USMC Risk Management Pvt-Lcpl Annual Training Updated 2023 Post-Test (2024)

FAQs

What is the deliberate level of risk management? ›

The deliberate level refers to situations when there is ample time to apply the RM process to the detailed planning of a mission or task. At this level, the planning primarily uses experienced personnel and brainstorming and is most effective when done in a group.

Assess the risks

Once you have identified the hazards, decide how likely it is that someone could be harmed and how serious it could be. This is assessing the level of risk. Decide: who might be harmed and how.

The fourth step in the 5-step risk management process is to implement controls. This step involves putting measures in place to mitigate or reduce the identified risks. An example of implementing controls could be: Let's say you're managing a construction project, and one of the identified risks is worker safety.

Risk management responses can be a mix of five main actions; transfer, tolerate, treat, terminate or take the opportunity. Transfer; for some risks, the best response may be to transfer them. need to be set and should inform your decisions. Treat; by far the greater number of risks will belong to this category.

The 2% rule is a risk management principle that advises investors to limit the amount of capital they risk on any single trade or investment to no more than 2% of their total trading capital. This means that if a trade goes against them, the maximum loss incurred would be 2% of their total trading capital.

Step 5: Monitoring the Results

So, you need to constantly monitor both the results of your risk control strategy and any new risks that arise, making improvements to your risk management process wherever necessary. To make your risk monitoring effective, be proactive rather than reactive in keeping track of risks.

1 = Negligible: The Risk is so small that the team can ignore it. 2 = Low: The Risk is insignificant and can be managed with routine procedures. 3 = Medium: The Risk is significant but manageable with additional controls or mitigations. 4 = High: The Risk is severe and requires immediate attention and action.

In Step 1, individuals identify the hazards that may be encountered in executing a mission. In Step 2, they determine the direct impact of each hazard on the operation and prioritize the risks. The risk assessment provides for enhanced situational awareness.

Final answer: Conducting a comprehensive risk assessment is the best example of the deliberate level of Risk Management, where an organization proactively identifies and prepares for potential risks to avoid catastrophic outcomes as outlined in Figure 20.1. The correct answer is option A.

They typically define the foundation of a system security plan. Common controls are the security controls you need to do the most work to identify when developing your risk-based cybersecurity strategy and your system security plan using the Risk Management Framework (RMF).

What is step 5 in the risk management process? ›

Step 5: Monitoring the Results

So, you need to constantly monitor both the results of your risk control strategy and any new risks that arise, making improvements to your risk management process wherever necessary. To make your risk monitoring effective, be proactive rather than reactive in keeping track of risks.

The five steps in the ORM process are: 1) Risk Identification, 2) Risk Assessment, 3) Risk Mitigation, 4) Control Implementation, and 5) Monitoring.