ISO 31000 Risk Management

Which of the following is the standard guidelines for Risk Management?

• ISO/IEC 17025

• ISO 22000

• ISO 37001

• ISO 31000

Which of the following are risk identification techniques?

• Determine likelihood

• SWOT analysis

• Brainstorming

• Acceptance

"Involvement of stakeholders enables their knowledge, views, and perceptions to be considered, resulting improve awareness and informed risk management". 

What Risk Management Principles is this?

• Inclusive

• Human and cultural factors

• Customized

What does the acronym SWOT mean?

• Sensitivity, Weaknesses, Opportunities, and Time

• Sensitivity, Weaknesses, Opportunities, and Threats

• Strengths, Weaknesses, Opportunities, and Threats

What is example of negative consequence of events?

• Accidentally going viral on the internet over a good act.

• Breakthrough in a production method.

• Emotionally distress

What is Remaining Risk?

• Potential source of danger, harm, or other undesirable outcome.

• A combination of risks.

• Risk remaining after risk treatment or control.

When should the Risk Management Principles be considered?

• During Risk Assessment.

• When developing the Quality Policy.

• When establishing the Risk Management Framework and Processes.

Managing risk is based on below outlined EXCEPT

• Principles

• Process

• Framework

• Guidelines

Which option below is NOT an element of the Risk Management Framework, as described in ISO 31000?

• Design

• Piloting

• Integration

• Implementation

The Gamuda Sdn Bhd is a construction company that has built its reputation around renovation and expansion projects. Due to regulatory requirements, the company is already familiar with some form of risk management. However, the current risk management activities are focused only on occupational health and safety and quality management.

The management consider that ISO 9001:2015 as opportunity to establish organization-wide risk management activities.

As the management decided to adhere to ISO 9001's recommendation, which action does the standard recommend when establishing the risk management framework?

• Do not interfere with existing risk management practices and processes, and establish a new parallels risk management.

• Replace the existing risk management practices and processes with those recommended in ISO 9001.

• Evaluate the existing risk management practices and processes, evaluate those gaps, and address them within framework.