Security Risk Management

1. What are FOUR (4) types of risks?

• A.

  Strategic, operational, hazard and financial.

• B.

  Compliance, operational, hazard and financial.

• C.

  Strategic, operational, control and opportunity.

• D.

  Compliance, hazard, control and opportunity.

“Risk is the combination of the probability of an event and its consequence.”

Based on the statement above, the definition is given by which organization

• A.

  ISO Guide 73

• B.

  Institute Risk Management

• C.

  Orange book

• D.

  Institute of Internal Audit

Which of the following is a common method for identifying risks in an organization?

• • A.

  • Random guessing

• • B.

  • Risk assessment meetings

• • C.

  • Ignoring potential threat

• • D.

  • Increasing budget for security.

In risk management, what does the term 'risk mitigation' refer to?

• • A.

  • Accepting the risk without any action

• • B.

  • Ignoring the risk

• • C.

  • Implementing measures to reduce the impact or likelihood of a risk

• • D.

  • Transferring the risk to another party

What does 'risk assessment' involve?

• • A.

  • \Identifying and evaluating potential threats

• • B.

  • Increasing business transactions

• C.

  Expanding company size

• • D.

  • Reducing employee numbers

What is the first step in the risk management process?

• • A.

  • Risk Mitigation

• • B.

  • Risk Identification

• • C.

  • Risk Analysis

• • D.

  • Risk Monitoring

What is the purpose of risk analysis in the risk management process?

• • A) To find new risks

• • B) To determine the severity and likelihood of identified risks

• • C) To develop risk response strategies

• • D) To document the risk management process

Which phase involves tracking and reviewing risk management strategies?

• • A.

  • Risk Assessment

• • B.

  • Risk Control

• • C.

  • Risk Identification

• D.

  Risk Monitoring

Which of the following is a primary purpose of regulatory frameworks in business management?

• A.

  To ensure ethical behaviour and legal compliance

• • B.

  • To increase operational costs

• • C.

  • To limit market competition

• • D.

  • To discourage innovation

What is the main function of labor laws in the context of management?

• • A) To increase company profits

• • B) To dictate product prices

• • C) To regulate working conditions and employee rights

• • D) To influence company marketing strategies