
05 Principles and aims Risk Management Quiz
Authored by Remil Yabut
Business
University

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10 questions
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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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