The potential for loss or harm to a business as a result of internal or external factors
The process of identifying and assessing risks in a business
The strategies implemented to mitigate risks in a business
The financial impact of risks on a business
Which of the following is an example of strategic risk?
Entering a new market with uncertain demand
Equipment failure in a manufacturing plant
Employee theft
Changes in government regulations
What is the purpose of a risk assessment?
To identify and evaluate potential risks in a business
To implement risk management strategies
To calculate the financial impact of risks
To monitor and control risks in real-time
Which of the following is a qualitative risk assessment method?
Risk matrix
Monte Carlo simulation
Expected monetary value analysis
Fault tree analysis
What is the correct sequence of steps in the risk management process?
Identify, assess, mitigate, monitor
Assess, identify, monitor, mitigate
Mitigate, assess, identify, monitor
Monitor, identify, assess, mitigate
Which of the following is a risk transfer strategy?
Purchasing insurance
Implementing control measures
Diversifying business operations
Creating contingency plans
What is the purpose of a business continuity plan?
To ensure the continuation of critical business operations during and after a disruption
To identify potential risks in a business
To calculate the financial impact of risks
To monitor and control risks in real-time
Which of the following is an example of operational risk?
Equipment failure
Changes in market demand
Employee turnover
Cybersecurity breaches
What is the purpose of risk mitigation?
To reduce the likelihood or impact of identified risks
To identify potential risks in a business
To calculate the financial impact of risks
To monitor and control risks in real-time
What is the difference between inherent risk and residual risk?
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