What are the two application levels of risk management?

The correct answer identifies the two application levels of risk management as "deliberate and real-time."

Deliberate risk management refers to the planned, systematic approach to identifying and analyzing risks ahead of time. This level is characterized by setting risk management objectives, developing risk management strategies, and implementing policies to mitigate potential negative impacts proactively. This approach ensures that organizations are prepared before a risk event occurs.

Real-time risk management, on the other hand, involves the immediate response to risks as they emerge. This level requires quick decision-making and adaptive strategies to handle unforeseen challenges or issues effectively. It takes into account the dynamic nature of risks in an ever-changing environment, allowing organizations to respond rapidly to minimize potential damages.

Together, these two levels provide a comprehensive framework for managing risks both in a structured manner (deliberate) and in a responsive manner (real-time), ensuring that organizations can navigate uncertainties effectively.