ITIL 4 Foundation Practice Exam

How can risk be defined in an IT context?

1. As the total budget allocated for IT services

2. As a possible event that could cause harm or loss

3. As the amount of time taken to resolve incidents

4. As a repeating pattern of service issues

The correct answer is: As a possible event that could cause harm or loss

In an IT context, risk is defined as a possible event that could cause harm or loss. This encompasses any uncertainty that might impact the achievement of objectives, leading to possible negative outcomes for the organization or its assets. Understanding risk involves recognizing potential threats, vulnerabilities, and consequences that could arise from various situations, particularly in the management of IT services. For IT professionals, managing risk is critical because it helps organizations prepare for, mitigate, or respond to challenges that could impact their operations. By identifying and assessing these risks, IT departments can implement strategies to minimize negative impacts and ensure continuity of service. This focus on managing risk is essential in aligning IT services with organizational goals and in maintaining the overall health of IT infrastructure. In contrast, other options focus on aspects that do not pertain to the definition of risk itself. Allocating a budget is a financial management aspect, resolving incidents relates to service management efficiency, and identifying repeating patterns of service issues falls under problem management, rather than risk assessment.