Regular Reviews of a Risk Management Plan (RMP) Allow an Organisation

question 8

Multiple Choice

Regular reviews of a risk management plan (RMP) allow an organisation to:

• A) proactively re-examine the risks it faces.
• B) proactively re-examine its evaluation of the risks it faces.
• C) analyse the strengths and weaknesses of the RMP.
• D) identify opportunities to improve and update the RMP so that it will reflect changing circumstances inside and outside the organisation.
• E) All of these responses are correct.

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Definitions:

Non Est Factum

A defense in contract law where a party claims they were mistaken about the nature of the document signed, not merely its terms.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," placing the responsibility on the buyer to perform due diligence before making a purchase.

Equitable Remedy

A court-ordered action typically taken to prevent or resolve harm rather than monetary compensation, aiming to ensure fairness.

Statutory Assignment

The transfer of rights or benefits from one party to another as regulated and permitted by law.