Explanation:
The risk management cycle comprises risk identification, risk assessment, risk mitigation, and risk monitoring. Evaluating the probability of a risk occurring and its severity or impact is the definition of Risk Assessment.
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Q.39 Which of the four main tasks that make up the risk management cycle involves evaluating the probability of a risk occurring and its severity or impact if it does occur?
A
Risk identification
B
Risk assessment
C
Risk mitigation
D
Risk monitoring