Certified Meeting Professional (CMP) Practice Exam

What is the initial step in the four-step risk management process?

1. Risk analysis

2. Crisis response

3. Risk assessment

4. Crisis planning

The correct answer is: Risk assessment

The initial step in the four-step risk management process is risk assessment. This step involves identifying potential risks that could impact the organization or event and analyzing the likelihood and potential impact of these risks. The assessment provides a foundation for the overall risk management strategy, allowing planners to understand the environment they are operating in and prioritize which risks need to be addressed. Conducting risk assessment first ensures that subsequent steps, such as risk analysis, crisis response, and crisis planning, are informed by the most relevant and comprehensive insights into the possible challenges that may arise, enabling effective strategy development and implementation.