Definitions

The video tutorial introduces risk management as a set of coordinated activities to control organizational risks. It covers the risk assessment process, including identification, analysis, and evaluation of risks. The tutorial explains risk identification as recognizing and describing risks, and risk analysis as understanding the nature and level of risk. Risk evaluation involves comparing analysis results with criteria to determine acceptability. Risk treatment modifies risks, while residual risk remains post-treatment. The importance of risk communication and stakeholder engagement is emphasized, with a promise to explore methodologies and domains in detail.

What is the primary goal of risk management?

• To ignore minor risks

• To coordinate activities to control risk

• To increase organizational profits

• To eliminate all risks

Which process involves finding and describing risks?

• Risk evaluation

• Risk treatment

• Risk analysis

• Risk identification

How is risk evaluation conducted?

• By increasing risk levels

• By eliminating all risks

• By comparing risk analysis results with criteria

• By ignoring low-level risks

What remains after risk treatment is applied?

• Increased risk

• No risk

• Eliminated risk

• Residual risk

Why is risk communication important?

• To avoid stakeholder involvement

• To increase risk levels

• To engage stakeholders and share information

• To keep risks secret