In 5 to 8 sentences, answer the question: Am I a risk taker or am I risk averse? Since risk is inherent, what actions do you do to minimize the impact of risk in your daily activities? Provide a concrete example or situation and discuss how you minimize the risks present. Definition of Terms: • Risk • Risk Management • Uncertainty • Risk averse • Risk tolerance • Mitigated Risk • Risk analysis • Risk avoidance • Probability • Consequence
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In 5 to 8 sentences, answer the question: Am I a risk taker or am I risk averse?
Since risk is inherent, what actions do you do to minimize the impact of risk in your daily activities? Provide a concrete example or situation and discuss how you minimize the risks present.
Definition of Terms:
• Risk
• Risk Management
• Uncertainty
• Risk averse
• Risk tolerance
• Mitigated Risk
• Risk analysis
• Risk avoidance
• Probability
• Consequence
Step by step
Solved in 3 steps
- 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external stakeholders b. Risk maps are key graphical representations of the variance in risk appetites across different divisions within an organization c. Ranking risks by their level of severity helps an organization determine the optimal allocation of resources devoted to risk response or treatment d. Helping the enterprise identify how certain risks can offset other risks to ensure that the enterprise maintains an overall risk profile that remains within risk capacityDiscuss the requirement for a basic integrated risk management with proper example.Generally speaking for high frequency low severity events, the optimal risk management strategy is to _________. Assume you are interviewing for a risk manager job at a very large, unique organization. Given that the organization is the only one of its kind on Earth, it is not part of any industry. The organization employs over 100,000 workers in 100 different countries. (1) Give three reasons for this organization to use a captive. (2) Describe a specific captive arrangement that would allow the organization to manage its risks while achieving the most benefits.
- Why is the fice step risk management process below important and explain each? Risk Identification: Identify exposures. Risk Analysis: Examine methods to address the risk. Risk Control/Treatment: Select the best management techniques. Risk Financing: Implement the selected techniques. Risk Monitoring: Monitor to determine effectiveness.Effective risk management would attempt to maximize the expected return for a given level of risk. Select one: True FalseRisk is present in every business decision. In information security it is often said that you cannot protect everything. What are the critical steps in understanding risk and employing risk mitigation practices? Be sure to address:- Risk Identification and prioritization- Discuss the steps in Risk Assessment- The importance in documenting results
- By the use of relevant examples, differentiate between the following:a. Hazard based risk and Uncertainty based risk. (4 marks)b. Risk and uncertainty. (4 marks)c. Internal risk and external risk.Pat is a 21-year old college student whose parents are paying for college expenses. Pat has Type 1 Diabetes; owns a high-mileage, 2009 Hyundai Elantra; rents an apartment in Seattle with 2 high school friends; and works a part-time job at a convenience store on nights and weekends to help pay living expenses. Pat enjoys spending time outdoors and goes "off-grid" camping every chance they get. Using the steps in the risk management process, prepare a personal risk management plan for Pat, More specifically, you should identify at least 3 risks faced by the individual and then describe and complete all steps in the risk management process for each risk you identify (i.e., measure and analyze the loss exposure and select the appropriate combination of techniques to treat the loss exposure).Jessica wants to learn more about the risk management process. Explain thefollowing steps to her by applying it to Spring Clean. Risk identification Risk evaluation Risk control Risk financing
- Subject:Risk and Risk Management Distinguish between risk probability, risk impact and risk exposure. Include their impact on Risk Analyses within your answer.Under the COSO framework, the Enterprise Risk Management provides value creation by enabling the management through the following, except A. By avoiding to make decision on risks that are assessed to have a higher impact on its operation. B. Responding in a manner that reduces the likelihood of downside outcomes and increases the upside. C. None of the choices given D. Dealing effectively with potential future events that create uncertainty1) All of these are risk management approaches except a) Risk avoidance b) Risk acceptance c) Risk conformance d) Risk transference