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Part Three Risk assessment > Learning outcomes for Part Three - Pg. 137

137 PaRt tHRee Risk assessment L E a r N I N g O u TCOm E S fO r Pa r T T h r E E describe the importance of risk assessment as a critically important stage in the risk management process; summarize the range of risk assessment techniques that are available and the advantages /disadvantages of each technique; describe the importance of risk classification systems and describe the key features of the best-established systems; produce examples of the use of a risk matrix, including using it to indicate the dominant risk response in each quadrant; illustrate by using a risk matrix the risk appetite of an organization and whether the organization is risk averse or risk aggressive; describe the main components of loss control as loss prevention, damage limitation and cost containment, and provide practical examples; demonstrate the use of loss-control actions to reduce the impact of an event that has a large magnitude before mitigation; summarize the alternative approaches to defining upside of risk and the practical application of these approaches for strategy, projects and operations; summarize the importance of business continuity planning and disaster recovery planning and provide practical examples; describe the approach taken during a business impact analysis and how the analysis supports business continuity planning; describe the key features of a business continuity plan, as set out in established business continuity standards, such as BS 25999.