Question

Q34. Which one of the following is not a component of Risk Management ? (A) Risk identification (B) Risk reduction (C) Risk transfer (D) Risk mitigation​

Answer 1

Answer:

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D) Risk Transfer

Answer 2

(B) Risk reduction and (C) Risk transfer is not a component of Risk Management.

Explanation:

• Risk reduction and Risk transfer belongs to the strategies of Risk Management and it is not a component of Risk Management.
• Risk identification, risk measurement and assessment, risk mitigation, risk reporting and monitoring and risk governance are the components of Risk Management.
• A risk management strategy belongs to risk management lifecycle.
• Risk acceptance, Risk transference, Risk reduction, Risk avoidance are the risk management strategy.
• Therefore, option B and C are correct.