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risk management > risk identification, analysis, evaluation > Flashcards

risk identification, analysis, evaluation Flashcards

1
Q

find the risk
describe the risk
recognize the risk

A

risk identification

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2
Q

effect of uncertainty on objectives

A

risk

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3
Q

result in opportunities or threats

A

effect

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4
Q

different aspects or categories

A

objectives

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5
Q

coordinated activities to direct and control an organization with regard the risk

A

risk management

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6
Q

8 risk management principles

A

integrated
structured and comprehensive
customized
inclusive
dynamic
best available information
human and cultural factors
continual improvement

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7
Q

integrated

A

risk management is an integral part of all organizational activities

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8
Q

structured and comprehensive

A

approach risk management contributes to consistent and comparable results

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9
Q

customized

A

frameworks and processed are customized to organization’s integral and external

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10
Q

inclusive

A

appropriate and timely involvement of stakeholders enables their knowledge and views

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11
Q

dynamic

A

detects and respond to these changes in appropriate and timely manner

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12
Q

best available information

A

inputs of risk management are based on historical and current information

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13
Q

human and cultural factors

A

human behaviour and culture significantly influence all aspects of risk management

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14
Q

continual improvement

A

risk management is continually improved through learning and experience

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15
Q

overall process of risk identification, risk analysis and risk evalution

A

risk assessment

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16
Q

types of risk

A

compliance risk/mandatory
hazard risk/ pure risk
control risk
opportunity risk

17
Q

compliance risk

A

involve government mandated license and business permits and requirements

18
Q

hazard risk

A

risk that can prevent and deter achievement at company’s goal, mission
ex. landslide

18
Q

control risk

A

risk that can cause uncertainty or doubt about the ability to achieve the company’s goals, mission
ex. internal financial control protocols

19
Q

opportunity risk

A

typically pursued by the company with the goal of ensuring its long term success

20
Q

provide information regarding undesirable events in which it estimates it probabilities and consequences for risk

A

risk analysis

21
Q

occurance or change of a particular set of circumstances

A

event

22
Q

outcome of an event affecting objectives

A

consequence

23
Q

2 steps on how to use risk analysis

A

identify the threats
estimate risk

24
Q

identify the existing and possible threats that you might face

A

identify the threats

25
Q

calculate the likelihood of these threats being realized and their possible impacts

A

estimate risk

26
Q

example of risk

A

budget, quality, procedural, operational, injury, weather, preparation, safety, financial, technical, natural, political, structural

27
Q

estimating the risk formula

A

probability of the event (%) x cost of the event

28
Q

process of risk analysis/ five steps of risk management process

A

identification of risk
analyze the risk
evaluate the risk
treat the risk
monitor the risk

29
Q

identification of risk

A

team members gather all the use in the project and recognize the outcome of the project

30
Q

analyze the risk

A

identify the risk extent, the nature of risk, what extent it may occur in the organization

31
Q

evaluate the risk

A

risk analysis tools - swot analysis

32
Q

treat the risk

A

team should decide whether to continue the project or not

33
Q

monitor the risk

A

review time to time to avoid

34
Q

threats and vulnerability

A

devastating - 75%
sever - 50%
noticeable - 25%
minor

35
Q

process that is used to compare the risk analysis results with risk criteria

A

risk evaluation

36
Q

management tool

A

risk evaluation matrix

risk management (2 decks)

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