Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
Techniques that identify current and future risks
|
Checklists
Interviews and Workshops Escalation or Threshold Triggers Process and Flow Analysis Audits Computer Software , e.g. RISKMASTER, RISK TRAK Team Approach |
|
What is the Holistic Approach to risk identification
|
A breakdown of silos
The use of quandrants to identify and categorize risks The " Top Down" " Bottom Up "approach |
|
Name the Team Approaches to Risk Identification
|
Facilitated Workshops
The Delphi Technique Scenario Analysis HAZOP SWOT Analysis |
|
What is a Risk Register
|
A tool used to identify and prioritize risks associated with a project, process, department or organization. It's a matrix to record the likelihood of a scenario and its associated risks
|
|
An organization risk register has these charecteristics
|
Adequately identifies the organization's risk
Prioritizes risk according to the potential effect on the organization Provides interactive use for risk owners Forms a matrix to manage risks |
|
A Risk Map is...
|
A template depicting the liklihood and potential impact / consequences of risk
|
|
Optimum Risk is...
|
The level of risk that is within an organization's risk appetite
|
|
Name the four methods that allow an organization to take a systematic approach to identifying loss exposures
|
Document analysis
Compliance review Inspections Expertise within and beyond the organization |
|
Balance Sheet
|
The financial statement tha reports the assets, liabilities, and owners equity of an organization as of a specific date
|
|
Income statement
|
The financial statement that report an organizations profit or loss for a specific period by comparing the revenues generated with the expenses incurred to produce those revenues
|
|
Statement of Cash Flows
|
The financial statement that summerarizes the cash effects of an organizations operating, investing and financing activities during a specific period
|
|
What is a " Hold Harmless" agreement
|
A contractual provision that obligates one of the parties to assume legal liability for anothe party
|
|
Ideminification is...
|
The process of restoring an individual or organization to a pre-loss financial condition
|
|
Hazard Analysis is...
|
A method of analysis that identifies conditions that increase the frequency or serverity of loss
|
|
Name the four quandrants of risk
|
Hazard
Operational Financial Strategic ///////// H.O.F.S. |