Identify at least four questions that managers charged with risk management responsibility should be able to answer.

Question

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The Answer is Answers will vary, however, key personnel responsible for managing risk (such as senior management, CEO, CFO, COO) should be able to answer questions like these:
(1) How do you identify risks that need to be addressed?
(2) How do you assess and prioritize the significance of risks?
(3) What information and reports do you use to monitor important risks? Who produces the information? How reliable and timely is the information?
(4) How do you decide what action to take in response to an identified risk?
(5) When are superiors or personnel from other areas involved in responding to a risk?
(6) How responsive are others to risks you identify?
(7) Are resources adequate (time, budget, qualified personnel) for effectively responding to risks on a timely basis?

Identify at Least Four Questions That Managers Charged with Risk