Risk Assessment & Management Flashcards

A CSET candidate is reviewing a scenario where a school's emergency response plan has not been tested in two years. What type of risk does this situation represent?

Answer: Operational risk

Operational risk arises from failures in internal processes, systems, or procedures, such as an untested emergency response plan.

Which qualitative risk analysis tool plots risks on a grid based on their probability of occurrence and potential impact?

Answer: Probability-Impact matrix

A Probability-Impact (P-I) matrix maps risks visually by their likelihood and consequence to aid prioritization.

A school administrator notices a pattern of student injuries during a specific physical education activity. Addressing this through updated safety protocols is an example of which risk management process?

Answer: Risk monitoring and control

Risk monitoring and control involves tracking identified risks and implementing corrective actions when new risk patterns emerge.

What is 'residual risk' in risk management?

Answer: Risk that remains after mitigation measures are applied

Residual risk is the level of risk that remains after controls and mitigation strategies have been implemented.

In a school's technology deployment project, which risk identification technique involves team members independently submitting risk ideas before group discussion to avoid groupthink?

Answer: Delphi technique

The Delphi technique uses anonymous, iterative rounds of expert input to build consensus while minimizing social influence and groupthink.

When calculating risk exposure, which formula correctly represents the relationship between threat likelihood and asset value?

Answer: Risk = Asset Value × Threat Likelihood × Vulnerability

Risk exposure is commonly calculated as Asset Value × Threat Likelihood × Vulnerability level to determine potential loss.

A risk manager recommends adding contingency reserves to a project budget. What primary purpose do contingency reserves serve?

Answer: To cover known unknown risks that have been identified

Contingency reserves are budget allocations set aside specifically to address identified risks that may materialize during a project.