1. Define risk management and explain its importance in organizations.
2. Discuss the difference between inherent risk and residual risk.
3. What is the risk management process and how does it work?
4. Explain the concept of risk assessment and identify some common methods of assessing risk.
5. Discuss the importance of risk identification and the various techniques used for identifying risks.
6. Explain the concept of risk response and identify the different types of risk response strategies.
7. Discuss the role of risk management in project management and explain how it can be used to enhance project success.
8. Identify and discuss some of the major categories of risks that organizations typically face.
9. Discuss the concept of risk tolerance and explain how it is used in risk management.
10. Explain the importance of risk monitoring and describe some of the key indicators that can be used to monitor risks.
Highlight the correct answer(s) below:
Scenario: You are the risk management officer for a large financial services company. One of the company’s major clients, a multinational corporation, has just suffered a cyber attack that has compromised their sensitive financial data. As a result, the company is concerned about the security of their own data, and they have requested that your company take steps to mitigate the risk of similar attacks.
Identify the potential risks that your company may face as a result of this cyber attack on the client.
Develop a risk management plan that addresses these risks and outlines the steps that your company will take to mitigate them.
Implement the risk management plan, including measures such as increased network security, employee training, and incident response procedures.
Monitor the effectiveness of the risk management plan and make adjustments as necessary to ensure continued protection against cyber attacks.
Communicate regularly with the client to provide updates on the risk management efforts and any changes in the risk profile.
Conduct regular reviews of the risk management plan to ensure that it remains up-to-date and effective against emerging threats in the cybersecurity landscape.
Identify potential risk transfer options such as cyber insurance, and work with the client to evaluate the feasibility of such options.
