INTERNATIONAL RISK MANAGEMENT COMPETITION

Which of the following is NOT a categories of risk?

• International risk

• Political, legal and regulatory

• Environment risk

• Product risk

Give an example of risk management in everyday life.

• Eating a balanced diet

• Brushing teeth twice a day

• Wearing a seatbelt while driving

• Wearing mismatched socks

Which of the following is an example of a financial risk?

• Credit risk

• Operational risk

• Reputational risk

• Strategic risk

How can individuals mitigate risks in their personal lives?

• Avoid exercising and eat unhealthy foods

• Ignore all potential risks and live carelessly

• Practice good financial management, maintain a healthy lifestyle, have insurance coverage, and be prepared for emergencies

• Spend all savings on unnecessary items

You're launching a new online business. What is the biggest risk to its success, and how can you manage it?

• Risk: No one finding your website

  Mitigation: Implement proper marketing strategies.

• Risk: Your product or service not meeting customer expectations

  Mitigation: Don't do anything

• Risk: Technical problems with your website or platform,

  Mitigation: Hire more employees

• Risk: Running out of funding

  Mitigation: Close your business

Which of the following would normally be classified a strategic risk?

• Human error

• Information technology failure

• Fraud

• Stricter health and safety legislation

You’re planning a backpacking trip through Southeast Asia for a month.Which of the following best to mitigate the risk of losing your passport and identification documents?

• Ask security for help

• Didn’t print your passport and ID

• Don’t do anything

• Carry multiple photocopies of your passport and ID

A company has performed a SWOT analysis and has identified two main threats:

* new legislation covering one of their products and

* the bank asking for their loan to e repaid immediately since the company failed to pay their most recent instalment after the interest rate rose

• Financial and political risk

• Strategic risk and financial risk

• Reputation and political risk

• Economic and financial risk

You’re planning a camping trip for the weekend.Which of the following is a good way to manage the risk of bad weather?

• Don’t bring rain gear and warm clothes

• Choose a campsite without shelter options

• Check the forecast before leaving

• Go camping when rain is happening

Sarah runs a small bakery.Which risk management strategy would be most effective against losing key employees?

• Just ignore them

• Offer flexible work arrangements and training opportunities

• Decrease wages benefits for all employees

• Make all their employees work forcefully