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by dying then you know if its a risk
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∙ 13y ago
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What is the auditors objective for understanding an entitys business risks?
What is the auditor's objective for understanding an entity's business risks?Why does an auditor not have responsibility to identify or assess all business risks？
Sal is thinking about making a positive change in his life. But there are risks involved. Which is the healthiest way that Sal can approach these risks?
Sal should assess the risks, try to reduce them, and make the change.
How did the World Health Organization assess the risks of marijuana?
World Health Organization, in a 1998 study, stated that the risks from cannabis use were unlikely to seriously compare to the public health risks of the legal drugs, alcohol and tobacco.
The following best describes how you assess hazards in the composite risk management process?
To assess composite risk management, there is an assessment of risk. These risks are followed and minimized to control the probability of unfortunate events.
An EMS provides an opportunity to assess how your unit manages environmental risks and to find better and more cost effective solutions?
true
What action would you take if you felt that a risk assessment did not adequately control the risks?
No risk assessment controls risk. The function of a risk assessment is to assess the risks. The next step is to devise and apply appropriate controls.
Use of statistics in business?
Managers use statistics to assess risks. When a project has a high probability of being unsuccessful, managers will avoid the project.
In the five step composite risk management process what should be done immediately after you assess the hazards to determine the risks?
Develop controls and make risk decisions
What step in the composite risk management process is focused on determining the probability and severity of a hazard occurring?
Risk Assessment & Analysis – This is the step where we analyze all those risks identified in the previous step. We will shortlist only those important (high impact/probability) risks and move the lower priority/possibility risks to a watch list.
Why is it necessary to assess current risk control?
Accessing the current risk control will help in the identification of the hazards in place. This will further help in the evaluation of the risks and decide on their precautions.
Select the list of the six steps of ORM in order?
# Identify the hazards # Assess the risks # Analyze risk control measures # Make control decisions # Implement risk controls # Supervise and review for RIMS answer --- unsure Supervise, Review, and Feedback
What is the guiding pricipal of composite risk management?
Composite Risk Management (CRM) is an approach to risk management that is used by the U.S. military. It is based on the idea that risk management should be a continuous process of planning assessing controlling and managing risk. The guiding principal of CRM is to identify assess and manage risks in a systematic way. This is done by first identifying potential risks then assessing the likelihood of those risks occurring and then developing strategies to reduce the impact of those risks. The four steps of CRM provide a framework for managing risk: Planning Developing strategies and plans to identify assess and manage risks. Assessment Analyzing the potential risks and determining their likelihood of occurring. Control Taking measures to reduce the likelihood or impact of risks. Management Monitoring the risk and taking corrective action when necessary.The goal of CRM is to ensure that risks are managed in an effective and efficient manner. This is done by identifying potential risks assessing the likelihood of these risks occurring and then developing strategies to reduce the impact of those risks. By using a systematic approach to risk management organizations can avoid costly mistakes and ensure that risks are identified and managed in a timely manner.
