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Managing Business risk Flashcards | StudBud
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Managing Business risk
Managing Business risk
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Flashcards
14 cards
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Questions
14
Answers
1
Which of the following is an example of a financial risk?
Supply chain disruption
Economic downturn
Employee turnover
Cybersecurity breach
2
matrix is used to assess risks based on their likelihood and impact
False
True
3
Risk management helps businesses eliminate all risks.
False
True
4
Only financial risks are important for businesses.
False
True
5
Having a single supplier reduces supply chain risks.
False
True
6
What is the first step in risk management?
Developing a risk response planning
Identifying and assessing risks
Monitoring and reviewing risks
Buying insurance
7
Business continuity planning ensures that operations can continue during a crisis.
True
False
8
What is the main goal of risk management?
To increase business expenses
To focus only on financial risks
To eliminate uncertainty completely
To identify, assess, and reduce potential threats
9
Internal audits can help identify compliance risks.
True
False
10
How can a business mitigate cybersecurity risks?
Relying on a single supplier
Ignoring external market conditions
Using cybersecurity methods analized in class.
Diversifying suppliers and monitoring logistics
11
Cybersecurity risks only affect large corporations.
False
True
12
What is the purpose of a risk matrix?
To eliminate all risks
To predict future profits
To track employee performance
To assess and prioritize risks based on likelihood and impact
13
Why is business continuity planning important?
It increases employee salaries
It ensures operations continue during disruptions
It replaces the need for risk management
It eliminates all risks
14
Employee training can help reduce operational risks.
False
True
