Risk Cycle

Question 1

What is risk?

Answer 1

Risk is defined as the uncertainty of outcome, whether positive or negative.

Question 2

What is the risk cycle? (4 Points)

Answer 2

1. Identify
2. Assess
3. Address
4. Report

Question 3

What is Identifying risk? (3 Points)

Answer 3

1. What is the risk?
2. When might the risk occur?
3. Where could you find out about the risks?

Question 4

What is assessing risk?

Answer 4

Calculating the probability and the impact of the risk (RAMS).

Question 5

What is addressing risk?

Answer 5

Addressing the risk through the 4 Ts.

Question 6

What are the 4 Ts?

Answer 6

1. Treat
2. Tolerate
3. Transfer
4. Terminate

Question 7

What does Treat mean? (Addressing Risk)

Answer 7

Manage the risk to an acceptable level.

Question 8

What does Tolerate mean? (Addressing Risk)

Answer 8

Accept risk. (Acknowledging that the risk is there)

Question 9

What does Transfer mean? (Addressing Risk)

Answer 9

Pass the risk to someone else.

Question 10

What does Terminate mean? (Addressing Risk)

Answer 10

Stop the activity that causes the risk.

Question 11

What is reporting risk?

Answer 11

Inputting the risk details onto the risk register, whether it is risks which has occurred or could potentially occur.