Exam (elaborations)
APRP - chp 3 Payments Risk Policy & Governance (10-)(graded A+).
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APRP - chp 3 Payments Risk Policy & Governance (10-)(graded A+).
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APRP - chp 3: Payments RiskPolicy & Governance (10%)
(graded A+)
Risk Management - answer Total process required
to identify, control and minimize the impact of
uncertain events
Risk appetite - answer Amount of risk on a broad
level and entity is willing to accept in pursuit of
value
Risk tolerance - answer Acceptable level of
variation relative to achievement of a specific
objective
Risk assessment - answer The overall process of
risk identification, analysis and evaluation.
Risk identification - answer Finding, recognizing
and describing risks
Risk analysis - answer The process to comprehend
the nature of risks and determine the level of risks
, Risk evaluation - answer The process of
comparing risk analysis results to determine risk is
at an acceptable level
Risk measurement - answer Process to determine
the likelihood of an adverse event or threat
occurring in the potential impact of such an event
on the institution
Risk acceptance - answer The informed decision
to accept or take a particular risk.
Risk acceptance without treatment - answer the
risk is accepted as tolerable and falls within the
risk appetite
Risk acceptance with treatment - answer Risks
that are monitored and reviewed to ensure they
remain within the risk appetite
Risk avoidance - answer The informed decision to
withdraw from or not become involved with an
activity in order to avoid exposure to unwanted or
unacceptable risks
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