Selecting and Implementing Risk Measures

A.

The process for selecting and implementing measures for impacting risk in the environment is called risk treatment.

Incorrect Answers: C: The process of analyzing and evaluating risk is called risk assessment.

D: Risk management is the coordinated activities for directing and controlling the treatment of risk in the organization.

The process for selecting and implementing measures to impact risk is called Risk Treatment. This process is a crucial part of Risk Management, which involves identifying, assessing, and prioritizing risks and then taking appropriate steps to manage or mitigate them.

Risk Treatment is a systematic approach to addressing risk that involves four key steps:

1. Risk Identification: This involves identifying all the potential risks to an organization, including internal and external risks. This step can involve conducting a risk assessment or using other tools and techniques to identify potential risks.

2. Risk Analysis: This step involves analyzing the identified risks to determine their likelihood and potential impact on the organization. The analysis can help to prioritize risks and identify which risks are most critical to address.

3. Risk Evaluation: This step involves evaluating the risks against established risk criteria to determine the organization's risk appetite and tolerance levels. This can help to determine the appropriate risk response strategies.

4. Risk Treatment: This is the process of selecting and implementing measures to impact risk. The risk treatment options can include accepting the risk, avoiding the risk, transferring the risk, or mitigating the risk. Mitigation can involve implementing controls or taking other steps to reduce the likelihood or impact of the risk.

Overall, Risk Treatment is a critical step in the Risk Management process, as it involves taking action to address identified risks and reduce the organization's overall risk exposure.