What is an important element of following up on a risk mitigation plan? The risk control strategy that attempts to eliminate or reduce any remaining uncontrolled risk through the application of additional controls and safeguards is
the protect risk control strategy
, also known as the avoidance strategy.
Which risk control strategy focuses on planning and preparation to reduce the damage caused by a realized incident or disaster?
Terms in this set (139) T/F: The risk control strategy that attempts to reduce the impact of the loss caused by a realized incident, disaster, or attack through effective contingency planning and preparation is known as
the mitigation risk control strategy
.
What is the purpose of a risk mitigation plan quizlet?
any measure that modifies risk by decreasing the likelihood that a risk event will occur or the impact that the event would have on the organization
. refers to the degree of probability that a loss will occur. You just studied 24 terms!
What term is given to the practice of mitigating risks through controls?
Risk mitigation
attempts to reduce the impact when a risk event occurs. … An analysis of costs and benefits for controls helps an enterprise understand if it can mitigate the risk to an acceptable level.
What is the purpose of a risk mitigation plan?
The risk mitigation plan for a given risk includes
techniques and methods used to avoid, reduce, and control the probability of occurrence of the risk, the extent of damage incurred should the risk occur
(sometimes called a “contingency plan”), or both.
What is the purpose of a risk mitigation measure?
Risk mitigation is a
strategy to prepare for and lessen the effects of threats faced by a business
. Comparable to risk reduction, risk mitigation takes steps to reduce the negative effects of threats and disasters on business continuity (BC).
What are the two primary goals when implementing a risk mitigation plan?
- Cost to implement. – Initial Cost. …
- Time to Implement. – Consider the entire process when identifying your timeline and constructing your POAM.
- Operational.
Is the process of assigning financial value or worth to each information asset?
Asset valuation
is the process of assigning financial value or worth to each information asset. The value of information differs within organizations and between organizations, based on the characteristics of information and the perceived value of that information.
Which risk control strategy approach can also be referred to as an avoidance strategy?
training
.
Avoidance
is the risk control strategy that attempts to prevent the exploitation of the vulnerability.
What are examples of mitigation?
Examples of mitigation actions are
planning and zoning, floodplain protection, property acquisition and relocation
, or public outreach projects. Examples of preparedness actions are installing disaster warning systems, purchasing radio communications equipment, or conducting emergency response training.
What are the 4 commonly used risk mitigation process?
The four types of risk mitigating strategies include
risk avoidance, acceptance, transference and limitation
.
What is an example of a mitigation strategy?
Examples of mitigation strategies include:
hazard specific control activities such as flood levees or bushfire mitigation strategies
.
design improvements to infrastructure or services
.
land use planning and design decisions
that avoid developments and community infrastructure in areas prone to hazards.
What is an example of risk mitigation?
Risk mitigation revolves around reducing the impact of potential risk.
A jewelry store might mitigate the risk of theft
, by having a security system or even a security guard at the entrance.
What is the difference between risk mitigation and risk management?
Institute of Risk Management guidance tells us that control actions are specific actions to reduce a risk event’s probability of happening. Whereas defining a
mitigation action reduces the impact of a Risk Event
.
What is a risk and mitigation plan?
Definition: Risk mitigation planning is
the process of developing options and actions to enhance opportunities and reduce threats to project objectives
[1]. Risk mitigation implementation is the process of executing risk mitigation actions.
What is the meaning of mitigate risk?
Risk mitigation involves
taking action to reduce an organization’s exposure to potential risks and reduce the likelihood that those risks will happen again
. … Risk transfer is a risk management strategy that entails shifting risk to a willing third party.
