What are the three options when dealing with Risk Management?
A) Accept the risk, Resolve the risk, Counteract the risk.
B) Ignore the risk, Insure the risk, Write policies against the risk.
C) Accept the risk, Insure the risk, Implement controls against the risk.
D) Accept the risk, Insure the risk, Admonish employees who cause the risk.

Question

Quizplus · Accepted Answer

The best options when dealing with Risk Management are to accept the risk, insure the risk, and implement controls against the risk. Accepting the risk means acknowledging that the risk exists and deciding whether the potential benefits outweigh the potential drawbacks. Insuring the risk means transferring the risk to an insurance company. Implementing controls against the risk means taking steps to reduce the likelihood or impact of the risk, such as putting security measures in place or hedging financial risks. Together, these three options provide a comprehensive approach to managing risks. Options A and B are not suitable because resolving or counteracting a risk is not always possible, and ignoring a risk can lead to serious consequences. Likewise, simply writing policies against a risk does not provide a solution. Option D is incorrect because admonishing employees does not necessarily address the root cause of the risk.

What Are the Three Options When Dealing with Risk Management