Managing Risk

Question 1

What are the steps in Risk Management

Answer 1

1. Establish the context
2. Identify the risks
3. Analyze and assess the risks
4. Design strategies for managing risks
5. Implement and integrate risk mgmt
6. Measure, monitor, and report

Question 2

What are the types of enterprise Risks?

Answer 2

Strategic - Risk associated with strategic decision to embrace opportunity and seek reward
Operational
Financial
Compliance

Question 3

Sources of Risks

Answer 3

Political
Macroeconomic 
Ecological 
Regulatory 
Legal 
Financial 
Strategic 
Technological 
Competitive
Operational

Question 4

Strategies for managing risks

Answer 4

Avoidance - Conscious strategic choice not to proceed with an activity likey to generate risk
Transference - Transfer risks to a thirdparty
Mitigation - reducing the likelihood of risk or the costs of risks
Acceptance

Question 5

What are the risk identification tools and methodologies

Answer 5

Internal interviewing and discussion
External Sources
Tools, diagnostics, and processes
Documentation of risks identification process

Question 6

How to monitor Risks

Answer 6

Reviewing and acting on control breakdowns and losses and Performance and risk information
Auditing and validating
Updating information and assumptions

Question 7

What are information systems Risks

Answer 7

Potential for technology shortfalls to result in losses

• Includes Cyber Risk
• Data Breach concerns