Practice Question Set: The Building Blocks of Risk Management

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Chapter 1. The Building Blocks of Risk Management Practice Question set covers the following learning objectives:

* Explain the concept of risk and compare risk management with risk-taking.

* Describe elements, or building blocks, of the risk management process and identify problems and challenges that can arise in the risk management process.

* Evaluate and apply tools and procedures used to measure and manage risk, including quantitative measures, qualitative assessment, and enterprise risk management.

* Distinguish between expected loss and unexpected loss and provide examples of each.

* Interpret the relationship between risk and reward and explain how conflicts of interest can impact risk management.

* Describe and differentiate between the key classes of risks, explain how each type of risk can arise, and assess the potential impact of each type of risk on an organization.

* Explain how risk factors can interact with each other and describe challenges in aggregating risk exposures.

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