The First Step of the Risk Assessment Process Is Generally

question 117

Multiple Choice

The first step of the risk assessment process is generally to

• A)identify controls to reduce all risk to zero.
• B)estimate the exposure from negative events.
• C)identify the threats that the company currently faces.
• D)estimate the risk probability of negative events occurring.

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Definitions:

Legal Action

The process of taking a case through court to enforce or defend a legal right.

Remainderman

A person who is entitled to real property subject to a prior interest (e.g., a life estate) and who acquires the fee when the prior estate terminates.

Fee Simple

The most extensive interest in real property available in law, allowing the owner absolute ownership, including the rights to sell, lease, or bequeath the property.

Life Estate

A legal interest in real property that lasts for the lifetime of a specific individual, after which the property reverts to another party.