Risk Management Quiz

What is the most widely recognized risk management standard?

• British Standard BS 31100

• ISO 31000

• COSO ERM Cube

• IRM Standard

Which framework was replaced by ISO 31000?

• COSO ERM Cube

• Australian Standard AS 4360

• IRM Standard

• British Standard BS 31100

What does the acronym RASP stand for in risk management context?

• Risk Architecture Strategy Protocols

• Risk Assessment Strategy Protocols

• Risk Analysis Strategy Procedures

• Risk Assessment Strategy Procedures

Which of the following is NOT a component of the COSO ERM Cube?

• Monitoring

• Risk Response

• Risk Identification

• Control Activities

What is the primary focus of Enterprise Risk Management (ERM)?

• Managing opportunities and hazards

• Evaluating financial risks only

• Focusing solely on compliance risks

• Managing individual risks separately

Which principle of ISO 31000 emphasizes the need for stakeholder involvement?

• Risk management is integral to all activities

• Risk management is continually improved

• Structured and comprehensive approach is required

• Appropriate and timely involvement of stakeholders

What does the COSO ERM Cube emphasize about risk management?

• It focuses only on financial risks

• It is a static framework

• It is a multidirectional, iterative process

• It is a linear process

What is the purpose of a risk register?

• To identify all possible risks

• To facilitate ownership and management of risks

• To eliminate all risks

• To document only financial risks

Which of the following is a component of the internal context in risk management?

• Public perception

• Availability of adequate funds

• Market competition

• Regulatory compliance

What is the main goal of establishing the risk management context?

• To eliminate all risks

• To identify only external risks

• To create a risk register

• To support the delivery of stakeholder expectations