Question

______ is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

a. A risk response plan
b. A risk assessment
c. A risk management strategy
d. A risk impact statement

Answer 1

A risk response plan is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs.

Step-by-step explanation:

A risk response plan is a defined set of actions to prevent or reduce the likelihood of occurrence or the impact of a risk, or to implement if the risk event occurs. It outlines how an organization or individual will handle potential risks. For example, if a business identifies the risk of a data breach, their risk response plan may include actions such as implementing strong cybersecurity measures, training employees on data security, and establishing a response team to quickly address any breaches. By having a risk response plan in place, organizations can effectively manage potential risks and minimize their negative impacts. The plan provides guidance on how to proactively address risks and respond appropriately if they occur. Some key components of a risk response plan include risk assessment, identifying risk triggers, developing risk mitigation strategies, implementing risk controls, and establishing a monitoring and review process.