6+1 Risk Management Strategies... in 60 seconds

The video tutorial discusses seven approaches to managing risk: eliminating risk entirely, reducing the likelihood of risk, mitigating the impact of risk, transferring risk to another party, having a contingency plan, accepting risk, and escalating risk to senior management. Each approach offers a different strategy for handling potential risks in various scenarios.

Which strategy is considered the 'gold standard' in risk management?

• Reducing the likelihood of risk

• Mitigating the impact of risk

• Eliminating risk entirely

• Transferring risk to another party

What is the primary goal of risk mitigation?

• To transfer the risk to another party

• To eliminate the risk completely

• To reduce the impact of the risk

• To accept the risk as it is

Which of the following is an example of risk transfer?

• Creating a contingency plan

• Purchasing insurance

• Accepting the risk

• Reducing the likelihood of risk

What should be done if a risk is accepted?

• Eliminate it entirely

• Deal with it as it occurs

• Create a contingency plan

• Transfer it to another party

What does escalating a risk involve?

• Referring the risk to a more senior authority

• Accepting the risk

• Reducing the risk's impact

• Transferring the risk to another party