Risk Management

Question 1

What is a Key Risk Indicator (KRI)?

Answer 1

Is a metric showing the risk appetite probability for an organization.

Question 2

Describe the Risk Management Phases:
1) Risk Identification
2) Risk Assessment
3) Risk Analysis
4) Prioritization
5) Risk Treatment
6) Risk Tracking and Review

Answer 2

1) Identifies the source, causes, and consequences of internal and external risks.
2) Provides an estimate on the likelihood and impact of a risk.
3) Analyzing the risk to understand the inherent and controlled risks.
4) Triaging of the risks based on goal of the organization.
5) Selecting and implementing appropriate controls on the risk.
6) Identifies the chance of a new risk occurring. Evaluates the performance of the implemented risk management strategies.