Which of the following processes is described in the statement below?"It is the process of exchanging information and views about risks among stakeholders, such as groups, individuals, and institutions."
Answer(s): D
Risk communication is the process of exchanging information and views about risks among stakeholders, such as groups, individuals, and institutions. Risk communication is mostly concerned with the nature of risk or expressing concerns, views, or reactions to risk managers or institutional bodies for risk management. The key plan to consider and communicate risk is to categorize and impose priorities, and acquire suitable measures to reduce risks. It is important throughout any crisis to put across multifaceted information in a simple and clear manner.Risk communication helps in switching or allocating the information concerning risk among the decision-maker and the stakeholders. Risk communication can be explained more clearly with the help of the following definitions:It defines the issue of what a group does, not just what it says.It must take into account the valuable element in user's perceptions of risk. It will be more valuable if it is thought of as conversation, not instruction.Risk communication is a fundamental and continuing element of the risk analysis exercise, and the involvement of the stakeholder group is from the beginning. It makes the stakeholders conscious of the process at each phase of the risk assessment. It helps to guarantee that the restrictions, outcomes, consequence, logic, and risk assessment are undoubtedly understood by all the stakeholders.Incorrect Answers:C: A risk response ensures that the residual risk is within the limits of the risk appetite and tolerance of the enterprise. Risk response is process of selecting the correct, prioritized response to risk, based on the level of risk, the enterprise's risk tolerance and the cost and benefit of the particular risk response option.Risk response ensures that management is providing accurate reports on: The level of risk faced by the enterpriseThe incidents' type that have occurredAny alteration in the enterprise's risk profile based on changes in the risk environment
You are an experienced Project Manager that has been entrusted with a project to develop a machine which produces auto components. You have scheduled meetings with the project team and the key stakeholders to identify the risks for your project. Which of the following is a key output of this process?
Answer(s): A
The primary outputs from Identify Risks are the initial entries into the risk register. The risk register ultimately contains the outcomes of other risk management processes as they are conducted, resulting in an increase in the level and type of information contained in the risk register over time.Incorrect Answers:B, C, D: All these are outputs from the "Plan Risk Management" process, which happens prior to the starting of risk identification.
Which of the following components of risk scenarios has the potential to generate internal or external threat on an enterprise?
Components of risk scenario that are needed for its analysis are:Actor: Actors are those components of risk scenario that has the potential to generate the threat that can be internal or external, human or non-human. Internal actors are within the enterprise like staff, contractors, etc. On the other hand, external actors include outsiders, competitors, regulators and the market.Threat type: Threat type defines the nature of threat, that is, whether the threat is malicious, accidental, natural or intentional.Event: Event is an essential part of a scenario; a scenario always has to contain an event. Event describes the happenings like whether it is a disclosure of confidential information, or interruption of a system or project, or modification, theft, destruction, etc.Asset: Assets are the economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one's debts, is considered an asset. An asset can also be defined as a resource, process, product, computing infrastructure, and so forth that an organization has determined must be protected. Tangible asset: Tangible are those asset that has physical attributes and can be detected with the senses, e.g., people, infrastructure, and finances. Intangible asset: Intangible are those assets that has no physical attributes and cannot be detected with the senses, e.g., information, reputation and customer trust.Timing dimension: The timing dimension is the application of the scenario to detect time to respond to or recover from an event. It identifies if the event occurs at a critical moment and its duration. It also specifies the time lag between the event and the consequence, that is, if there an immediate consequence (e.g., network failure, immediate downtime) or a delayed consequence (e.g., wrong IT architecture with accumulated high costs over a long period of time).
You are the project manager of GHT project. You have planned the risk response process and now you are about to implement various controls. What you should do before relying on any of the controls?
Answer(s): C
Which of the following is NOT true for risk management capability maturity level 1?
Answer(s): B
The enterprise with risk management capability maturity level 0 makes decisions without having much knowledge about the risk credible information. In level 1, enterprise takes decisions on the basis of risk credible information.Incorrect Answers:A, C, D: An enterprise's risk management capability maturity level is 1 when:There is an understanding that risk is important and needs to be managed, but it is viewed as a technical issue and the business primarily considers the downside of IT risk.Any risk identification criteria vary widely across the enterprise.Risk appetite and tolerance are applied only during episodic risk assessments.Enterprise risk policies and standards are incomplete and/or reflect only external requirements and lack defensible rationale and enforcement mechanisms.Risk management skills exist on an ad hoc basis, but are not actively developed.Ad hoc inventories of controls that are unrelated to risk are dispersed across desktop applications.
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