Risk Management

Question 1

what is risk management?

Answer 1

the process of trying to minimise, control or eliminate risks in a workspace/business

Question 2

what is contingency planning (PPRR Model)?

Answer 2

apart of the risk management process which consists of steps that the business should take when a risk occurs

Question 3

what is the main benefit of having a documented PPRR?

Answer 3

it means that future owners, employees and managers can look back and see how past risks were avoided or eliminated and therefore doesnt happen again

Question 4

what does the PPRR model stand for?

Answer 4

• prevention
• preparedness
• response
• recovery

Question 5

what is PPRR prevention?

Answer 5

the actions taken to reduce or eliminate the likelihood of a risk

Question 6

what is PPRR preparedness?

Answer 6

the steps taken before an incident that ensures an effective response and recovery

Question 7

what is PPRR response?

Answer 7

the action of containing, controlling or minimising the impacts of a risk

Question 8

what is PPRR recovery?

Answer 8

the steps taken to recover from the risk that has taken place