Operational Risk Management Test: Quiz!

10 Questions | Total Attempts: 2398

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Operational Risk Management Test: 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

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