BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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At the begining of execution process
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At the first strategic decision process
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At the first initial strategic plan
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During audit process and BOC meeting
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Detailed explanation-1: -Operational Risk Management attempts to reduce risks through risk identification, risk assessment, measurement and mitigation, and monitoring and reporting while determining who manages operational risk. These stages are guided by four principles: Accept risk when benefits outweigh the cost. Accept no unnecessary risk.
Detailed explanation-2: -Step 1: Risk Identification The first step in the risk management process is to identify all the events that can negatively (risk) or positively (opportunity) affect the objectives of the project: Project milestones. Financial trajectory of the project.
Detailed explanation-3: -Your strategic plan should include a section on risk management. Risk management is about identifying anything that might go wrong with your project and what its potential impact would be. An awareness of risks helps you to prepare for them, so that you’re not blindsided or ‘putting out fires’ as problems arise.
Detailed explanation-4: -Planning Phase Once the project is approved and it moves into the planning stage, risks are identified with each major group of activities. A risk breakdown structure (RBS) can be used to identify increasing levels of detailed risk analysis.