Question: The first step for management in the risk assessment process is to identify factors that may increase risk, for example failure to meet prior objectives.

The first step for management in the risk assessment process is to identify factors that may increase risk, for example failure to meet prior objectives. Then, management will

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assess the likelihood of the risk occurring.

make sure that procedures are developed to eliminate the risk.

estimate the significance of that risk.

develop specific actions to reduce the risk to an acceptable level.

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