Risk Management

Question 1

An organization can save money and protect their future, if they implement what?

Answer 1

A risk management plan

Question 2

It is the process of identifying, assessing, and controlling threats to an organization’s capital and earnings.

Answer 2

Risk management

Question 3

PCHIP

Other important benefits of risk
management include what?

Answer 3

Protects from events that are detrimental to both the company and the environment.
Creates a safe and secure work environment for all staff and customers.
Helps establish the organization’s insurance needs to save on unnecessary premiums.
Increases the stability of business operations while also decreasing legal liability.
Protects all involved people and assets from potential harm.

Question 4

E-5R-C

What are the steps that risk management plans should follow that combine to make up the overall risk management process?

Answer 4

Establish context.
Risk identification.
Risk analysis.
Risk assessment and evaluation.
Risk mitigation.
Risk monitoring.
Communicate and consult.

Question 5

This step means understanding the circumstances in which the rest of the process will take place.

Answer 5

Establish context

Question 6

This is where the company identifies and defines potential risks that may negatively influence a specific company process or project.

Answer 6

Risk Identification

Question 7

Here, the criteria that will be used to evaluate risk is established, and the structure of the analysis is defined.

Answer 7

Establish context

Question 8

Once the specific types of risks are identified, the company then determines the what?

Answer 8

the odds of them occurring

Question 9

What is the goal of risk analysis?

Answer 9

To understand each specific instance of risk further and how it could influence the company’s projects and objectives.

Question 10

Its goal is to understand each specific instance of risk further and how it could influence the company’s projects and objectives.

Answer 10

Risk Analysis

Question 11

In establishing context, what should be established and used to evaluate risk?

Answer 11

Criteria

Question 12

In establishing context, which part should be defined?

Answer 12

Structure of the analysis

Question 13

What happens after determining the risk’s overall likelihood of occurrence combined with its overall consequences?

Answer 13

The risk is further evaluated