Probability of Risk [CPA Prep]

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🎓 Lesson Overview:
In this lesson, Nick Palazzolo, CPA, breaks down how to calculate the expected monetary value of risk, introducing a practical formula that combines the cost of potential damages with the probability of risk occurrence. Through engaging examples, he demonstrates how to apply this formula to real-world situations, such as assessing the financial impact of possible user errors in a company's order processing system. Nick simplifies complex risk assessment concepts, ensuring that grasping the expected annual losses and the role of probability in risk management is clear and straightforward. The lesson includes a step-by-step approach to quantitative risk evaluation, enhancing the ability to make informed decisions based on potential risks and their associated costs.

🔍 Key Topics Covered:
- Risk Calculation
- Expected Monetary Value
- Probability of Risk
- IT Risk Management

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