Elements of Risk Management (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does risk refer to in a business context?
What does risk refer to in a business context?
Possibility of something harmful happening
What is the primary goal of risk management?
What is the primary goal of risk management?
Understand risks & reduce their impact
Which is an example of a technological risk?
Which is an example of a technological risk?
Cyber security threats from hackers
What is embezzlement?
What is embezzlement?
When employees steal money
What does negative cash flow mean?
What does negative cash flow mean?
More money goes out than comes in
Which area involves compliance risks for businesses?
Which area involves compliance risks for businesses?
Environmental legislation
What two factors does a risk matrix consider?
What two factors does a risk matrix consider?
Probability and severity
What does risk avoidance involve?
What does risk avoidance involve?
Not accepting a risk & eliminating it
How does risk prevention differ from risk avoidance?
How does risk prevention differ from risk avoidance?
It reduces risk but doesn't eliminate it
Which is a key benefit of effective risk management?
Which is a key benefit of effective risk management?
Protecting the organisation's reputation