BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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activity undertaken to determine the suitability, adequacy and effectiveness of the subject matter to achieve established objectives.
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Process to comprehend the nature of risk and determine the risk level. This also provides the basis for risk evaluation and decisions about risk treatment.
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Process of finding, recognizing and describing risks, events, potential effects and its cause(s).
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Process to modify risk. This also involves about considering options for treating risks that were not considered acceptable or tolerable
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Detailed explanation-1: -Risk identification is defined as “the process of finding, recognizing and describing risks”. The goal of risk identification is to analyze what might happen, or what situations may affect outcomes, objectives or deliverables in a project or organization.
Detailed explanation-2: -There are five core steps within the risk identification and management process. These steps include risk identification, risk analysis, risk evaluation, risk treatment, and risk monitoring.
Detailed explanation-3: -Risk identification is the process of documenting any risks that could keep an organization or program from reaching its objective. It’s the first step in the risk management process, which is designed to help companies understand and plan for potential risks.
Detailed explanation-4: -Risk identification (RI) is a set of activities that detect, describe and catalog all potential risks to assets and processes that could have negatively impact business outcomes in terms of performance, quality, damage, loss or reputation.