WorksheetsRISK MANAGEMENT_CHAPTER 1
Total questions: 10
Worksheet time: 5mins
Risk is measurable
True
False
Two elements of uncertainty are
Ignorance and measurable
Lack of information and measurable
Ignorance and lack of information
Lack of information and controllable
Pure risk is a type of risk with the possibility of good outcomes
True
False
Which of the following is not the objectives of risk management
To gain competitive advantages
To minimise losses
To gain financial or non-financial benefits
To avoid problem
In internal control, risk management and assessment is the responsibility of
Board of Directors
Management Committee
The Audit Committee
All of the above
CIMA's Risk Management cycle identify various activities that should be undertaken during risk management. Which of the following options shows the steps in the correct order?
Identify risk areas, Develop Risk response strategy, Allocate Responsibilities, Establish risk management group
Establish risk management group, Identify risk areas, Develop Risk response strategy, Allocate Responsibilities
Allocate Responsibilities, Identify risk areas, Develop Risk response strategy, Establish risk management group
Establish risk management group, Identify risk areas, Allocate Responsibilities, Develop Risk response strategy
Which of the following is not the method in risk reduction
Acceptance
Pooling
Minimisation
Hedging
A common example of risk transfer is insurance.
True
False
When the existing risks are change or new risks are identified, the risk will be added to ___________________for categorisation purposes
Risk identification
Risk assessment
Risk planning
Risk monitoring
The final strategy in risk is
Transfer/Sharing
Accept
Reduce
Avoid
