What is the process of measuring or assessing risk and developing strategies to manage it?

Risk Management Quiz

Passage
•
Other
•
12th Grade
•
Hard
HSHS SHHS
FREE Resource
98 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Risk Avoidance
Risk Reduction
Risk Sharing
Risk Management Defined
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to ISO 31000, what is Risk Management?
Avoidance of all risks
Identification, assessment, and prioritization of risks followed by coordinated application of resources
Accepting all risks
Sharing risks with competitors
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the International Organization of Standardization (ISO)?
Promoting political agendas
Regulating global trade
Providing financial services
Developing international standards for various fields
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the basic principles of Risk Management?
Risk Avoidance, Risk Reduction, Risk Sharing, Risk Retention
Establishing the context, Identifying potential risks, Risk Assessment
Risk Management Defined, Elements of Risk Management, Relevant Risk Terminologies
Risk Assessment, Risk Identification, Risk Treatment, Risk Monitoring
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Risk Reduction in Risk Management?
To increase the severity of potential losses
To ignore risks and accept all consequences
To optimize risks by finding a balance
To avoid all risks completely
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main focus of Risks Associated with Investments?
Market Risk
Management Risk
Purchasing Power Risk
Financial Risk
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the steps in the Risk Management Process?
Set up a risk management committee, Assess the formal system, Evaluate the effectiveness, Hire experts
Establishing the context, Identifying potential risks, Risk Assessment, Risk Monitoring
Set up a committee, Ensure a formal system, Assess processes, Evaluate effectiveness
Assessing management strategies, Designing risk management capabilities, Monitoring performance
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