Question

You have created a risk assessment, and management has approved it. What do you do next?

a) Create a risk mitigation plan
b) Start assessing risks for a different department
c) Define the scope of the risk assessment.
d) Gather the stakeholders for a progress meeting.

Answer 1

a) Create a risk mitigation plan

Step-by-step explanation:

Risk management can be defined as the process of identifying, evaluating, analyzing and controlling potential threats or risks present in a business as an obstacle to its capital, revenues and profits. This ultimately implies that, risk management involves prioritizing course of action or potential threats in order to mitigate the risk that are likely to arise from such business decisions.

Hence, if you have created a risk assessment, and management has approved it. What you should do next is create a risk mitigation plan to anticipate risks, estimate its impact and how to effectively respond to it.