Risk Assessment & Mitigation Flashcards

What is the first step in risk assessment for Global Travel Professional professionals?

Answer: Identifying potential hazards and vulnerabilities in the specific context

Risk assessment begins with systematic identification of hazards and vulnerabilities specific to the Global Travel Professional practice context.

How should GTP professionals prioritize identified risks?

Answer: Based on likelihood of occurrence combined with potential impact severity

Risk prioritization uses a matrix of probability and impact, focusing resources on risks that are both likely and consequential.

What distinguishes risk mitigation from risk avoidance in Global Travel Professional practice?

Answer: Mitigation reduces impact or likelihood while avoidance eliminates the activity entirely

Risk mitigation allows the activity to continue with reduced risk, while avoidance eliminates the risk by not engaging in the activity at all.

Why is documentation important in GTP risk management?

Answer: It creates an audit trail and demonstrates due diligence

Documentation in risk management creates accountability, supports decision-making, and demonstrates professional due diligence.

What is a risk register used for in Global Travel Professional practice?

Answer: Tracking identified risks with their status, controls, and owners

A risk register is a comprehensive tool that documents all identified risks, their assessments, mitigation strategies, responsible parties, and current status.

How often should risk assessments be reviewed in GTP practice?

Answer: At regular intervals and whenever significant changes occur

Risk assessments should be living documents, reviewed regularly and updated whenever conditions, processes, or regulations change significantly.