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MCY 660 Risk Management Final Exam with Complete Solutions

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MCY 660 Risk Management

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MCY 660 Risk Management

MCY 660 Risk Management Final Exam with Complete Solutions What is the primary objective of risk management in organizations? To identify, assess, and mitigate risks that could adversely affect the organization’s ability to achieve its objectives. How does qualitative risk assessment d...

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mcy 660 risk management final exam with complete

Institution MCY 660 Risk Management
Course MCY 660 Risk Management

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MCY 660 Risk Management Final Exam
with Complete Solutions

What is the primary objective of risk management in organizations?

✔✔To identify, assess, and mitigate risks that could adversely affect the organization’s ability to

achieve its objectives.

How does qualitative risk assessment differ from quantitative risk assessment?

✔✔Qualitative risk assessment focuses on the subjective evaluation of risks based on their

likelihood and impact, while quantitative assessment uses numerical data to measure risks and

their potential effects.

What are the key components of a risk management framework?

✔✔Risk identification, risk analysis, risk evaluation, risk treatment, and monitoring and review.

What is the role of a risk register in risk management?

✔✔A risk register serves as a document that captures all identified risks, their assessments, and

the strategies for managing them, providing a comprehensive overview of the organization’s risk

landscape.

1

,How can organizations effectively communicate risk management strategies to stakeholders?

✔✔By using clear and concise language, providing regular updates, and utilizing visual aids

such as charts and graphs to illustrate risk data and mitigation efforts.

What is the significance of establishing a risk appetite in an organization?

✔✔Establishing a risk appetite helps define the level of risk the organization is willing to accept

in pursuit of its objectives, guiding decision-making and resource allocation.

What are some common techniques for risk mitigation?

✔✔Risk avoidance, risk reduction, risk transfer, and risk acceptance.

How can the concept of business continuity planning enhance risk management efforts?

✔✔Business continuity planning ensures that critical functions can continue during and after a

disruptive event, thereby minimizing operational losses and ensuring organizational resilience.

What is the purpose of a risk assessment matrix?

✔✔A risk assessment matrix visually represents the likelihood and impact of risks, helping

prioritize them based on their severity and guiding risk management decisions.

2

,What role does insurance play in risk management?

✔✔Insurance acts as a risk transfer mechanism, providing financial protection against specific

risks and reducing the potential financial impact on the organization.

How can organizations utilize scenario analysis in risk management?

✔✔Scenario analysis involves evaluating potential future events and their impacts, allowing

organizations to prepare for various risk scenarios and develop contingency plans.

What is the difference between inherent risk and residual risk?

✔✔Inherent risk is the level of risk present before any controls are implemented, while residual

risk is the remaining risk after risk mitigation measures have been applied.

How can regular risk audits contribute to effective risk management?

✔✔Regular risk audits assess the effectiveness of risk management strategies, identify new risks,

and ensure compliance with regulations, thereby enhancing the organization’s overall risk

posture.

What is the significance of stakeholder involvement in the risk management process?

3

, ✔✔Involving stakeholders ensures diverse perspectives are considered, fosters collaboration,

and increases the likelihood of successful risk management implementation.

What is the importance of a risk management policy?

✔✔A risk management policy establishes the organization's approach to managing risk, outlines

roles and responsibilities, and provides a framework for consistent risk management practices.

A new company does not have a lot of revenue for the first year. Installing antivirus software for

all the company's computers would be very costly, so the owners decide to forgo purchasing

antivirus software for the first year of the business. In what domain of a typical IT infrastructure

is a vulnerability created? ✔✔Workstation Domain

A(n) _________ is the likelihood that something unexpected is going to occur. ✔✔Risk

Another term for risk mitigation is: ✔✔risk reduction

A ______ to an asset occurs only when an attacker can exploit a vulnerability. ✔✔loss

4

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