First Steps for Addressing New Risk Scenarios
Question
Which of the following should be done FIRST when a new risk scenario has been identified?
Answers
Explanations
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A. B. C. D.A.
When a new risk scenario has been identified, the FIRST step should be to identify the risk owner. Therefore, option C is the correct answer.
The risk owner is the individual or group who is responsible for managing the risk. Identifying the risk owner is essential because it enables effective communication, collaboration, and decision-making related to the risk. The risk owner will be accountable for implementing controls, monitoring the risk, and reporting on its status.
Once the risk owner has been identified, the next step would be to assess the risk awareness and training programs. The risk owner should be aware of the risk and have the necessary knowledge, skills, and resources to manage it effectively. The risk awareness program should be designed to provide stakeholders with a clear understanding of the risk and its potential impact.
Estimating the residual risk is the last step in the risk management process, which involves determining the level of risk that remains after controls have been implemented. It is not the first step because it assumes that controls have already been identified and implemented, which is not always the case when a new risk scenario is identified.
Therefore, in summary, the FIRST step when a new risk scenario has been identified is to identify the risk owner. This will enable effective communication, collaboration, and decision-making related to the risk, which is essential for successful risk management.
