Operational Risk Management Quiz

Operational Risk Management is the correct answer because it refers to the process of identifying, assessing, and prioritizing risks associated with military operations. It involves making informed decisions about how to mitigate these risks and implementing effective controls to minimize their impact. This approach ensures that military operations are conducted in a safe and efficient manner, taking into account potential risks and their potential consequences.

The correct answer is the likelihood that a hazard will result in a mishap or loss. This is because risk refers to the possibility or probability of an undesirable event or outcome occurring. In this case, the undesirable event or outcome is a mishap or loss, which can be caused by a hazard. Therefore, risk is the likelihood that a hazard will result in a mishap or loss.

Risk is the correct answer because it refers to the expression of possible loss in terms of severity and probability. Risk is a measure of the likelihood and potential impact of an event or action, taking into account both the probability of occurrence and the potential consequences. It involves assessing and managing potential hazards, evaluating their severity and likelihood, and making informed decisions to mitigate or accept the associated risks.

The correct answer is a condition with the potential to cause personal injury or death, property damage, or mission degradation. This definition of hazard encompasses a range of potential consequences, including harm to individuals, damage to property, and negative impacts on mission objectives. It recognizes that hazards can pose risks to both human safety and the successful completion of a mission or task.

Operational Risk Management is a comprehensive approach that involves decision making and enables organizations to make informed decisions. By identifying, assessing, and mitigating risks, it helps to reduce risks to acceptable levels. Therefore, the correct answer is "All of the above" as all the statements mentioned are true and describe the benefits and purpose of Operational Risk Management.

The process of detecting hazards and assessing the associated risk is called risk assessment. It involves identifying potential hazards, evaluating the likelihood and severity of the risks they pose, and determining appropriate measures to mitigate or manage those risks. Risk assessment is an essential step in risk management, as it helps organizations make informed decisions to protect people, assets, and the environment from potential harm.

The correct answer is "All of the above" because the question states that the ORM Levels of application include time critical, deliberate, and in-depth approaches, each of which involves the complete 5-step process. Therefore, all three options mentioned in the question are correct.

The correct answer is "Make risk decisions at the right level" because one of the ORM (Operational Risk Management) principles is to anticipate and manage risk by planning. Making risk decisions at the right level means that decisions should be made by individuals who have the appropriate knowledge and authority to assess and mitigate the risks involved. This ensures that risk management is effective and efficient, as decisions are made by those who are best equipped to understand and address the potential risks.

Chemical breakdown is not a cause of risk. The other options, such as new technology, change, and environmental influences, can all contribute to risk. However, chemical breakdown does not directly cause risk.

The given answer "Supervise" is the correct answer because it is a step in the Operational Risk Management Process. After implementing controls, it is important to supervise and monitor the effectiveness of those controls to ensure that they are working as intended and that any new risks or hazards are identified and addressed promptly. This step helps in maintaining the effectiveness of the risk management process and ensures ongoing risk mitigation.