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Question 499 - CSCP discussion

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A firm is assessing the risk of business disruption due to several types of natural disasters. When determining the risk of each type of disaster, the firm should consider the probability of each type of disaster and the:

A.
consequences of the disruption.
Answers
A.
consequences of the disruption.
B.
cost of mitigating the disaster.
Answers
B.
cost of mitigating the disaster.
C.
firm's capability to mitigate the risk.
Answers
C.
firm's capability to mitigate the risk.
D.
forecaster's confidence in the risk probability.
Answers
D.
forecaster's confidence in the risk probability.
Suggested answer: A

Explanation:

When assessing the risk of business disruption due to natural disasters, a firm must evaluate both the probability of each type of disaster occurring and the potential consequences of such disruptions. This approach ensures a comprehensive understanding of the risk landscape and helps prioritize mitigation strategies based on the severity of the impact. The consequences of a disruption can include financial losses, operational downtime, damage to infrastructure, and reputational harm. By assessing the potential consequences, the firm can develop targeted contingency plans, allocate resources effectively, and enhance overall resilience to various types of disasters.

National Institute of Standards and Technology (NIST). (2015). 'Community Resilience Planning Guide for Buildings and Infrastructure Systems.' NIST Special Publication 1190.

FEMA. (2013). 'Threat and Hazard Identification and Risk Assessment Guide.' Comprehensive Preparedness Guide (CPG) 201.

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asked 16/09/2024
Lin Sun
38 questions
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