What is qualitative information?
Description of something in the spoken or written word
What is quantitative information?
Something that can be counted or measured in numbers
What is subjective information?
An opinion or judgement about something. It is influenced by personal experience and feelings
What is objective information?
Objective information is about facts and not about opinions or judgement
What is static information?
Something that is fixed and cannot be altered
What is dynamic information?
Capable of change
What are internal risk identification techniques?
- talk to people who make the organisation work
- workshops and brainstorming
- meetings and committees
- checklists and questionnaires
- procedures manuals
- internal audit and compliance monitoring
- surveys and observations
What are external risk identification techniques?
- research
- stress testing and scenario analysis
- external auditors reports
- reading insurance documents
What is the difference between a hazard and a risk?
Risk management is identifying hazards and either removing them or providing some physical or procedural barrier to them. It is anything that can cause harm. Assessing the risk means the frequency of that hazard and the severity of it
What is the difference between making a risk assessment at the inherent level or the residual level?
The inherent level is assuming any controls and precautions fail to work and the residual level is with controls and precautions in place
What is a risk matrix?
Combines the results of our measurement of frequency and severity
What is risk evaluation?
The process of taking the results of risk analysis and then relating them to the bigger picture of the context in which the business or organisation operates
