Complianceonline Risk Management Quiz

12 Questions | By Complianceon1 | Last updated: Mar 21, 2022 | Total Attempts: 1046

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Complianceonline Risk Management Quiz - Quiz

This short quiz tests your knowledge on the risk management process.

Questions and Answers

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