Complianceonline Risk Management Quiz
This short quiz tests your knowledge on the risk management process.
- 1.New definition of risk under ISO 31000 and 31010 is:
- 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
- 2.Causes of risk include all the following except:
- A.
Health, safety and environment
- B.
Finance
- C.
Insurance
- D.
Chemical breakdown
- 3.Risk management as defined by OCEG GRC model is:
- A.
Capability to set and evaluate performance against objectives
- B.
Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives
- C.
Capability to proactively encourage and ensure compliance with established policies and boundaries
- D.
All of the above
- 4.Which of the following is the current trend in auditing, risk management and compliance?
- A.
Providing assurance over threats
- B.
Performing discrete audits in compliance with internal control
- C.
Front office function providing leading indicators about risk
- D.
All of the above
- 5.According to IFAC, which of the following is not the responsibility of the board in relation to good governance of the organization?
- A.
Provide strategic direction
- B.
Ensure objectives are achieved
- C.
Ascertain that risks are managed appropriately
- D.
Quality assurance
- 6.Which of the following statements does not apply to ISO 31000?
- A.
It is the first standard issued by ISO for risk management
- B.
It can be used by any organization regardless of its size, activity or sector
- C.
It can be used for certification purposes
- D.
None of the above
- 7.What does ISO Guide 73:2009 do?
- A.
Provides guidelines for risk management and analysis
- B.
Focuses on risk assessment techniques
- C.
Provides a basic vocabulary of the definitions of generic terms related to risk management
- D.
All of the above
- 8.Who is expected to take a more focused oversight role with respect to risk management control and governance process?
- A.
Internal auditors
- B.
External auditors
- C.
Audit committee
- D.
None of the above
- 9.Where does an internal auditor typically spend most of his time auditing today?
- A.
People
- B.
Process
- C.
Technology
- D.
None of the above
- 10.Which of the following statement about operations risk management is incorrect?
- A.
Transparent and inclusive
- B.
Dynamic, iterative and responsive to change
- C.
Disregarding human factors
- D.
Capable of continual improvement and enhancement
- 11.Which of the following standards is used for disaster management and for managing the ERM process?
- A.
ISO 22301
- B.
NFPA 1600
- C.
FFIEC
- D.
ISO 27031
- 12.Australian guidelines for ERM are usually stricter than US.
- A.
True
- B.
False
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