What is the goal or objective of an IT risk management plan? Ans
: The goal or objective of an IT risk management plan is to identify hazards, assess the risks, control the risks and to monitor or review control measures. The IT risk management plan defines how risks are managed and controlled for all projects.
What are the five fundamental components of an IT risk management plan? Ans
: The five fundamental components of an IT risk management plan are as follows: Risk Planning, Risk Identification, Risk Assessment, Risk Response and Risk Monitoring. 3.
Define what risk planning is
: Risk planning is to be prepared to foreseen risks, identify the risks and to develop and document the actions, strategies and methods to reduce the risk. 4.
What is the first step in performing risk management
: The first step in performing risk management is to establish the context for risk assessment to set the stage for risk identification. 5.
What is the exercise called when you are trying to gauge how significant a risk is
: Risk Assessment
What practice helps address a risk? Ans
: Risk Mitigation
What ongoing practice helps track risk in real time? Ans
True or False: Once a company completes all risk management steps (identification, assessment, response, and monitoring), the task is done. Ans