Complete the sentence to identify a common risk assessment methodology.
One widely used risk assessment methodology is the [1] approach.The Qualitative approach is commonly used to assess risks based on descriptive categories rather than numbers.
Complete the sentence to describe a key feature of quantitative risk assessment.
Quantitative risk assessment assigns [1] values to risks to measure their impact.Quantitative risk assessment uses numerical values to estimate the likelihood and impact of risks.
Fix the error in the sentence describing a risk assessment step.
The first step in risk assessment is to [1] the assets that need protection.
The correct first step is to identify the assets, meaning to recognize what needs protection.
Fill both blanks to complete the risk assessment formula.
Risk = [1] × [2]
Risk is calculated as the product of Likelihood (chance of occurrence) and Impact (damage caused).
Fill all three blanks to complete the description of a risk treatment option.
To reduce risk, organizations can [1] the risk, [2] the risk, or [3] the risk.
Common risk treatment options include mitigate (reduce), transfer (shift to another party), and accept (acknowledge without action).