Risk Management 101 for IT Professionals Essential Concepts - Two Methods of Risk Monitoring

The video tutorial discusses two primary types of risk management: ongoing monitoring and separate evaluation. Ongoing monitoring involves routine business activities like staff meetings and operational reviews to manage risks internally. Separate evaluation is conducted at specific times, often by third parties, to assess risks after program changes. Examples include contractor reviews, internal reviews, peer reviews, and audits. The video emphasizes the importance of both methods in managing positive and negative risks effectively.

Which of the following is NOT an example of ongoing monitoring in risk management?

• Risk committee meetings

• Staff meetings

• External audits

• Operational reviews

What is the primary purpose of separate evaluation in risk management?

• To hold regular staff meetings

• To conduct routine business activities

• To assess risks at a specific point in time

• To monitor key risk indicators

Which of the following is a common method used in separate evaluation?

• Staff meetings

• Key risk indicators

• Operational reviews

• Peer reviews

What type of review is typically conducted by a third party during separate evaluation?

• Operational review

• Contractor review

• Staff meeting

• Internal review

Why is it important to consider both ongoing monitoring and separate evaluation in risk management?

• To manage both positive and negative risks effectively

• To reduce the need for external audits

• To ensure routine business activities are conducted

• To increase the frequency of staff meetings