Explanation:
Risk assessment is the phase in the risk management cycle that involves evaluating the likelihood (probability) of a risk occurring and determining the severity or impact if the event does occur. Risk identification is recognizing the risks, mitigation involves taking action to reduce them, and monitoring involves tracking them over time.
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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