One of the Important First Steps in a Risk Management

question 48

Multiple Choice

One of the important first steps in a risk management strategy for a company is to:

• A) establish related risk and product controls.
• B) analyse the impact of the risk exposure.
• C) select appropriate risk management strategies.
• D) continually monitor the existing strategies.

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Definitions:

Layoffs

The act of temporarily or permanently dismissing employees from their jobs, often due to economic downturns or organizational restructuring.

Outsourcing Contract

A legal agreement where one company hires another to perform services or produce goods that could otherwise be conducted in-house.

Supply Managers

Professionals responsible for overseeing and managing a company's supply chain and procurement activities to ensure efficiency and cost-effectiveness.

Organizational Strategy

A plan of action designed to achieve long-term goals of an organization, shaping its direction and allocation of resources.