Complianceonline Risk Management Quiz

12 Questions | Total Attempts: 247

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Complianceonline Risk Management 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