What is the primary objective of a risk management program?
The goal of a risk management program is to ensure that residual risk remains within manageable levels. Management of risk does not always require the removal of inherent risk nor is this always possible. A possible benefit of good risk management is to reduce insurance premiums, but this is not its primary intention.
What is the primary objective of the risk evaluation process?
What is the goal of risk assessment? The aim of the risk assessment process is to evaluate hazards, then remove that hazard or minimize the level of its risk by adding control measures, as necessary. By doing so, you have created a safer and healthier workplace.
Which of the following is the primary reason for implementing a risk management program a risk management program?
Which of the following is the PRIMARY reason for implementing a risk management program? Explanation: The key reason for performing risk management is that it is part of management’s due diligence.
What is the primary purpose of information security governance?
NIST describes IT governance as the process of establishing and maintaining a framework to provide assurance that information security strategies are aligned with and support business objectives, are consistent with applicable laws and regulations through adherence to policies and internal controls, and provide …
What are the key elements of risk management?
5 Key Elements of Risk Management
- Identify the assets to be protected. …
- Identify the threats to those assets. …
- Apply controls in a layered, overlapping way until the risks are reduced to an acceptable level.
- Test the adequacy and effectiveness of the controls.
- Monitor the program and periodically repeat the process.
What is the goal of risk aggregation?
The process of identifying the impact of multiple risks on an organization requires the ability to aggregate risks at multiple levels. The basic goal of risk aggregation is to collect several risks in order to arrive at a total risk exposure for all or a part of an organization.
What is the typical output of a risk assessment?
An inventory of risk is the output of a risk assessment.
What is a primary advantage of performing a risk assessment on a consistent basis?
Analysis of historical loss events can assist in business continuity planning and risk assessment, but is incomplete for a risk profile. What is a PRIMARY advantage of performing a risk assessment on a consistent basis? A. It lowers the costs of assessing risk.