Q: How can you prioritize risks and allocate resources to manage them?
Actionable tip: Use a risk matrix to prioritize risks based on their likelihood and impact, and allocate resources accordingly. Focus on risks that are high-impact and with high likelihood, and develop plans to mitigate or manage them.To ensure that your risk management strategies are effective, you need to monitor and measure their impact. This involves setting key performance indicators that measure the effectiveness of your strategies, such as the number of incidents or losses avoided.
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