Risk Management

What is the correct order of the stages in The Project Risk Management Process Cycle ?

• Establish, Monitor & Review, Evaluate, Treat, Analyze

• Establish, Identify, Analyze, Evaluate, Treat, Monitor & Review

• Identify, Analyze, Evaluate, Establish, Monitor, Treat

• Monitor & Review, Establish, Identify, Analyze, Evaluate, Treat,

A risk matrix is

• A 2D grid that helps us to visualise the severity of any risk

• A List of risks and their strategies

• A rating of each risk

• None

What is a risk?

• Risk is losing something of value.

• Risk is gaining something of value.

• Risk is the potential to lose or gain something of value.

Risk management is

• an incident where information is stolen or taken from a system without knowledge

• the process of minimizing or reducing harm from risk.

• the simulation of human intelligence in machines that are programmed to think like humans

• a process that deals with investments

Examples of cyber risk include

• cybercrime

• data breaches/leaks

• power outages

• All of the above

The risk of obsolescence is

• a company losing data through data breaches/leaks.

• damage to reputation through social media

• the danger of a process/product/technology becoming out-of-date within a short space of time.

• None

On the digital matrix, likelihood is

• how bad/severe the risk is.

• how possible it is for the risk to happen.

• the effect/consequence of the risk.

• when the risk will happen.

Saudi Aramco’s ERM framework stands for

• European Exchange-Rate Mechanism

• Enterprise Resource Manager

• Employee Relationship Management

• Enterprise Risk Management

What is the purpose of a risk assessment?

• To generate more paperwork

• Create work for the designated safety officers

• Proportion blame in the event of an accident occurring

• To evaluate hazards and to minimise the levels of its risk

Risk can be calculated as:

• Likelihood x Consequence

• Severity x Consequence

• Consequence + Likelihood

• Uncertainty / Impact