icev risk management

Marshall's business experiences a lot of theft so he has installed security cameras in his store and security devices in his merchandise. Which technique for dealing with risk is Marshall applying to his risk of theft?

Risk reduction

Which of the following is the most common risk management technique?

Risk transfer

Which technique for dealing with risk often involves the purchasing of insurance?

Risk transfer

Which of the following is an example of risk avoidance?

Running a background check on employees

Which category of risk can be predicted and occur when there is a change of either a profit or loss?

Speculative risks

Uncertainty is the possibility of loss, damage or any undesirable event.

False

Which of the following is NOT one of the four types of risk?

Political

Which of the following is NOT one of the four categories of risk?

Practical

Risk identification which breaks down and groups risks into categories based on previous experience and knowledge is known as which of the following?

Taxonomy-based

Which of the following is the risk identification method which groups risks into categories based on previous experience and knowledge?

Taxonomy-based

When are business risks generally greatest for a business?

When a business first begins operation

You should review your risk management techniques every __________.

Year

What percentage of businesses which close because of a natural disaster or incident never re-open?

At least one-fourth

Carol opened a movie rental store a few years ago, and due to new, more convenient movie rental options, her business is failing. This is an example of a business owner failing due to which type of risk?

Economic risk

Which of the following is an example of a risk source?

Employees of a company

How many steps are in the risk management process?

Five

Financial risk is necessary because sometimes greater financial risk equals which of the following?

Greater financial reward

Implementing the plan does NOT include which of the following?

Prioritizing risks

Risk identification involves source analysis and __________ analysis.

Problem

Risks can be assessed by which of the following equations?

Risk = probability x impact

Which of the following is the risk identification method which combines all of the other methods and creates an in-depth look at potential risks?

Risk charting

Which of the following is NOT one of the four risk management techniques?

Risk evasion

Installing security cameras is an example of which risk management technique?

Risk reduction

Which technique for dealing with risk is generally used when the known loss of a risk will be extremely small?

Risk retention

Problem analysis identifies which of the following?

The effect of a risk