RMIN 5100S Exam 1 - UGA, Brown Questions and Answers | Latest Update | 2024/2025 | Already Passed
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Course
RMIN 5100S
Institution
RMIN 5100S
RMIN 5100S Exam 1 - UGA, Brown
Questions and Answers | Latest Update |
2024/2025 | Already Passed
What is the function of a risk register?
A risk register is a tool used to document and track identified risks, their potential impacts,
and the measures taken to manage them.
What does ri...
RMIN 5100S Exam 1 - UGA, Brown
Questions and Answers | Latest Update |
2024/2025 | Already Passed
What is the function of a risk register?
✔✔ A risk register is a tool used to document and track identified risks, their potential impacts,
and the measures taken to manage them.
What does risk prioritization involve?
✔✔ Risk prioritization involves ranking risks based on their potential impact and likelihood to
focus resources on the most critical risks.
What is risk acceptance in risk management?
✔✔ Risk acceptance involves acknowledging the existence of a risk and deciding to take no
action, often due to the low impact or cost of mitigation.
How is enterprise risk management different from traditional risk management?
✔✔ Enterprise risk management takes a holistic approach to managing risks across an entire
organization, integrating risk management into strategic planning and decision-making.
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,What is risk mitigation?
✔✔ Risk mitigation refers to the process of implementing strategies and actions to reduce the
severity or likelihood of a risk.
What is residual risk?
✔✔ Residual risk is the remaining risk after implementing risk management measures, which
still needs to be monitored and managed.
What does risk communication involve?
✔✔ Risk communication involves sharing information about risks and risk management
strategies with stakeholders to ensure transparency and informed decision-making.
What is the purpose of scenario analysis in risk management?
✔✔ Scenario analysis is used to evaluate the potential impact of different risk scenarios and
assess how various strategies might perform under those scenarios.
What is risk transfer through contractual agreements?
✔✔ Risk transfer through contractual agreements involves shifting the financial responsibility
for certain risks to another party via contracts, such as indemnity clauses.
2
, What is risk tolerance level?
✔✔ Risk tolerance level refers to the maximum amount of risk an organization is willing to take
in pursuit of its objectives, based on its capacity and strategy.
What does risk management framework refer to?
✔✔ A risk management framework is a structured approach to identifying, assessing, and
managing risks within an organization, often including policies, processes, and tools.
What is risk analysis used for?
✔✔ Risk analysis is used to evaluate the nature, likelihood, and potential impact of risks to
determine their significance and prioritize responses.
What is the role of risk control measures?
✔✔ Risk control measures are actions or strategies implemented to prevent or reduce the impact
of risks, such as safety protocols or financial controls.
What is risk strategy development?
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