FREE RAM Risk Management & Compliance Questions and Answers
Which compliance framework is widely used for ensuring system security and reliability?
ISO 27001 is an international standard that provides guidelines for managing information security risks and ensuring system reliability.
What is the primary objective of risk management in system reliability?
Risk management aims to identify, assess, and mitigate risks that could impact system reliability and operational performance.
Which metric is used to quantify risk in system reliability?
Risk Priority Number (RPN) is used in risk assessment to evaluate the likelihood, severity, and detectability of failures in a system.
What is the role of a risk assessment matrix in compliance management?
A risk assessment matrix helps prioritize risks based on severity and likelihood, ensuring effective mitigation strategies in compliance programs.
Which best practice helps ensure regulatory compliance in reliability management?
Regular audits and documentation ensure organizations comply with regulations, reducing risks and maintaining operational reliability.
What is the purpose of a Failure Mode and Effects Analysis (FMEA) in risk management?
FMEA is a structured approach to identifying potential failure modes, their effects, and prioritizing mitigation strategies to improve reliability.