What is defined as the remaining risk after the controls have been identified and selected?
Table of Contents
- 1 What is defined as the remaining risk after the controls have been identified and selected?
- 2 Which term defines the risk remaining after management has implemented controls?
- 3 What are the 5 maintaining risk control measures?
- 4 Is the risk remaining after all controls that have been applied to reduce the likelihood or impact of the risk?
- 5 Which description closely matches the term deliberate?
- 6 What is the definition of operational risk management ORM quizlet?
- 7 Which must be willing to accept the level of risk assigned?
- 8 What is the difference between “risk to forces and residual risk?
What is defined as the remaining risk after the controls have been identified and selected?
Residual Risk – Risk remaining after controls have been identified, selected, and implemented.
Which term defines the risk remaining after management has implemented controls?
Residual risk is the amount of risk that remains after controls are accounted for.
Which term most closely matches the description an expression of the risk associated with a hazard that combines its severity and probability into a single Arabic numeral?
OPERATIONAL RISK MANAGEMENT (ORM)
| Question | Answer |
|---|---|
| What is an expression of the risk associated with a hazard that combines its severity and probability into a single Arabic numeral which can be used to help determine hazard abatement priorities? | risk assessment code (RAC) |
What are the four phases of operational risk assessment?
The International Organization for Standardization defines the risk management process in a four-step model:
- Establish context.
- Risk assessment. Risk identification. Risk analysis. Risk evaluation.
- Risk treatment.
- Monitor and review.
What are the 5 maintaining risk control measures?
What are Control Measures?
- Eliminate the hazard.
- Substitute the hazard with a lesser risk.
- Isolate the hazard.
- Use engineering controls.
- Use administrative controls.
- Use personal protective equipment.
Is the risk remaining after all controls that have been applied to reduce the likelihood or impact of the risk?
Residual risk is the risk that remains after efforts to identify and eliminate some or all types of risk have been made. Residual risk is important for several reasons. First to consider is that residual risk is the risk “left over” after security controls and process improvements have been applied.
What is inherent risk in risk management?
Inherent Risk is typically defined as the level of risk in place in order to achieve an entity’s objectives and before actions are taken to alter the risk’s impact or likelihood.
What does the term residual risk mean?
Residual risk is the risk that remains after efforts to identify and eliminate some or all types of risk have been made. Or they could opt to transfer the residual risk, for example, by purchasing insurance to offload the risk to an insurance company.
Which description closely matches the term deliberate?
Which description most closely matches the term: DELIBERATE. Planning of unit missions, tasks or events. Which term most closely matches the description: A structured process to identify and assess hazards. An expression of potential harm, described in terms of hazard severity, mishap probability and exposure to …
What is the definition of operational risk management ORM quizlet?
Operational Risk Management (ORM) – The process of dealing with risk associated within military operations, which includes risk assessment, risk decision making and implementation of effective risk controls.
What is risk identification?
Share. Definition: Risk identification is the process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the concern.
What is the process of dealing with risk associated with operations?
Risk remaining after controls have been identified and selected. The process of dealing with risk associated within military operations, which includes risk assessment, risk decision making and implementation of effective risk controls.
Which must be willing to accept the level of risk assigned?
An individual must be willing to accept the level of risk his or her supervisor assigns. Which term most closely matches the description: An expression of the risk associated with a hazard that combines its severity and probability into a single Arabic numeral which can be used to help determine hazard abatement priorities.
What is the difference between “risk to forces and residual risk?
Risk to forces is the risk that could potentially damage or injure our forces (equipment and personnel). Individual units may keep files of their own tailored TRACS Assessments in a secure place other than on the TRACS website. Residual risk is the risk remaining after controls have been identified, selected, and implemented for the hazard.
What is the meaning of mismatch probability?
Mishap Probability. An assessment of the likelihood that, given exposure to a hazard, an accident will result. Risk. Chance of adverse outcome or bad consequences; such as injury, illness, or loss. Risk level is expressed in terms of hasard probability or severity.