Chapter 24: Explain elements of the risk management process

1. The correct answer is option B. Risk Identification is the phase at which potential risks are determined and listed. Option A is incorrect because risk assessment involves evaluating risks that have already been determined. Option C is incorrect because risk mitigation involves implementing strategies to manage and minimize the impact of risks that have already been determined. Option D is incorrect because risk monitoring involves the ongoing process of tracking and monitoring the risks that have already been determined.
2. The correct answer is option C. Continuous risk assessment involves real-time, ongoing assessment of risks. Because it is constantly working, it is the type of assessment most like to give instantaneous detection. Option A is incorrect because ad hoc assessments are performed only as needed or in response to a specific incident. Option B is incorrect because scheduled risk assessments are performed...