Question

The key elements of risk management are risk identification; risk assessment; risk control; and monitor and review.

a) True
b) False

Answer 1

The key elements of risk management are risk identification, risk assessment, risk control, and monitor and review.

Step-by-step explanation:

The statement is true.

The key elements of risk management include:

1. Risk identification: This involves identifying and recognizing the risks that could impact the organization or project.
2. Risk assessment: Once risks are identified, they need to be analyzed and assessed in terms of their likelihood and potential impact.
3. Risk control: This step involves implementing measures to mitigate or reduce the identified risks.
4. Monitor and review: Finally, it is important to continuously monitor and review the effectiveness of the risk management measures in place.

These steps are integral to effectively managing risks and ensuring the stability and success of a business.