BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Alternative Definition by the author
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Institute of Risk Management (IRM)
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“Orange Book” from HM Treasury
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Institute of Internal Auditors
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Detailed explanation-1: -The select stage involves choosing the controls that will be used to protect affected systems to minimize or mitigate the risks that have been identified.
Detailed explanation-2: -Fallback plans are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective.
Detailed explanation-3: -Exploit: This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy eliminates the uncertainty associated with a positive risk by ensuring that the opportunity definitely happens.
Detailed explanation-4: -Risk mitigation refers to those risk management strategies meant to lessen the negative impact of a specific threat. Thus, the risk is mitigated by implementing actions that aim to reduce the negative consequences.