Risk Management Quiz

What is Risk Management?

• Identifying and evaluating risks

• Prioritizing which risks pose the greatest threat to your goals

• Minimizing and controlling the impact of risks

• All of the above

The hard skills of risk management are universal and can be duplicated or applied to any industry/field.

• True

• False

What is the first step in the general risk management framework?

• Measure risks

• Examine solutions

• Implement solutions

• Identify risks

• Monitor results

Using a "risk map" is necessary in measuring risk.

• True

• False

Making sure that the list of risks are MECE is necessary when identifying risks.

• True

• False

Why is the step "Examine Solutions" done?

• To make sure all the risks have corresponding solutions

• To make sure no risk is left behind

• To make sure solution is aligned with your personal goals

• To determine the best course of action to mitigate or eliminate the risk completely

Why should we monitor results in the risk management framework?

• To see whether the solutions were effective in mitigating the risks

• To make sure we are covering all bases

• To identify potential further risks

• All of the above

The general risk management framework can be applied to almost anything.

• True

• False