Which risk identification involves creating alternative ways to achieve an objective?
Answer(s): A
According to , page 11, scenario based risk identification involves "creating different scenarios based on varying assumptions about how events might unfold". This can help explore alternative ways to achieve an objective under different circumstances.
What does the probability of occurrence multiplied by the impact of the event, equals to
Answer(s): D
According to , page 13-14, probability multiplied by impact equals risk magnitude which is "a measure that reflects both likelihood and consequences". It can be used as an indicator for prioritizing risks.
Which type of risk management technique does insurance belongs to?
According to , page 16-17, insurance belongs to sharing technique which is "a way of transferring some or all financial consequences associated with a particular exposure". It involves paying a premium in exchange for compensation in case of loss.
Which ISO Standard is used for hazard identification and risk assessment?
Answer(s): C
ISO 31000 is intended to be a family of standards relating to risk management codified by the ________.
Answer(s): B
According to 1, ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization (ISO). It provides principles and guidelines on managing risks that could affect organizations.
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