Free PECB ISO-22301-Lead-Auditor Exam Dumps May 2026

According to the ISO 22301 Auditing eBook, likelihood is defined as 'the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically (such as a probability or a frequency over a given time period)'1. Likelihood is one of the factors that determine the level of risk, along with the impact or consequence of an event. The probability of a threat or risk to occur is therefore equivalent to the likelihood of that event.

A competitor is an organization or individual that operates in the same market as another organization or individual and offers similar products or services that are in direct or indirect competition with each other. Competitors are interested parties that can affect or be affected by the organization's business continuity objectives, strategies, and performance. Competitors can also pose threats or opportunities for the organization's business continuity management system (BCMS).Reference: ISO 22301 Auditing eBook, page 18; ISO 22301:2019 standard, clause 3.3.1

One of the purposes of the business impact analysis (BIA) is to determine the minimal acceptable outage (MAO) for each critical function or process of the organization. The MAO is the maximum amount of time that a function or process can be disrupted before it causes unacceptable consequences for the organization. The MAO is used to define the recovery time objective (RTO) and the recovery point objective (RPO) for each function or process. The RTO is the time within which a function or process must be restored after a disruption, and the RPO is the point in time to which the data and information must be recovered. The BIA helps the organization to prioritize its recovery efforts and allocate the necessary resources for business continuity.Reference: ISO 22301 Auditing eBook, page 38; ISO 22301:2019 standard, clause 8.2.2

The knowledge of BCM and its methodology is not related to technical expertise, but to domain expertise. Technical expertise refers to the knowledge and skills related to the audit process, such as audit principles, procedures, techniques, and tools. Domain expertise refers to the knowledge and skills related to the specific field of the audit, such as BCM concepts, terms, definitions, requirements, and best practices.Reference: ISO 22301 Auditing eBook, page 11; ISO 19011:2018, clause 7.2.2