05 Principles and aims  Risk Management Quiz

05 Principles and aims Risk Management Quiz

University

10 Qs

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05 Principles and aims  Risk Management Quiz

05 Principles and aims Risk Management Quiz

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Remil Yabut

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main principle of risk management?

To ignore the risks

To create uncertainty of outcomes

To reduce volatility of outcomes

To increase the value of the organization

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to ISO 31000, what should a successful risk management initiative be?

Unaligned with other business activities

Static and unresponsive to change

Proportionate to the level of risk within the organization

Unstructured and chaotic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the acronym used to describe the foundations of a successful approach to risk management within any organization?

PACED

VALUE

OUTCOME

RISK

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of risk management in an organization?

To limit the decision-making process

To reduce uncertainty about tactics

To ignore the risks

To increase disruption to normal operations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main reason for the increasing importance of risk management in organizations?

Decreasing ease of communication

Reduced emphasis on accurate information reporting

Decreasing stakeholder expectations

Global financial crisis and corporate failures

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the stages involved in the risk management process according to the IRM Risk Management Standard?

5 stages

10 stages

8 stages

12 stages

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main contribution of risk management to successful strategy?

Ignoring the risks associated with strategy

Increasing the range of possible outcomes

Focusing only on hazard management

Reducing the range of possible outcomes

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