Which of the following comes under phases of risk management?
A.
Assessing risk
B.
Prioritization of risk
C.
Identify risk
D.
Monitoring risk
E.
Developing risk
Explanation:
Risk management provides an approach for individuals and groups to make a decision on how to
deal with potentially harmful situations.
Following are the four phases involved in risk management:
1.Risk identification :The first thing we must do in risk management is to identify the areas of the
project where the risks can occur.
This is termed as risk identification. Listing all the possible risks is proved to be very productive forthe enterprise as we can cure them before it can occur. In risk identification both threats and
opportunities are considered, as both carry some level of risk with them.
2.Risk Assessment and Evaluation :Risk assessment use quantitative and qualitative analysis
approaches to evaluate each significant risk identified.
3.Risk Prioritization and Response :As many risks are being identified in an enterprise, it is best to
give each risk a score based on its likelihood and significance in form of ranking. This concludes
whether the risk with high likelihood and high significance must be given greater attention as
compared to similar risk with low likelihood and low significance. Hence, risks can be prioritized
and appropriate responses to those risks are created.
4.Risk Monitoring :Risk monitoring is an activity which oversees the changes in risk assessment.
Over time, the likelihood or significance originally attributed to a risk may change. This is
especially true when certain responses, such as mitigation, have been made.
