Objective 3.1 Flashcards
Risk and Risk Management
1
Q
A possible event that could cause harm or loss or make it more difficult to achieve objectives.
A
Risk
2
Q
Uncertainty of outcome can be used in the context of measuring the probability of positive outcomes as well as negative outcomes
A
Risk
3
Q
The practice of ensuring that an organization understands and effectively handles risks
A
Risk Management
4
Q
Four things we can do with risk
A
Avoid, Transfer, Mitigate, Accept
5
Q
Risk management should be
A
Continuous
6
Q
Your governance body should define your risk _________ and your risk _________ for your organization.
A
risk appetite, risk threshold
7
Q
The means by which an organization is directed and controlled
A
Governance
