Risk Assessment & Mitigation Flashcards
7 cards from real COM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Assessment & Mitigation flashcards as text
An operations manager uses a bow-tie diagram in risk analysis. The left side of the bow-tie represents:
Answer: Causes and threats leading to the risk event
In a bow-tie diagram, the left side maps threats and causes leading to the central hazard event, while the right side shows consequences.
Which ISO standard provides guidelines for risk management applicable to operations?
Answer: ISO 31000
ISO 31000 provides principles, framework, and a process for managing risk across all types of organizations and industries.
When assessing operational risk, 'inherent risk' refers to:
Answer: Risk that exists before any controls or mitigation are applied
Inherent risk is the raw or gross risk level that exists in a process or environment before any controls are put in place.
A company conducts a tabletop exercise for disaster recovery. The PRIMARY goal is to:
Answer: Identify gaps in response plans through simulated scenario discussion
Tabletop exercises walk teams through hypothetical scenarios verbally to surface gaps and ambiguities in existing response plans without real-world disruption.
In risk management, 'risk appetite' is best defined as:
Answer: The amount and type of risk an organization is willing to accept in pursuit of its objectives
Risk appetite is a strategic decision about how much risk leadership is willing to tolerate in order to achieve business goals.
Which analysis method uses a top-down, graphical approach to trace back from an undesired event to its root causes?
Answer: Fault tree analysis
Fault tree analysis starts with a top-level failure event and works backward through logic gates to identify combinations of causes that could produce it.
A third-party vendor fails to deliver critical components due to a natural disaster. This is an example of which category of operational risk?
Answer: External event risk
External event risk encompasses disruptions caused by forces outside the organization, such as natural disasters, geopolitical events, or supplier failures.