Risk Assessment & Mitigation Flashcards
6 cards from real PPC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Risk Assessment & Mitigation flashcards as text
What is the first step in risk assessment for Patent Paralegal Certification professionals?
Answer: Identifying potential hazards and vulnerabilities in the specific context
Risk assessment begins with systematic identification of hazards and vulnerabilities specific to the Patent Paralegal Certification practice context.
How should PPC 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 Patent Paralegal Certification 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 PPC 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 Patent Paralegal Certification 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 PPC 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.