Risk-Based Thinking Quiz # 1

What are uncertain future events which could influence achievement of objectives?

• Risks

• Threats

• Weaknesses (Vulnerabilities)

• Consequences

A type of risk that could result to a serious loss of confidence in an organization.

• Operational Risk

• Financial Risk

• Reputational Risk

• Compliance Risk

A potential failure related to day-to-day operations of an organization.

• Financial Risk

• Operational Risk

• Compliance Risk

• Reputational Risk

Fill in the blanks. __________________ is what you plan or expect to happen.

• Undesirable Event

• Consequence

• Weakness (Vulnerability)

• Objective (Intended Outcome)

This is the intrinsic property of something resulting in susceptibility to threats that can lead to an event or consequence.

• Threat

• Weakness (Vulnerability)

• Risk

• Undesirable Event

This is the process of finding, recognizing and describing risks.

• Risk Evaluation

• Risk Treatment

• Risk Analysis

• Risk Identification

It is the systematic process of evaluating the potential risks that may be involved in a projected activity.

• Risk Assessment

• Risk Evaluation

• Risk Analysis

• Risk Identification

Which of the following is NOT an output of the Risk Identification step?

• Threats

• Vulnerability

• Undesirable Event

• Risk Level

This is the outcome of an event affecting objectives.

• Risk

• Consequence

• Threat

• Vulnerability

True or False. Risk-Based Thinking is only the responsibility of management.

• True

• False