BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Avoid, Transfer, Accept, Mitigate
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Accept, Mitigate, Evade, Transfer
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Evade, Receive, Transfer, Avoid
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Mitigate, Avoid, Evade, Transfer
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Detailed explanation-1: -Avoid/resolve the risk (completely eliminate or forego risk) Mitigate the risk (reduce the likelihood or impact of risk) Transfer the risk (assign or move the risk to a third-party via Cyber Liability Insurance) Accept the risk (acknowledge the risk and choose not to resolve, transfer or mitigate)
Detailed explanation-2: -Since project managers and risk practitioners are used to the four common risk response strategies (for threats) of avoid, transfer, mitigate and accept, it seems sensible to build on these as a foundation for developing strategies appropriate for responding to identified opportunities.
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.