Requirement: Answer each Question and each Question at Least 250 Words, reference for each Question.
Question 1: Presenting your risk analytics findings to top management
After performing your qualitative and quantitative risk assessment using the analytical tools at your disposal, you are now ready to present your findings to top management and other decision makers. How would you determine and model the thresholds associated with management’s risk appetite and risk tolerance so that you can proceed to develop meaningful KRI’s with associated action-oriented trigger points?
Question 2: KRI Risk threshold exceeded
A high impact, low probability risk has materialized as evidenced by the KRI risk threshold being exceeded. This is in spite of your best efforts to define, assess, and mitigate the risk through your risk treatment and response plan. How would you use qualitative and quantitative risk analytics to address this serious matter?
Question 3: Monitoring and Controlling Risk
Change management is important to the ongoing risk monitoring and control process. Considering that the change control process involves corrective and or preventive maintenance, with corrective actions calling for the reactive realigning of a risk activity and preventive actions calling for assurances that something will proactively take place to mitigate a future risk, how would you go about implementing a change control process and making changes in your Risk Treatment & Response Plan (RT&RP)? Who will you involve and how will you get approvals?