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Risk management involves
1. Identification of risk(list of potential risk)
2. Risk assessment (prioritised risk list)
3. Risk response
4.risk monitoring.The above steps are major ones.
Risks are rated either subjective or objective and then prioritized. This step is risk assessment.
The terms risk management, risk evaluation, risk assessment are interchangeably used in many documents. So don’t be confused ?.
Vipin
Risk reponse may be TARA, risk diversification, contingency planning.
If acca question mentions about 4 responses then I should be TARA.
Hope that helps.
Vipin
risk are rated either quantitative or qualitative . not subjective or objective. i didnt find to option edit the post so i am replying this post.
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