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Which of the following occurs earliest in the risk response process?
Risk Response Process Steps:
The risk response process typically involves several key steps: analyzing risk response options, prioritizing risk responses, and developing risk response plans.
Analyzing risk response options occurs earliest because it involves evaluating the various ways to address identified risks.
Step-by-Step Process:
Analyzing Risk Response Options: This is the initial step where different potential responses to the identified risks are considered. Options may include risk acceptance, avoidance, mitigation, or transfer.
Prioritizing Risk Responses: After analyzing the options, the next step is to prioritize them based on factors such as impact, likelihood, and the cost of implementation.
Developing Risk Response Plans: Finally, detailed plans are created for the prioritized risk responses, outlining the specific actions to be taken, resources required, and timelines.
Reference:
ISA 315 (Revised 2019), Anlage 5 provides a framework for understanding the components of risk management, including the evaluation and selection of appropriate risk responses.