The first step in mapping risk is to identify the firm's loss exposures and estimate and forecast the frequency and severity of each potential risk.

Question

Quizplus · Accepted Answer

Identifying the firm's loss exposures and estimating and forecasting the frequency and severity of each potential risk is indeed the first step in mapping risk, as it allows the organization to understand what risks it faces and how those risks could impact its operations and financial health.

The First Step in Mapping Risk Is to Identify the Firm's