Ace the 2025 Certified Governance Risk & Compliance (CGRC) Challenge – Navigate the Governance Maze with Confidence!

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Which factor should be considered when determining the likelihood of a risk event?

Historical data on similar projects

Considering historical data on similar projects is a crucial factor when assessing the likelihood of a risk event. Historical data provides empirical evidence and a foundation for understanding how risks have manifested in the past under similar circumstances. This background can reveal patterns, frequency, and impact of risks, enabling better predictions about potential future occurrences.

Analyzing past projects allows project managers and stakeholders to estimate the probability of specific risks based on actual outcomes, thus enhancing the accuracy of their risk assessments. For example, if previous projects in the same industry faced a particular risk, that data can inform the current project's risk management strategy and planning decisions, ultimately guiding mitigation efforts more effectively.

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Current economic conditions

The experience level of the project manager

Team member availability

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