What does residual risk mean in the RM process?

What does residual risk mean in the RM process?

What does “residual risk” mean in the RM process? Risk that remains after all controls have been selected. What RM process step requires a cycle of continuous reassessment until the benefits of completing the mission outweigh the risks of not completing it? Develop controls and make risk decisions.

What do the terms catastrophic critical?

Catastrophic – Complete mission failure, death, or loss of system. Critical – Major mission degradation, severe injury, occupational illness or major system damage.

Which step in the risk management process would you be developing controls and making risk decisions?

STEPS OF RISK MANAGEMENT Step 1–Identify the hazards. Step 2–Assess the hazards. Step 3–Develop controls and make risk decisions. Step 4–Implement controls.

What are controls designed for?

Generally, controls are of two types: Preventative Controls: Designed to discourage errors or prevent irregularities from occurring. They are proactive controls that help prevent a loss. Examples: Separation of duties, proper authorization, adequate documentation, and physical control over assets.

How would you determine an acceptable level of residual risk?

Likelihood x Severity = Risk If the remaining risk is low, because it is unlikely anyone would be harmed, and that harm would be slight, then this could be an acceptable level of residual risk (based on the ALARP principle).

What factors can cause controls that are established and implemented?

The factors that can cause controls that are established and implemented for a prolonged period to lose their effectiveness are OVERCONFIDENCE AND COMPLACENCY. Being overconfident and complacent can lose the effectiveness over time.

What can cause controls to lose their effectiveness?

Failing to properly maintain the system and unprofessionalism are some of the factors that can cause the controls that have been established for a prolonged period of time to lose their effectiveness. What factors can cause the controls that have been established an implemented for a prolonged period to lose there effectiveness?

What can cause the controls that have been?

Being overconfident, or complacent, may result in a lack of attention to the proper procedures. Controls are most effective when strictly applied, assuming that they may become critically necessary at any time.

What is the purpose of the RM step, develop controls and make risk decisions?

What is the purpose of the RM step, Develop Controls and Make Risk Decisions? (1) To determine whether the risk of an adverse event occurring is reduced enough that the benefits of completing the mission outweigh the risks

Which is rm process step requires a cycle of continuous reassessment?

What RM process step requires a cycle of continuous reassessment until the benefits of completing the mission outweigh the risks of not completing it? (1) Identify hazards (2) Assess hazards (3) Implement controls (4) Develop controls and make risk decisions (4) Develop controls and make risk decisions