What is the purpose of risk control in risk management?
Risk control involves taking actions to reduce or eliminate identified risks, minimizing potential damage or loss.
Which of the following is an example of risk mitigation?
Implementing security protocols to prevent data breaches is an example of risk mitigation.
What role does insurance play in risk mitigation?
Insurance helps mitigate the financial impact of risks by providing coverage for losses due to covered events.
How should an organization prioritize risk control efforts?
Risk control efforts should be prioritized based on the severity and likelihood of the risks, focusing on those with the greatest impact.
What is the role of continuous monitoring in risk control?
Continuous monitoring allows for the early detection of emerging risks and helps organizations adjust their strategies as needed.
Why is it important to have a contingency plan for risks?
A contingency plan prepares organizations to respond quickly and effectively in case of unforeseen risks, minimizing disruption.
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Which of the following is an example of a risk control measure?
Installing fire suppression systems in high-risk areas is an example of risk control to prevent loss due to fire.
How can training contribute to risk control?
Training ensures that employees understand risk mitigation measures and are prepared to act appropriately in case of emergencies.
Why is involving stakeholders crucial in risk control?
Involving stakeholders ensures that risk control measures are comprehensive, practical, and aligned with the organization's goals.