2024 Risk Identification Exercise Quiz

Which of the following is true about the Operational risk identification exercise?

• Operational Risk identification is a careful analysis of risk to apportion blame.

• Operational Risk identification should be done in collaboration with every team member to get a vast opinion/view.

• Operational Risk identification is done to find out who is at fault.

• Operational Risk identification exercise entails identifying risk and assigning blames.

The following are elements that must be considered when defining a Risk except?

• Root Cause

• Incident

• Severity

• Impact

It is possible for a risk to have more than one impact.

• True

• False

• I don't know.

When a risk has more than one impact, what should the risk owner do?

• Select the risk with the highest Value.

• Select the risk with the highest severity.

• Use best of judgement

• Seek expert judgement.

The frequency assessment table can be customized.

• True

• False

• I don't know

The Severity assessment table is common to all AXA entities.

• True

• False

• I don't know

A black risk is the following except?

• Mission Critical

• Above the risk appetite

• Should not exist.

• Requires soft action.

The risk grid is the assessment of the criticality of individual risks.

• True

• False

• Ask Efe Denedo

Reputation is ...........

• Hard to lose

• Easy to earn

• Easy to lose

• Difficult to tap

Emerging risks are the following except

• Complex

• not adequately understood.

• Ambiguous

• Accurately understood