Operational Risk Management Test: Quiz!

10 Questions | By Higbee | Last updated: Mar 22, 2022 | Total Attempts: 4080

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Operational Risk Management Test: Quiz! - Quiz

Questions and Answers

1.

Hazard is defined as:
- A.
  
  A condition with the potential to cause personal injury or death, property damage,or mission degradation
- B.
  
  A condition with the potential to cause personal financial loss or property damage or mission degradation
- C.
  
  A condition with the potential to cause personal injury or death or mission completion
- D.
  
  A condition with the potential to cause property damage or mission degradation, or a revenue tax increase
2.

An expression of possible loss in terms of severity and probability is a definition of:
- A.
  
  Hazard
- B.
  
  Probability
- C.
  
  Severity
- D.
  
  Risk
3.

Definition of Risk is:
- A.
  
  The likelihood that a hazard will result in a mishap or loss
- B.
  
  The likelihood that a hazard will result in a disaster
- C.
  
  The likelihood that a hazard will result in a favorable outcome
- D.
  
  The likelihood that a hazard will result in a change in command
4.

The process of detecting hazards and assessing the associated risk is called:
- A.
  
  The right process
- B.
  
  Risk assessment
- C.
  
  Risk Management Process
- D.
  
  None of the above
5.

The process of dealing with the risk associated with military operations, which include risk assessment, risk decision making, and implementation of effective risk controls is:
- A.
  
  Operational Rated Management
- B.
  
  Organized Risk Assessment
- C.
  
  Operational Risk Management
- D.
  
  Organized Risk Management
6.

Operational Risk Management Process includes the I.D of hazards, Assessing the hazards, Making risk decisions, Implement controls, and
- A.
  
  Take action
- B.
  
  Re-assessing the process
- C.
  
  Supervise
- D.
  
  Both A & B
7.

Operational Risk Management:
- A.
  
  Is a decision making tool
- B.
  
  Increases ability to make informed decisions
- C.
  
  Reduces risks to acceptable levels
- D.
  
  All of the above
8.

Causes of risk include all the following except:
- A.
  
  New Technology
- B.
  
  Change "The Mother of all Risk"
- C.
  
  Environmental influences
- D.
  
  Chemical breakdown
9.

The four ORM Principals are - 1. Accept risk when the benefits outweigh the cost 2. Accept no unnecessary risk 3. Anticipate and manage risk by planning and
- A.
  
  Make risk decisions at the right level
- B.
  
  Make risk decisions right away
- C.
  
  Make no decsions until after talking it over
- D.
  
  All of the above
10.

ORM Levels of application include:
- A.
  
  Time crtical - On the run consideration of 5 steps
- B.
  
  Deliberate - Application of the complete 5 step process
- C.
  
  In-Depth - Complete 5-Step Process with detailed analysis
- D.
  
  All of the above