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ISO 31000 - Certified Lead Risk Manager Question and Answers

ISO 31000 - Certified Lead Risk Manager

Last Update May 2, 2024
Total Questions : 100

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Questions 1

Which of the following tools are used Risk managers for communication between stakeholders and interested parties?

Options:

A.  

Database

B.  

Records

C.  

Bio-data

D.  

Resume

Discussion 0
Questions 2

A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools. What is the best approach for them to take to define the context?

Options:

A.  

Identify any increase of risk with the introduction of a female empowerment project.

B.  

Review the roles of the humanitarian principles in relation to education.

C.  

Define gender equality in the school environment.

D.  

Discuss the role of girls and how they are viewed by community members.

Discussion 0
Questions 3

The Chief Risk Officer within a large manufacturing organisation has been asked by the Board of Directors to provide an example of a pure risk. A suitable example would be

Options:

A.  

a fire occurring in a new manufacturing process line.

B.  

entering into a contract to purchase a new factory.

C.  

making a strategic decision that affects the long-term future of the organisation.

D.  

the purchase of a currency derivative.

Discussion 0
Questions 4

ISO 31000:2018 risk management process is ______________

Options:

A.  

descriptive

B.  

prescriptive

C.  

visionitive

D.  

cursive

Discussion 0
Questions 5

New definition of risk under ISO 31000 and 31010 is:

Options:

A.  

Danger that injury, damage, or loss will occur

B.  

Possibility of investment loss

C.  

Probability of loss to an insurer

D.  

Probability of an event that will have an impact on objectives

Discussion 0
Questions 6

Risk management is systematic, structured, and timely.

Options:

A.  

True

B.  

False

Discussion 0
Questions 7

Which of the following is an important aspect with stakeholders, customers, and interested parties is the essential element for maintaining the relevance of enhanced risk management within the structure of a changing context?

Options:

A.  

Interviews

B.  

Communication

C.  

Brainstorming

D.  

Session Storming

Discussion 0
Questions 8

When defining the success measures for the organization’s risk strategy, the risk management professional will include which of the following steps?

Options:

A.  

A review of the goals and objectives of the risk strategy

B.  

 A selection of appropriate media for communicating the risk strategy

C.  

An analysis of the organization’s total cost of insurable risk

D.  

The development of timelines for implementing the risk strategy

Discussion 0
Questions 9

Which element is often the biggest challenge in risk implementation?

Options:

A.  

human

B.  

computation

Discussion 0
Questions 10

How many risk management principles exists ISO 31000:2018?

Options:

A.  

7

B.  

8

C.  

9

D.  

6

Discussion 0
Questions 11

ISO 31000:2018 offers a generic outline for the design of the risk management framework and process.

Options:

A.  

True

B.  

False

Discussion 0
Questions 12

Inclusiveness is another critical attribute of good risk management.

Options:

A.  

True

B.  

False

Discussion 0
Questions 13

ISO uses the concept of uncertainty as the driver and rationale for risk management.

Options:

A.  

True

B.  

False

Discussion 0
Questions 14

Within an organisation, when attempting to manage and control risk, the organisation should be aware that

Options:

A.  

consideration of risk perception is not required.

B.  

consideration should be given to internal controls only.

C.  

uncertainty must be taken into account

D.  

uncertainty need not be considered.

Discussion 0
Questions 15

A risk management professional advises management on the status of key risks by

Options:

A.  

annually identifying the inventory of risks.

B.  

providing information about competitors’ risk management plan.

C.  

providing insights into the changing characteristics of a risk.

D.  

summarizing internal audit reports. 

Discussion 0