A favourite PFQ area, so precision pays. You need the risk process, the difference between a risk and an issue, and the response strategies for threats and opportunities.
What risk covers in the PFQ
- The risk process: identify, assess, plan responses, implement, review
- Probability and impact, and the risk register
- Threat responses: avoid, reduce, transfer, accept
- Opportunity responses: exploit, enhance, share, reject
- The difference between a risk (may happen) and an issue (has happened)
Where candidates lose marks
Treating a risk and an issue as the same — a risk is uncertain, an issue has already occurred.
Confusing 'transfer' with 'avoid' — transfer moves the impact, avoid removes the cause.
Forgetting opportunities — risk management addresses upside as well as downside.
Free, timed, exam-style questions across all ten PFQ topics — with an explanation for every answer and a per-topic breakdown.
Start a free practice testRisk questions, answered
What is the difference between a risk and an issue?
A risk is uncertain — it may or may not happen. An issue has already happened and needs managing now. Treating the two as the same is a common exam mistake.
What are the response strategies for threats and opportunities?
For threats: avoid, reduce (mitigate), transfer, accept. For opportunities: exploit, enhance, share, reject. Risk management deals with upside as well as downside.
The other nine topics
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