Risk Management and Control Measures Quiz

Test your knowledge on risk management with questions about risk mitigation, RACI, risk transfer, and more. Understand control measures and strategies.

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What is the primary goal of risk management?

To eliminate all risks

To transfer risks to another party

To identify, assess, and mitigate risks

To ignore risks and focus on opportunities

Which of the following is an example of a risk mitigation strategy?

Accepting the risk

Avoiding the risk

Sharing the risk

Implementing security controls

What is the purpose of a risk assessment?

To eliminate risks entirely

To identify and evaluate potential risks to an organization

To ignore risks and focus on opportunities

To transfer risks to another party

What is the purpose of a risk register?

To list all possible risks

To track identified risks and their status

To assign blame for risks

To minimize risks

What does the acronym 'RACI' stand for in the context of risk management?

Risk Assessment and Control Index

Responsible, Accountable, Consulted, Informed

Risk Allocation and Contingency Implementation

Risk Avoidance and Compliance Initiative

What is the difference between risk avoidance and risk mitigation?

Risk avoidance aims to eliminate risks entirely, while risk mitigation aims to reduce the impact or likelihood of risks.

Risk avoidance involves ignoring risks, while risk mitigation involves accepting risks.

Risk avoidance transfers risks to another party, while risk mitigation shares risks with stakeholders.

Risk avoidance is a proactive approach, while risk mitigation is a reactive approach.

Which risk management technique involves transferring the financial consequences of a risk to another party?

Risk avoidance

Risk acceptance

Risk sharing

Risk transfer

Risk Management and Control Measures Quiz

What is the primary goal of risk management?

Which of the following is an example of a risk mitigation strategy?

What is the purpose of a risk assessment?

What is the purpose of a risk register?

What does the acronym 'RACI' stand for in the context of risk management?

What is the difference between risk avoidance and risk mitigation?

Which risk management technique involves transferring the financial consequences of a risk to another party?

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