Successful risk management requires _____
A) misunderstanding the benefits of risk management
B) inadequate time for risk identification
C) use of a non-standard approach to assess risk
D) stakeholder responsibility
E) occasional monitoring of risks to ensure compliance

Question

Quizplus · Accepted Answer

Successful risk management requires stakeholder responsibility, where all parties involved in the project or organization take responsibility for identifying and managing potential risks. This ensures that everyone is aware of the risks and takes steps to mitigate them, reducing the likelihood of negative consequences. Misunderstanding the benefits of risk management, inadequate time for risk identification, and use of a non-standard approach to assess risk can all lead to ineffective risk management. Occasional monitoring is also not sufficient, as constant monitoring and reassessment is necessary to ensure ongoing risk management success.

Successful Risk Management Requires _____