IT Audit Quiz - Risk Analysis & Assessment

Which of the following is the first step in risk analysis?

• Risk treatment

• Risk identification

• Risk mitigation

• Risk acceptance

What is a risk analysis?

• The process of accepting risks

• The process of identifying and assessing potential risks

• The process of mitigating risks

• The process of transferring risks

Quantitative risk analysis involves:

• Descriptive assessment of risks

• Numerical assessment of risks

• Comparing risks qualitatively

• Identifying non-measurable risks

In risk analysis, the term "impact" refers to:

• The frequency of risk occurrence

• The severity of consequences if a risk materializes

• The probability of a risk occurring

• The mitigation efforts required

A qualitative risk analysis is primarily based on:

• Statistical data

• Expert judgment

• Historical records

• Financial models

Which risk treatment strategy involves reducing the likelihood or impact of a risk?

• Risk avoidance

• Risk reduction

• Risk transfer

• Risk acceptance

Which of the following is a risk transfer method?

• Implementing new security measures

• Outsourcing to a third party

• Accepting the risk as it is

• Ignoring the risk

Risk avoidance means:

• Reducing the risk's impact

• Eliminating the risk entirely

• Transferring the risk to another party

• Accepting the risk without action

What does risk acceptance imply in risk treatment?

• Ignoring the risk

• Taking no action to mitigate the risk

• Monitoring the risk continuously

• Transferring the risk to an insurer

Which risk treatment strategy involves purchasing insurance?

• Risk reduction

• Risk avoidance

• Risk transfer

• Risk acceptance