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When a risk has been idenifed the first option to consider in reducing the risk should be?

eliminate the risk altogether


What are controls designed to do in CRM?

reduce or eliminate risk


What are the 5 principles of risk managment?

The five principles of risk management are: Risk Identification: Recognizing potential risks that could impact objectives. Risk Assessment: Evaluating the likelihood and impact of identified risks. Risk Control: Developing strategies to mitigate or eliminate risks. Risk Monitoring: Continuously tracking risks and the effectiveness of control measures. Risk Communication: Ensuring all stakeholders are informed about risks and management strategies.


What is risk and why carry out risk assessments?

Risk is the possibility or probability that something undesirable (or bad) will happen. If you do not perform a risk assessment, you will not know whether risk is present or whether you need to do more to control, reduce, or eliminate the risk, or whether you can live with the risk.


Which risk management strategy involves the decision to either completely remove the sources of a particular risk or removing the organization or individual themselves from the risk?

The risk management strategy that involves completely removing the sources of a particular risk or distancing the organization or individual from the risk is known as risk avoidance. This approach seeks to eliminate the potential for risk by avoiding activities or scenarios that could lead to negative outcomes. By opting for risk avoidance, organizations can protect themselves from potential harm or loss associated with specific risks.