Podcast
Questions and Answers
Match the following digital age risks with their descriptions:
Match the following digital age risks with their descriptions:
Rapid obsolescence = The danger of a process, product, or technology becoming out-of-date within a short space of time Losing data = The potential harm to reputations through social media Damage to reputation = The danger of vital business information being stolen Anticipating the next business trend = The risk of a company's process, product, or technology becoming outdated quickly
Match the following risk management concepts with their descriptions:
Match the following risk management concepts with their descriptions:
Risk prioritization = The level of risk that the company is willing to accept Risk appetite = The process of assessing each risk's likelihood and consequence Risk analysis = The consistent prioritization of actions to eliminate or mitigate risk Risk assessment = Determining the overall severity of a risk
Match the following risk management tools with their purposes:
Match the following risk management tools with their purposes:
Risk Assessment Matrix (RAM) = To indicate the level of risk that the company is willing to accept RAM = To support the consistent prioritization of actions to eliminate or mitigate risk Six-Step Process for risk management = To analyze each risk's likelihood and consequence Corporate RAM = To determine the overall severity of a risk
Match the following risk management statements with their meanings:
Match the following risk management statements with their meanings:
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Match the following digital age risks with their associated consequences:
Match the following digital age risks with their associated consequences:
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Study Notes
Risks in the Digital Age
- The digital age poses new risks, including rapid obsolescence, where a product, process, or technology becomes out-of-date quickly.
- Losing data is a significant risk, with companies facing threats from skilled cybercriminals who use AI to steal data.
- Damage to reputation through social media is another risk, with tweets and Facebook posts having the potential to cause harm in a short time.
- Anticipating the next business trend and planning accordingly is also a risk, including identifying the risks involved.
Risk Assessment Matrix (RAM)
- RAM is a tool used for risk analysis at Saudi Aramco to assess the likelihood and consequence of each risk, determining its overall severity.
- RAM is used to prioritize risks, but it does not indicate the level of risk that the company is willing to accept.
- The company's corporate RAM emphasizes that no accident, injury, fatality, or environmental harm is ever acceptable.
- RAM is used to support the prioritization of actions to eliminate or mitigate health, safety, and environmental risks, and deliver continuous risk reduction.
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Description
This quiz covers the various risks associated with the digital age, including rapid obsolescence, data loss, reputation damage, and anticipating business trends.
