CBCP-002 Dumps With Exact Questions and Answers

The four R’s are action approaches for crisis and post-crisis management. They are:

Reduction: This approach aims to prevent or mitigate the occurrence or impact of a crisis by identifying and addressing the root causes, vulnerabilities, and risks.

Readiness: This approach aims to prepare for a potential crisis by developing plans, policies, procedures, systems, teams, and resources that can enable a timely and effective response.

Response: This approach aims to manage a crisis by activating the plans, policies, procedures, systems, teams, and resources that can contain, control, and resolve the situation.

Recovery: This approach aims to restore normal operations after a crisis by implementing actions that can repair damages, restore functions and processes, resume services and products, recover losses, and learn lessons. Verified References: https://www.cisco.com/c/en/us/solutions/hybrid-work/what-is-business-continuity.html https://phoenixnap.com/blog/what-is-business-continuity-management

Financial risks are the risks that result from business decisions that are influenced by changes in markets, liquidity, and credit. Financial risks are the uncertainties or variabilities of the financial performance or position of an organization due to factors such as interest rates, exchange rates, inflation, credit ratings, debt levels, or cash flows. Financial risks can affect anorganization’s profitability, solvency, liquidity, or valuation. Verified References: https://www.investopedia.com/terms/f/financialrisk.asp https://www.thebci.org/training-qualifications/good-practice-guidelines.html

Risk ownership must be clearly set out, documented and agreed with the individual owners at all levels of the operational risk management process. This is true because risk ownership is one of the key principles of business continuity management. Risk ownership means that each risk has a designated person who is responsible and accountable for its identification, assessment, treatment, monitoring, and reporting. Risk owners should have the authority and resources to manage their risks effectively and efficiently. Verified References: https://www.iso.org/publication/PUB100442.html https://www.thebci.org/training-qualifications/good-practice-guidelines.html