C3 Risk Management Flashcards
1
Q
Risk is…
A
Significant negative impact on operations of given business
2
Q
Predictable and measurable risks are..
A
Quantifiable risks
3
Q
Name 4 quantifiable risks
A
Financial
Operational
Strategic
Compliance
4
Q
Internal risks
A
Pr failure
Product failure
Employee error
Failure of equipment
5
Q
External risks
A
Natural disaster
Supply chain problem
Legal challenges
Economic factors
6
Q
Risk management involves
A
Understanding and minimising what might go wrong
7
Q
Process of risk management
A
Identity and analyse Measure likelihood Assess Potential Decide action Attempt to remove
8
Q
What is a contingency plan
A
A plan of action to follow in a crisis that should restore the business to its everyday functioning
