Podcast
Questions and Answers
Which of the following statements is true?
Which of the following statements is true?
- A risk management strategy is your game plan for tackling risks, exposures, and unexpected events, and it's essential for businesses of some sizes and industries.
- Risk management strategy only enhances resilience but does not support informed decision-making in response to evolving risks and challenges.
- A risk management strategy is your game plan for tackling risks, exposures, and unexpected events, and it's essential for businesses of all sizes and industries. (correct)
- Effective risk management is best understood as a series of steps, but as a cyclical process in which new and ongoing risks are continually identified, assessed, managed, and monitored.
All of the following pertains to importance of Risk Management Strategy except for?
All of the following pertains to importance of Risk Management Strategy except for?
- Operational Effectiveness and Business Continuity
- Relevance in Business Experiments (correct)
- Protection of Your Company's Assets
- Customer Satisfaction and Loyalty
Which of the following statements best describes the importance of Risk strategy in Operational Effectiveness and Business Continuity?
Which of the following statements best describes the importance of Risk strategy in Operational Effectiveness and Business Continuity?
- Risk management identification, assessment, and management practices expose vulnerabilities faster and allow your company to remove projects and activities that don't produce a return on investment.
- Data breaches are becoming more disruptive, with longer recovery times and increased costs due to lost business
- With all the moving parts both in a company and outside of it having an established risk management process and a strategy in place allows you to ensure internal controls are in place to deal with other types of risk as they arise. (correct)
- When your business has a well-thought-out and developed risk management plan and acts on it, your customers can maintain a sense of security and confidence in your reputation and brand
This company has a huge investment in protecting its digital assets
This company has a huge investment in protecting its digital assets
A tech giant usually protects all of its critical assets including
A tech giant usually protects all of its critical assets including
Cybersecurity measures include the following features except for
Cybersecurity measures include the following features except for
Risk management committee is often composed of
Risk management committee is often composed of
The risk management strategy that most car companies implement is
The risk management strategy that most car companies implement is
The risk management strategy that most pharmaceutical companies implement is
The risk management strategy that most pharmaceutical companies implement is
The risk management strategy that most financial institutions like banks implement is
The risk management strategy that most financial institutions like banks implement is
Banks implement contingency planning by maintaining backup data centers and emergency response protocols to ensure operations continue during cyberattacks or system failures.
Banks implement contingency planning by maintaining backup data centers and emergency response protocols to ensure operations continue during cyberattacks or system failures.
Building in buffers is not essential since its costly for business operations.
Building in buffers is not essential since its costly for business operations.
Most pharmaceutical companies validate its self-driving technology through real-world beta testing and data collection, ensuring safety and regulatory compliance before full-scale deployment.
Most pharmaceutical companies validate its self-driving technology through real-world beta testing and data collection, ensuring safety and regulatory compliance before full-scale deployment.
Most car companies validate its self-driving technology through real-world beta testing and data collection, ensuring safety and regulatory compliance before full-scale deployment.
Most car companies validate its self-driving technology through real-world beta testing and data collection, ensuring safety and regulatory compliance before full-scale deployment.
Ecommerce industries use business experiments like dynamic pricing tests, where it adjusts product prices based on demand, competitor pricing, and customer behavior to minimize revenue loss and maximize profits.
Ecommerce industries use business experiments like dynamic pricing tests, where it adjusts product prices based on demand, competitor pricing, and customer behavior to minimize revenue loss and maximize profits.
Risk Management Committee is often composed of senior executives or board members overseeing risk management.
Risk Management Committee is often composed of senior executives or board members overseeing risk management.
Audit Team is often composted of external auditors assessing risk management effectiveness.
Audit Team is often composted of external auditors assessing risk management effectiveness.
Tone of the top model constitutes of clear accountability for managing risk.
Tone of the top model constitutes of clear accountability for managing risk.
Tone of the top model constitutes of risk leadership, clarity of direction.
Tone of the top model constitutes of risk leadership, clarity of direction.
Competency model constitutes of transparency and timelines of risk information.
Competency model constitutes of transparency and timelines of risk information.
Flashcards
Effective Risk Management
Effective Risk Management
A cyclical process of identifying, assessing, managing, and monitoring new and ongoing risks.
Risk Management Strategy
Risk Management Strategy
A plan for addressing risks to businesses of all sizes.
Importance of Risk Management
Importance of Risk Management
Operational effectiveness, business continuity, and protection of company assets.
Risk Strategy & Operational Effectiveness
Risk Strategy & Operational Effectiveness
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Critical Assets Protected by Tech Giants
Critical Assets Protected by Tech Giants
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Cybersecurity Measures
Cybersecurity Measures
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Risk Management Committee Composition
Risk Management Committee Composition
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Contingency Planning
Contingency Planning
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Business Experiments
Business Experiments
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Risk Management Committee
Risk Management Committee
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Tone of the top model
Tone of the top model
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Study Notes
- Effective risk management is a cyclical process of identifying, assessing, managing, and monitoring new and ongoing risks.
- A risk management strategy is essential for businesses of all sizes and industries as a plan for tackling risks, exposures, and unexpected events.
- Risk management strategy enhances resilience and supports informed decision-making.
- Risk Management Strategy includes operational effectiveness, business continuity, and protection of company assets, customer satisfaction, and loyalty.
- A risk management process and strategy ensures proper internal controls to manage risks.
- A Business that acts on well-thought-out and developed risk management plan can maintain customer perception of security and brand confidence.
- Risk management practices expose vulnerabilities to allow companies to remove projects and activities that lack sufficient return on investment.
- Microsoft invests heavily in protecting digital assets.
- Tech companies often protect Digital, Physical, and Human assets.
- Cybersecurity measures use end-to-end encryption, implement AI threat detection, and require multi-factor authentication (MFA).
- Risk management committees consist of professionals focused on identifying and mitigating risks; senior executives or board members overseeing risk management; and internal auditors assessing risk management effectiveness.
- Car companies implement risk management strategies that isolate identified risks.
- Pharmaceutical companies implement risk-reward analysis as their risk management strategy.
- Financial institutions like banks implement contingency planning as their risk management strategy.
- Banks maintain backup data centers and emergency response protocols to ensure operational continuity during cyberattacks or system failures.
- Building in buffers is essential, not costly, for business operations.
- Most pharmaceutical companies does NOT validate its self-driving technology through real-world beta testing
- Most car companies validate their self-driving technology through real-world beta testing and data collection assuring safety and regulatory compliance prior to full-scale deployment.
- Ecommerce industries use business experiments like dynamic pricing tests adjsuting based on demand.
- Risk Management Committees have senior executives or board members that oversee risk management.
- The Audit Team is not comprised of external auditors assessing risk management effectiveness.
- The Tone of the top model does not constitute clear accountability for managing risk.
- Tone of the top model constitutes risk leadership and clarity of direction.
- The Competency model does not constitute transparency and timelines of risk information.
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