BUISENESS MANAGEMENT
RISK MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Identified potential risk exposure
|
|
|
Prioritizes the risk face by the business
|
|
|
Develops a plan to mitigate the exposure
|
|
|
All of the above
|
Detailed explanation-1: -Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These risks stem from a variety of sources, including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters.
Detailed explanation-2: -In business, risk management is defined as the process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on an organization. Examples of potential risks include security breaches, data loss, cyberattacks, system failures and natural disasters.
Detailed explanation-3: -The 4 essential steps of the Risk Management Process are: Identify the risk. Assess the risk. Treat the risk. Monitor and Report on the risk.
Detailed explanation-4: -Comment: Risk management is responsibility of a whole project team. They should identify the risks as early as possible and come up with the ways to deal with them. 3.