Podcast
Questions and Answers
What makes it challenging to estimate the frequency and severity of operational risks?
What makes it challenging to estimate the frequency and severity of operational risks?
- Lack of expert judgment
- Subjectivity and lack of data (correct)
- Constant reassessment in light of changes
- Intangible nature of some risks
What introduces subjectivity in assessing operational risks?
What introduces subjectivity in assessing operational risks?
- Regulatory landscape
- Expert judgment (correct)
- Changes in the external environment
- Quantification of intangible risks
Why are operational risks challenging to measure consistently over time?
Why are operational risks challenging to measure consistently over time?
- Different expert opinions
- Subjectivity and lack of data
- Quantification of intangible risks
- Constant reassessment in light of changes (correct)
What type of risks involve factors that are extremely difficult to quantify in financial terms?
What type of risks involve factors that are extremely difficult to quantify in financial terms?
What is the aim of risk management in project settings?
What is the aim of risk management in project settings?
Which factor can cause a project to deviate from its planned objectives, timeline, or budget?
Which factor can cause a project to deviate from its planned objectives, timeline, or budget?
During which phase of the project life cycle is the project plan put into action?
During which phase of the project life cycle is the project plan put into action?
What is the main purpose of the risk register in project management?
What is the main purpose of the risk register in project management?
What key activity should management reports provide in relation to project risks?
What key activity should management reports provide in relation to project risks?
Which phase of the project life cycle involves assessing the project's viability through a feasibility study?
Which phase of the project life cycle involves assessing the project's viability through a feasibility study?
What activity occurs during the Project Closure phase of a project?
What activity occurs during the Project Closure phase of a project?
Why is ongoing updating of the risk register necessary in project management?
Why is ongoing updating of the risk register necessary in project management?
What is the main purpose of Risk Monitoring and Control in project management?
What is the main purpose of Risk Monitoring and Control in project management?
Why is communication important in project risk management?
Why is communication important in project risk management?
How does project risk management help in enhancing decision making?
How does project risk management help in enhancing decision making?
What is the primary goal of project risk management according to the text?
What is the primary goal of project risk management according to the text?
What does uncertainty in projects refer to?
What does uncertainty in projects refer to?
Why is it essential to continuously monitor risks in a project?
Why is it essential to continuously monitor risks in a project?
What is the primary objective of Operational Risk Management?
What is the primary objective of Operational Risk Management?
What are some examples of operational risks in the manufacturing sector?
What are some examples of operational risks in the manufacturing sector?
Which of the following is a regulatory requirement for banks?
Which of the following is a regulatory requirement for banks?
Which of the following is a common risk mitigation strategy for manufacturing companies?
Which of the following is a common risk mitigation strategy for manufacturing companies?
How do operational risks differ between banks and manufacturing companies?
How do operational risks differ between banks and manufacturing companies?
What is the main purpose of regulatory compliance in the context of operational risk management?
What is the main purpose of regulatory compliance in the context of operational risk management?
Which part of operational risk management involves the ongoing process of handling the risks?
Which part of operational risk management involves the ongoing process of handling the risks?
What makes operational risks difficult to identify and quantify?
What makes operational risks difficult to identify and quantify?
What is the purpose of operational risk reporting and insights?
What is the purpose of operational risk reporting and insights?
What is the role of operational data and technology in risk management?
What is the role of operational data and technology in risk management?
What is the main challenge in measuring operational risk?
What is the main challenge in measuring operational risk?
What is the first step in operational risk assessment and measurement?
What is the first step in operational risk assessment and measurement?
