Businesses Face Several Operational Risks

question 36

Multiple Choice

Businesses face several operational risks.One operational risk is the risk associated with deviations from the organization's regular practices and procedures.This risk is called

• A)systems risk.
• B)process risk.
• C)people risk.
• D)external event risk.

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Definitions:

Implied Warranty of Possession

A legal guarantee that the seller of a property has the right to transfer ownership without any claims from third parties.

Periodic Tenancy

A leasehold interest in property that continues for successive periods (e.g., month-to-month, year-to-year) until terminated by either party.

Eviction Action

A legal process initiated by a landlord to remove a tenant from a property due to violations of the rental agreement.

Prior Renter

An individual who previously rented or leased a specific property or item before the current occupant or user.