Risk Management

Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively.

• TRUE

• FALSE

Response to risks usually takes one of the following forms:

• Avoidance

  Brainstorming

  Acceptance

• Affinity Diagram

  Mitigation

  Brainstorming

• Avoidance

  Mitigation

  Acceptance

• Interview Stakeholders

  Mitigation

  Acceptance

Risk assessment is a quantifiable problem-solving approach that uses various tools of assessment to work out and rank risks for the purpose of assessing and resolving them.

• TRUE

• FALSE

Risk identification involves __________. A business gathers its employees together so that they can review all the various sources of risk. The next step is to arrange all the identified risks in order of priority.

• A preventive mechanism

• Acceptance

• Mitigation

• Brainstorming

What is the name of this diagram?

• Cycle diagram

• Affinity diagram

• Ladder diagram

• Block diagram

Risk can be defined as the combination of the probability of an event occurring and the consequences of that event do occur. This gives us a simple formula to measure the level of risk in any situation:

• Risk = SWOT Analysis x Severity

• Risk = Security x Likelihood

• Risk = Analyze x Severity

• Risk = Likelihood x Severity

Risk control is the set of methods by which gets evaluated potential losses and actions are taken to eliminate completely such threats.

• TRUE

• FALSE

What are the types of Risk Control?

• Attentive Risk Control

  Corrective Risk Control

  Casual Risk Control

• Detective Risk Control

  Corrective Risk Control

  Preventive Risk Control

• Controlling Risk Control

  Corrective Risk Control

  Preventive Risk Control

• Detective Risk Control

  Corrective Risk Control

  Attentive Risk Control

Loss Prevention is one of the Risk Control techniques that is used to avert a risk entirely and if implemented successfully, then there is almost zero chance of incurring losses due to that particular risk.

• TRUE

• FALSE

Loss Reduction is one of the Risk Control techniques that accepts both the risk and the loss that might occur because of it. It simply attempts to minimize the losses in case the risk event occurs.

• TRUE

• FALSE