RISK EVALUATION LESSON 3

Question 1

a process that is used to compare risk analysis result
with risk criteria in order to determine

Answer 1

Risk Evaluation

Question 2

_________ a management tool which accurately assess
business exposure based on the frequency and severity of identified
potential risk.

Answer 2

Risk Evaluation Matrix

Question 3

__________ This is a form of self-insurance, whereby the business
operator assumes. and accepts a certain level of losses

Answer 3

Risk Retention

Question 4

____________ is a risk management
technique that seeks to
reduce the possible loss of
busines

Answer 4

Risk Reduction or Loss
control

Question 5

_________ is the
elimination of hazards,
activities and exposures that
can negatively affect an
organization and its assets.

Answer 5

Risk Avoidance

Question 6

__________ is where the frequency
of risk potential is low, but the
severity of apotential incident is high,
the most common and traditional
approach to risk

Answer 6

Risk Transfer