Addressing risk elements leads to risk mitigation</p> Signup and view all the answers

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