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An uncertain event or condition that, if it occurs, has a positive or negative effect on a project objectives is termed. A. Random chance B. A disaster C. Risk D. Hazard E. Bad luck correct answers C The chances of a risk event occurring as a project proceeds through its life cycle tends to A. Slowly rise B. Drop sharply and then level out C. Rise sharply and then level out D. Remain about the E. Slowly drop correct answers E The cost impact of a risk event occurring as a project...

(T/F) Professionals define risk exposure as the proportion of an asset, the person, the entity (etc.) facing the potential loss. correct answers True Which one of the following statements best applies to "risk?" correct answers A risk is an uncertain future event that, if it happens, will affect the expected outcome. Which of the following is liquidity risk? correct answers The risk that an asset cannot be bought or sold rapidly enough to cut losses in a volatile market Issues are ris...

Risk correct answers The likelihood that a threat will exploit a vulnerability. Threat correct answers A ptential danger that can compromise confidentiality, integrity or availability of data or a system Vulnerability correct answers A weakness Types of Risk correct answers - risk avoidance - risk transference - risk acceptance - risk mitigation - risk deterrence What is a threat vector? correct answers Also called an Attack Vector Refers to the method used to activate the thr...

How is risk defined within Risk Management? correct answers Risk is defined as the possibility of loss or injury due to exposure to a hazard What is the first choice in the standard of order of precedence for RM controls? correct answers The standard order of precedence for controls is to first use design and engineering solutions to achieve minimum risk. Less desirable control options are to add safety devices, warming devices, or change procedures and training In the RM process, what act...

Donna has a home that is insured to its maximum value. She often leaves the door unlocked in case she forgets her keys. She knows that her insurance policy will pay for any losses if her home is robbed. Which of the following best applies to Donna? a. moral/morale hazard b. physical hazard c. societal hazard d. none of the above correct answers a. moral/morale hazard Loss frequency describes which of the following? a. number of losses b. financial impact of losses c. both the numb...

Which one of the following is true regarding enterprise-wide risk management (ERM)? Select one: A. ERM is an approach to managing all of an organization's key risks and opportunities. B. ERM is an approach to risk management that focuses primarily on loss exposures associated with pure risk. C. In practice, implementation of ERM occurs at the departmental or business unit level. D. Implementation of ERM is fairly consistent among organizations, regardless of their size, nature, or complexi...

In any well-developed risk management program, two formal processes are at work correct answers Risk identification and assessment Risk control Information security departments are created correct answers primarily to manage IT risk Managing risk correct answers is one of the key responsibilities of every manager within the organization Sun Tzu correct answers "If you know the enemy and know yourself, you need not fear the result of a hundred battles If you know yourself but not the...

Quality Assurance correct answers A program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that standards of quality are being met. It is a way to prevent mistakes and avoid problems. Risk correct answers Usually there are negative connotations. Risk Management correct answers Often the risk management program focuses on general liability, general health and wellness of the environment, worker's compensation and propert...

Risk correct answers possibility of an event occurring that will have an impact on the achievement of objectives. Measured in terms of impact and likelihood Risks may be financial, operational, legal or regulatory, or strategic. Risk Management correct answers Process to identify, assess, manage and control potential events or situations to provide reasonable assurance regarding the achievement of the organization's objectives The internal audit activity must evaluate the effectiveness...

Risk position correct answers Organization's desired gain or acceptable loss in value Residual risk correct answers Amount of uncertainty that remains after all risk management efforts have been exhausted. Annualized loss expectancy (ALE) correct answers Expected monetary loss for an asset due to a risk over a one-year period; calculated by multiplying single loss expectancy by annualized rate of occurrence. Key risk indicators (KRIs) correct answers Metrics that provide an early signa...