Risk management Quiz

Which of the following statements best describes risk? 

• Clarity in future decisions.

• Uncertainty when looking at the past.

• Uncertainty when looking to the future.

•  

  Certainly of not suffering harm or loss.

Which of these is not a source of risk?

• Technology Risk

• Political Risk

• Environment Risk

• Functional Risk

What are the four possible options when responding to risk?

• Accept, Mitigate, Evade, Transfer

• Evade, Receive, Transfer, Avoid

• Mitigate, Avoid, Evade, Transfer

• Avoid, Transfer, Accept, Mitigate

CG Risk Management Framework basically following the ISO31000 standards.

• Yes

• No

Risk Management Framework within CG Group operates at two levels:

• Functional & Political

• Strategic & Operational

Match the following: Risk's Likelihood divided into 5 rating.

• 5

• Very Likely

• 1

• Very Unlikely

• 4

• Unlikely

• 3

• Possible

• 2

• Likely

​ ​ ​ Risk matrix can be divided into 4 categories which include: Low, ​ (a)   , High, ​ (b)  

• Medium
• Critical
• Catastrophic
• Moderate
• Significant

Label the Risk Management Process according to ISO31000

a

b

c

d

Risk Evaluation

Risk Identification

Risk Analysis

Risk Treatment

What is the main purpose of the Risk Management Framework within CG Group?

• To avoid all risks

• To ensure profitability

• To manage risk in accordance with ISO31000 standards

• To predict future risks

Based on the Risk Management impact table, it is divided into 2 categories which are financial & non-financial.

All the below answers is for non-financial category except:

• Legal

• Operation

• Budget

• Reputation