MTC Risk quiz

What is the definition of a risk?
A Threat
An Oppurtunity
An Uncertain Event
What does ‘gross risk’ mean?
A really messy risk
The level of untreated risk
The risk impact
What does ‘current risk’ mean?
An untreated risk
A risk that happens now
The level of risk currently faced, taking into account existing controls.
What is ‘residual risk’?
The level of the risk once all treatment actions are complete
A risk that you still have to assess
A risk with outstanding treatment actions
How do you define ‘target risk’?
The number of risks you aim for in your register
The desired future level of risk
Risks affecting objectives
What best describes ‘risk appetite’?
The amount of risk that the Group doesn’t/can’t go beyond.
The amount of risk that the Group is willing to take
The level of risk limit set by the company
What is a ‘principal risk’?
The first risk in your risk register
A risk that has an adverse impact on the company’s strategic objectives
A fundamental risk
What is the definition of an ‘incident’?
Something that goes wrong
A risk that might happen
A incident that has occurred
How many types of risk Treatment are there and what is the best way of expressing a risk?
1 and If, then statements
7 and Cause, event, effect statements
4 and General descriptions
Name the types of risk treatment (according to the APM BoK).
Terminate, mitigate, own, exploit
Avoid, reduce, transfer, accept, exploit, enhance, share,
Mitigate
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