Describe the following four types of lists: 1) Master Risks List 2) Risks by Services List...

Describe the following four types of lists:

1) Master Risks List

2) Risks by Services List

3) Top Risks List

4) Retired Risks List

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Expert Solution

1) Master risks list: It contains risk, the potential adverse effect, outcome and the criterion used for ranking, Such criteria are probability, impact, and exposure. When risks are sorted it provides basis for assigning priorities in the planning.

2) Risks by services list : It allow operations to focus on each risk where the potential impact of that risk affect a specific business function or service. This enable to link risks to their impact on the business services. Thus the quality of information, risks prioritization, and decision making is improved.

3) Top risks list :There are risks that require limited time and resources. Such risks are to be prioritized in the master risks list. The risks that are important and to be actively managed will be at the top of the list. It makes up a separate top risks list.

4) Retired risks list:The master risks list includes all the risks that have been identified, whether they are important or not. Some of the risks reach a point where they are not important. The risks that became irrelevant are moved from the master risks list to the list called retired risks list.

jeff jeffy answered 1 year ago

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