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Which two of the following constitute part of a common risk assessment or risk evaluation formula?
Suggested Answer: B, C
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What is the likelihood of an event occurring?
What will be the impact of that event occurring?
This is the basis of almost all modern risk management.
CIPS has good content at Advanced Diploma level on the subject of Risk Management, and I have prepared tests for the two subjects in this area. :)
Sadgrove's book on business risk, in my view, is excellent; and NN Taleb's work (eg 'Antifragile') on risk, although difficult is, in my opinion, fascinating.
23 comments · newest first
VA
Valene
11 months ago
Definitely, it's all about Likelihood and Impact!
WA
Wade
11 months ago
I thought Contingency was more important than that.
MA
Maile
12 months ago
Wait, are you sure Prevention isn't included?
LI
Lilli
12 months ago
Totally agree, those two are essential!
AL
Alpha
1 year ago
Likelihood and Impact are key parts of risk assessment.
SH
Shawana
1 year ago
I’m leaning towards likelihood and impact too, but I wonder if prevention could fit in some way. It’s tricky!
DO
Dorcas
1 year ago
Contingency sounds familiar, but I can't recall if it's actually part of the formula. I feel like it might be more about planning than assessment.
AN
Antonio
1 year ago
I remember practicing a question similar to this, and I think it was also about likelihood and impact. They seem to be the most common factors.
CH
Cherilyn
1 year ago
I think likelihood and impact are definitely part of the risk assessment formula, but I'm not entirely sure about the specifics.
YO
Yong
1 year ago
Ah yes, I remember now. Likelihood and impact are the two main factors that are considered in a standard risk assessment or risk evaluation process. I'll select those.
JE
Jenise
1 year ago
Okay, I remember learning about this in class. I believe likelihood and impact are two of the key components of a risk assessment. I'll select those two options.
DE
Detra
1 year ago
Hmm, let me think about this. I know risk assessment involves evaluating the potential for something to go wrong, but I'm not sure exactly which factors are typically included. I'll have to think this through carefully.
JU
Justine
1 year ago
I'm pretty confident I know the answer to this one. Likelihood and impact are definitely part of a common risk assessment formula.
YO
Yoko
1 year ago
I'm a bit confused on this one. I know risk assessment has to do with evaluating potential risks, but I'm not sure what the specific formula or components are. I'll have to make an educated guess here.
CH
Chantell
1 year ago
This looks like a classic Service Cloud question. I think the key is understanding how to track and monitor case progress based on different service levels.
AN
Anika
2 years ago
I believe D) Prevention is not part of the common risk assessment formula.
DO
Dorcas
2 years ago
I also think A) Contingency is important to consider in risk evaluation.
EL
Elza
2 years ago
I agree with Eleonora, they are key factors in risk assessment.
EL
Eleonora
2 years ago
I think the answer is B) Likelihood and C) Impact.
ME
Meaghan
2 years ago
That's true, having a plan B and measures to prevent risks are essential too.
DI
Dierdre
2 years ago
Contingency and Prevention are also important, we can't ignore those.
DU
Dustin
3 years ago
I agree, those two factors are crucial in determining the level of risk.
ME
Meaghan
3 years ago
I think likelihood and Impact are part of the risk assessment formula.