Immediate Step After Defining Set of Risk Scenarios

D.

Once the set of risk scenarios is defined, it can be used for risk analysis.

In risk analysis, likelihood and impact of the scenarios are assessed.

Important components of this assessment are the risk factors.

Incorrect Answers: A: Risk mitigation is the latter step after analyzing risk.

B: Risk monitoring is the latter step after risk analysis and risk mitigation.

C: Risk analysis comes under risk management, therefore management is a generalized term, and is not the best answer for this question.

After defining a set of risk scenarios, the immediate step is to conduct a risk analysis.

Risk analysis involves the identification and evaluation of potential risks and their impact on the organization's objectives. This step is critical in determining the appropriate risk response strategies for each identified risk scenario.

The risk analysis process includes the assessment of the likelihood and impact of each risk scenario and the determination of the overall risk level. This helps to prioritize which risks require immediate attention and resources, as well as the appropriate response strategy for each risk scenario.

Once the risk analysis is complete, the next steps are to develop a risk management plan that outlines the steps to be taken to address the identified risks and to implement the risk response strategies. This includes risk mitigation, risk transfer, risk avoidance, and risk acceptance.

Risk monitoring is an ongoing process that ensures that the risk management plan remains effective and that new risks are identified and evaluated as they emerge. Therefore, risk monitoring is not the immediate step after defining a set of risk scenarios.

In summary, the immediate step after defining a set of risk scenarios is to conduct a risk analysis. This helps to determine the appropriate risk response strategies and develop a risk management plan.