Which of the following processes is used by organizations to set the risk tolerance, identify the potential risks, and prioritize the tolerance for risk?
Which of the following processes is used by organizations to set the risk tolerance, identify the potential risks, and prioritize the tolerance for risk?
Risk management is the process that encompasses all activities necessary to set the risk tolerance, identify potential risks, and prioritize the tolerance for risk. It involves a comprehensive approach that includes risk identification, risk analysis, and the implementation of measures to manage and mitigate risks. Therefore, it is the most suitable option for describing a complete process that organizations use to handle risks.
Why Risk Management? It can also be Risk Analysis.
Risk management is an ongoing activity. Continuous consultation and communication with stakeholders helps to both identify new risks and to monitor identified risks.
i will go with RISK ANALYSIS. Because it involves assessing the potential impact and likelihood of identified risks and determining the level of risk that an organization is willing to accept
correct
It references tolerance so this needs to be managed as well as analysed. So management is the higher response for risk
BABOK V3 speaks only on "Risk analysis and Management" which identifies areas of uncertainty that could negatively affect values (BABOK 10.38.1) There is no separation between this two tasks Also risk communication doesn't exist anymore Risk identification is the task to discover and identify risks through a combination of experts, users, stakeholders and past experiences.