Final Exam

risks are those judged to be too small to be of social concern, or too small to justify the use of risk-management resources for control.

is a process that defines risk tolerance and measures, monitors, and modifies risks to be in line with that tolerance.

measures the probability and severity of loss or injury.

refers to a lack of definite knowledge, a lack of sureness; doubt is its closest synonym.

are exposures that result from environmental conditions that the firm commonly cannot influence, such as the regulatory environment and market conditions.

are exposures that derive from decision-making and the use of internal and external resources, including the firm's operations and it's objectives.

are the risks caused by change of the political situation influencing business activity.

provides a universal standard for practitioners and companies employing risk management process.

the purpose of this step is to choose and apply risk management process.

can be defined as the ratio of the number of favorable outcomes to the total number of outcomes of an event.

are a tool in statistics that captures what the outcome will be “on average” when we can’t predict something with uncertainty.

is a risk management tool used to calculate the expected values of different outcomes associated with a given decision or gamble.

this theory employs tools, procedures, and computer applications to arrive at an optimal decision.

this theory employs various frameworks, hypothesis, and functions to comprehend practical actions that follow set a set of norms.

is a type of business risk that arises from within the corporation, especially when the day-to-day operations of a company fail to perform.

it allows for a more conservative approach to decision making, which can help protect against potential losses.

are just one way to represent decision choices involving risk.

involves making predictions about the future.

are used to forecast future events based on previous events that have been observed and data collected at regular time intervals.

represents a system of hypothesis about interrelationships of variables when the model is constructed theoretically before the data is collected.

are major risk area that requires attention, planning, and action.

refers to how an organization is directed and management.

is a process that is used to help project managers identify all the risks embedded in a project.

is a risk management technique to measure the strengths, weaknesses, opportunities, and threats of a project to help identify all the potential risks.

is a risk management tool that is normally made for IT projects, however, it can be implemented in company projects as well.

refers to the assessment process that identifies the potential for any adverse events that may negatively affect organizations and the environment.

are used to avoid time lag between the moment the action is performed and the reports.

is beneficial for all kinds of businesses. It is the easiest type of technology that allows you to view the recent risks of a project, program, or a certain portfolio with just a few clicks.

is the next risk management technology you can consider. It makes your workflow easier and faster

is essential in the process of making your risk management process easy and quick and to keep & Neglec on going towards business prosperity and sustainability without getting any major financial loss or obstacle.

is the backbone of effective risk management.

covers property used by your business against loss or damage.

Replaces a portion of lost wages for an employee who is injured on the job.

Protects against internet-related risks such as data theft, or loss, as well extortion and hacking.

Provides additional liability coverage above the stated policy limits in other insurance policies.

is a cooperative form of distributing a certain risk over a group of persons who are exposed to it.

Under ____________ risk analysis, a risk model is built using simulation or deterministic statistics to assign numerical values to risk.

means protection against loss or damage.

is a business that closes or ceases operations, causing the creditors to lose money.

the loss of the positive image that maintains customer loyalty.

can refer to both the risk in operating an organization and the processes management uses when implementing, training, and enforcing policies.

a business initiative that failed to produce the expected results

the wrong person in the job.

change and the failure to manage it well is one of the major risks a company faces

__________ risk analysis is an analytical method that does not identify and evaluate risk with numerical and quantitative ratings. These include SWOT analysis, game theory and decision matrix.

is the set of methods by which firms evaluate potential losses and take action to reduce or eliminate such threats.

is the process of understanding certain risks and threats, accepting that they exist, and taking the appropriate measures to reduce their effects in case they happen.

The __________________ provides a process that integrates security, privacy, and cyber supply chain risk management activities into the system development life cycle.

is the process that ensures all company employees perform their duties in accordance with the risk management framework.

risk management framework is used for the management and governance of enterprise IT.