CH7 - Assessing and Managing Risk Flashcards
1
Q
Who is responsible for risk?
A
Risk committee
Risk manager
Neither? audit committee?
2
Q
Risk appetite
A
- Risk averse vs risk seeker
- Risk capacity
3
Q
Identify risks
A
- Risk factors
- Strategic (business & non-business) and operational
- Risk registers
4
Q
Assess Risks
A
Techniques
Risk Maps
Subjectivity, including frequency vs severity
5
Q
Respond to risks
A
- TARA (Transfer, Avoidance, Reduction, Acceptance)
- ALARP (as low as reasonably possible)
- Diversification of risks
6
Q
Monitoring
A
- Review the process
- Dynamic nature of risks
- Adapt if necessary
