Risk Management Flashcards
What is a Risk Register?
A document that identifies potential risks, their impact, likelihood, and mitigation strategies.
What are the steps in risk management?
Identification, Assessment, Mitigation, Monitoring, and Response.
What is a Mitigation Plan?
A strategy to reduce the likelihood or impact of a risk.
What is the difference between Risk and Issue?
A risk is a potential event that could happen, while an issue is a problem that has already occurred.
What is Risk Appetite?
The level of risk an organization is willing to accept in pursuit of its objectives.
What is a Risk Response Plan?
A detailed strategy for addressing specific risks, including avoidance, mitigation, acceptance, or transfer of risk.
What is Risk Probability vs. Impact?
Risk Probability is the likelihood of the risk occurring, while Risk Impact is the severity of the consequences if the risk happens.
What is Contingency Planning?
A proactive plan developed to address risks or uncertainties, ensuring the project can continue if a risk materializes.
What is a Risk Heat Map?
A visual tool that plots risks based on their likelihood and impact, helping prioritize which risks need immediate attention.
What are the four main risk response strategies?
Avoid (eliminate the risk), Mitigate (reduce impact), Transfer (outsource the risk), Accept (acknowledge the risk and its consequences).
