________________ involves answering three questions: (1) What adverse events could happen? (2) What is the probability of these events happening? and (3) What is the financial impact if these events occur?

Question

Quizplus · Accepted Answer

Risk assessment involves identifying potential risks and evaluating their likelihood and potential impact. This information is key in developing strategies for risk management, including contingency planning, risk mitigation, and loss prevention. By answering the three questions posed in the prompt, organizations can gain a more comprehensive understanding of the risks they face and develop effective risk management plans accordingly.

________________ Involves Answering Three Questions: (1) What Adverse Events Could