Question $2$: Short Questions $[30]$

$2\mathrm{.}1.$ What is the role of scenario analysis in risk management? Elaborate on its

fundamental components in the context of Risk Management for businesses. Discuss

its significance in planning and mitigating risks within business operations.

$(15)$

$2\mathrm{.}2$ Explain the five$-$step risk management process and its significance in handling risks

within an organization of your choice. Elaborate on the fundamental elements of each

step. $(15$