Risk Management 101 for IT Professionals Essential Concepts - The Risk Management Lifecycle

This video provides an overview of the risk management lifecycle, detailing each step involved. It begins with identifying risks, followed by assessing them using qualitative and quantitative methods. The next step is planning appropriate risk responses, which include mitigation, transference, acceptance, and avoidance. Finally, the video covers monitoring and controlling risks until they are resolved. Each step will be explored in dedicated sections in the course.

What is the first step in the risk management lifecycle?

• Identifying risks

• Assessing risks

• Planning risk responses

• Monitoring risks

Which of the following is NOT a type of risk assessment?

• Quantitative

• None of the above

• Qualitative

• Descriptive

What is the purpose of risk assessment?

• To identify risks

• To evaluate the impact and likelihood of risks

• To eliminate all risks

• To ignore minor risks

Which of the following is a common risk response strategy?

• Avoidance

• Ignorance

• Procrastination

• Denial

What should be done after planning a risk response?

• Celebrate the completion

• Reassess the risk

• Monitor and control the risk

• Ignore the risk