Risk Management 101 for IT Professionals Essential Concepts - Risk Avoidance and Acceptance

The video tutorial covers two key concepts in risk management: risk avoidance and risk acceptance. Risk avoidance involves eliminating risk by not engaging in certain activities, such as not migrating IT services to the cloud due to security concerns. Risk acceptance, on the other hand, involves acknowledging a risk without taking action to mitigate it, often because the risk is deemed low in probability or impact. Examples include not purchasing earthquake insurance in low-risk areas and accepting the risk of laptop theft due to encryption. The tutorial provides practical examples to illustrate these concepts.

What is risk avoidance and how does it differ from risk acceptance?

Provide an example of risk avoidance mentioned in the text.

What factors determine whether a risk is accepted according to the text?

Explain the example given about not purchasing earthquake insurance.

How does the company manage the risk of stolen laptops according to the text?