[TYPE THE COMPANY NAME]
ISR3701 Assignment 3
(COMPLETE
GUIDELINE) Semester
1 2025 - DUE 14 April
2025
NO PLAGIARISM
[Pick the date]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of
the document. Type the abstract of the document here. The abstract is typically a short summary of
the contents of the document.]
, ISR3701 Assignment 1 Semester 1 2025 - Due April QUESTIONS WITH
DETAILED ANSWERS 1. (10 Marks)
Define the term "risk management" and briefly explain what it entails.
Elucidate your answer with examples. 2. (5 Marks)
Definition:
Risk management is the process of identifying potential risks in advance, analyzing them, and
taking precautionary steps to reduce or control their impact.
In simpler terms, it helps individuals or organizations prepare for the unexpected so that they can
reduce losses and recover quickly if something goes wrong.
Key Steps in Risk Management:
1. Risk Identification:
o This is about figuring out what could go wrong.
o Example: A company identifies that there is a risk of data loss due to
cyberattacks.
2. Risk Assessment/Analysis:
o Once a risk is identified, it's analyzed to understand how likely it is to happen and
what the consequences would be.
o Example: If a risk is highly likely and would cause major financial damage, it is
considered a high-priority risk.
3. Risk Control/Mitigation:
o This step involves taking action to reduce the risk or its impact.
o Example: Installing fire alarms and backup servers to reduce the risk of loss from
fire or system failure.
4. Implementation:
o Put the risk control measures into action.
o Example: Start using anti-virus software and regularly train employees on
cybersecurity.
5. Monitoring and Review:
o Risks and their solutions need to be constantly monitored and updated, especially
as situations change.
o Example: Updating disaster recovery plans every year or after a major change in
operations.
Practical Examples:
ISR3701 Assignment 3
(COMPLETE
GUIDELINE) Semester
1 2025 - DUE 14 April
2025
NO PLAGIARISM
[Pick the date]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of
the document. Type the abstract of the document here. The abstract is typically a short summary of
the contents of the document.]
, ISR3701 Assignment 1 Semester 1 2025 - Due April QUESTIONS WITH
DETAILED ANSWERS 1. (10 Marks)
Define the term "risk management" and briefly explain what it entails.
Elucidate your answer with examples. 2. (5 Marks)
Definition:
Risk management is the process of identifying potential risks in advance, analyzing them, and
taking precautionary steps to reduce or control their impact.
In simpler terms, it helps individuals or organizations prepare for the unexpected so that they can
reduce losses and recover quickly if something goes wrong.
Key Steps in Risk Management:
1. Risk Identification:
o This is about figuring out what could go wrong.
o Example: A company identifies that there is a risk of data loss due to
cyberattacks.
2. Risk Assessment/Analysis:
o Once a risk is identified, it's analyzed to understand how likely it is to happen and
what the consequences would be.
o Example: If a risk is highly likely and would cause major financial damage, it is
considered a high-priority risk.
3. Risk Control/Mitigation:
o This step involves taking action to reduce the risk or its impact.
o Example: Installing fire alarms and backup servers to reduce the risk of loss from
fire or system failure.
4. Implementation:
o Put the risk control measures into action.
o Example: Start using anti-virus software and regularly train employees on
cybersecurity.
5. Monitoring and Review:
o Risks and their solutions need to be constantly monitored and updated, especially
as situations change.
o Example: Updating disaster recovery plans every year or after a major change in
operations.
Practical Examples:
