MyQuiz-IA

Managing risk only considers the internal context of the organization, including human behaviour and cultural factors

• TRUE

• FALSE

Risk is usually expressed in terms of (1)_______, (2)_________ , their consequences and their (3)_______

• 1. risk sources,

  2. potential events

  3. risk universe

• 1. risk sources,

  2. risk appetite

  3. Likelihood

• 1. risk sources,

  2. potential events

  3. Likelihood

• 1. risk sources,

  2. risk assessment

  3. risk appetite

Risk Management is:

• element which alone or in combination has the potential to rise risk

• person or organization that can affect risk appetite

• use to measure occurrence or change of a particular set of circumstances

• coordinated activities to direct and control an organization with regard to risk

Managing risk is based on the principles, framework and process outlined in ISO 31000. This circle demonstrates ______

• Process

• Framework

• Principles

• Non of the above

Consequence of an event affecting objectives can

• expressed qualitatively or quantitatively

• positive or negative effective on objectives

• direct or indirect

  effects on objectives

• All of the above

Please select all correct statements:

• Likelihood

  is chance of something happening

• Control

  measure that maintains and/or modifies risk

• Risk is

  certainty to achieve of business objectives

• Event is

  occurrence or change of a particular set of circumstances

The purpose of risk management is:

• the process of identifying, assessing and controlling IT related risk of the organization

• unstructured approach for consistent mechanism to manage fundamental risks

• it improves performance, encourages innovation and supports the achievement of objectives.

• Non of the above

Effective risk management requires following elements

• 1. Integrated

  2. Structured

  3. Dynamic

  4. Continual improvement

• 1. Integrated

  2. Structured

  3. Dynamic

  4. Occasional improvement

• 1. Integrated

  2. Structured

  3. Customized

  4. Static

• 1. Integrated

  2. Structured

  3. Static

  4. Occasional improvement

Risks can emerge, change or disappear as an organization’s external and internal context changes. Risk management anticipates, detects, acknowledges and responds to those changes and events in an appropriate & timely manner is following principle

• Integrated

• Inclusive

• Dynamic

• Non of the above

______ should ensure that risk management is integrated into all organizational activities and should demonstrate commitment including arrangement of required resources:

• Chief Human Resource Officer

• Chief Internal Auditor

• Top management and oversight bodies

• Non of the above