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RiskYMgt01

Total questions: 102

Worksheet time: 57mins

Name
Class
Date
1.

What is risk management?

a)

Looking both ways before crossing a 2 lane highway.

b)

Auto Insurance

c)

The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

d)

The ability to plan for the future.

2.

What are some risk management devices ?

a)

Saving money in an savings account.

b)

Auto, health, and life insurance.

c)

Applying for a passport.

d)

Co-signing for a loan.

3.

If you are employed, what are some risk management products a job may offer?

a)

Workers compensation

b)

Health Insurance

c)

Disability Insurance

d)

Unemployment insurance

e)

All of the above

4.

In case of a future emergency, what standard is widely recommended ?

a)

Make sure you have two credit cards.

b)

Apply for a loan from your bank or credit union.

c)

Have at least 6 months worth of work income saved in a emergency savings account.

d)

None of the above

5.

What are the main two types of life insurance ?

a)

Whole life and half life.

b)

Term and Whole life.

c)

There is only one type of life insurance.

d)

Term and Partial life.

6.

What is term life insurance.

a)

Term Life insurance last your whole entire life.

b)

Term Life insurance provides coverage for a fixed amount of time.

c)

Term life is the same as whole life insurance.

d)

Term life is another way of saying whole life.

7.

What risk is minimized by titling your assets to a trust?

a)

Probate avoidance

b)

Reducing estate taxes

c)

Avoiding liens and lawsuit from creditors.

d)

Asset protection

e)

All of the above

8.

What is a prenuptial agreement ?

a)

It is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.

b)

Is an agreement made by a couple after marriage.

c)

The agreement states that all assets should be split 50/50.

d)

A and C

9.

What products are used for retirement planning ?

a)

IRA

b)

401 K

c)

403 B

d)

All of the above

10.

How can you avoid running out of money during your retirement years ?

a)

Cash flow from real estate investments..

b)

Employment Pension plans and IRA.

c)

Social Security monthly payments

d)

All of the above.

11.

The Key processes of Project Risk Management are:

a)

Plan Risk Management, Identify Risks, Assess Risks, Mitigate Risks,Transfer Risks, and Document Outcomes.

b)

Identify Risks, Plan Risk Management, Evaluate Risks, Develop Risk Responses,Mitigate Risks, and

Document Results.

c)

Identify Risks, Perform Qualitative Risk Validation, Perform Quantitative Impact Assessment, Develop Risk Response Strategies,Document Response Strategies, and Monitor Risk Responses.

d)

Plan Risk Management, ldentify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, Implement Risk Responses,and Monitor Risks.

12.

Strategies typically used to deal with threats or risks that may have negative impacts on project objectives if they occur include all of the following EXCEPT:

a)

Interpreting

b)

Avoiding

c)

Transferring

d)

Mitigating

13.

Risk transference nearly always involves:

a)

Eliminating risk through beta testing.

b)

Policies and procedures for a response system.

c)

Accepting a lower profit if some activities overrun their budget.

d)

Payment of a risk premium to the party taking on the risk.

14.

In the Plan Risk Responses process, an accept strategy for a negative risk or threat indicates that the project team has decided:

a)

To agree with the project manager.

b)

To eliminate a specific risk or threat, to reduce the probability and / or impact of an adverse risk event to be within acceptable threshold limits, or to pursue an opportunity actively.

c)

Not to change the project management plan to deal with a risk, or it is unable to identify any other suitable response strategy.

d)

To purchase insurance, or to require performance bonds, warranties, and guarantees.

15.

The primary output of the Identify Risks process is the:

a)

Risk register.

b)

Expected monetary value of the risk events.

c)

List of corrective actions.

d)

Risk mitigation plan.

16.

All of the following are inputs to the Identify Risks process EXCEPT:

a)

Risk management plan.

b)

Scope baseline.

c)

Risk mitigation plan.

d)

Quality management plan.

17.

Outputs from the Plan Risk Responses process include all of the following EXCEPT:

a)

Change requests.

b)

Corrective actions.

c)

Project documents updates.

d)

Project management plan updates.

18.

Tools and techniques of the Perform Quantitative Risk Analysis process include:

a)

Contracting, contingency planning, alternative strategies, and insurance.

b)

Interviewing, historical results, workarounds, and response development.

c)

Checklists, damage control reports,standard allowances, and inspection.

d)

Expert judgment, data gathering, simulations, and decision tree analysis.

19.

As an output of the Perform Quantitative Risk Analysis process, the risk register is updated. These updates generally include:

a)

Prioritized list of quantified risks.

b)

Qualitative analysis of the threats to ignore and opportunities to accept.

c)

Checklists, corrective actions, and qualified decision trees.

d)

Direction, resources, and contingency costs.

20.

The outputs from the Monitor Risks process include all of the following EXCEPT:

a)

Project documents updates.

b)

Work breakdown structure (WBS).

c)

Change requests.

d)

Project management plan updates.

21.

Of the following risk management strategies, the one that

aims at minimizing both the severity and the likelihood of

loss is

a)

avoidance.

b)

reduction.

c)

transference.

d)

retention.

22.

A document you use to capture all known risks is called:

a)

Risk Log

b)

Risk Register

c)

Risk List

d)

Risk Diary

23.

On a Friday evening, Salim, one of your best engineer in the team, comes to you and says he quits. You have two weeks to find a substitution. What would reduce the chances of such an event? Why?

a)

Regular one-on-ones with John

b)

Comprehensive professional development plan

c)

The highest salary in the team

d)

More responsibility

24.

A process that involves prioritizing risks for further action or analysis by assessing the impact and the probability of occurrence is called

a)

Qualitative Risk Analysis

b)

Risk Brainstorming

c)

Quantitative Risk Analysis

d)

Risk Retrospective

25.

When do you perform Risk Identification?

a)

At the beginning of a project.

b)

During project planning.

c)

During the whole lifetime of a project.

d)

During project execution.

26.

As a part of your project, you need to organize a conference. You learn that in the place that you rented there’s a 70% chance of a tropical storm on the selected dates. How should you handle such risk?

a)

Change the location of the conference.

b)

Buy insurance to cover possible damage.

c)

Book another place nearby to mitigate the risk of the first location being unavailable due to the storm.

d)

Inform all participants of the possible storm.

27.

Who should be involved in Risk Management activities?

a)

Only Project Team.

b)

Only Project Manager.

c)

As many stakeholders as practical.

d)

All stakeholders except clients.

28.

You acquired an expensive piece of equipment for your project. It is known to be sensitive and fragile in work. Several tasks that require this equipment are on a critical path. What’s the BEST action you can do to improve the project’s chances for success?

a)

Buy insurance to cover the costs of repairs.

b)

Hire a technical support team to quickly fix the equipment if needed.

c)

Find a good expert to operate the equipment.

d)

There’s nothing you can do.

29.

You are on the call with clients. They say the vendor team they hired to create designs is behind schedule. What should you do?

a)

State that your project is also behind the schedule because of it.

b)

Log the risk into the Risk Register to assess impact.

c)

Do nothing. It’s not your problem.

d)

Contact the vendor to help them out.

30.

After you performed Qualitative Risk Analysis you need to create:

a)

A prioritized list of risks.

b)

List of risks for additional analysis and investigation.

c)

List of urgent risks

d)

All the answers.

31.

After reviewing Risk Register you see two critical risks that you anticipate during the next week. What should you do with this knowledge?

a)

Do nothing. Your Risk Register is shared with the team and stakeholders.

b)

Reach out to the stakeholders and the responsible person with a reminder.

32.
A business model is a set of assumptions about the _______________ .
a)
financial stability of an organization
b)
organizational structure of a business
c)
products and services’ past performance
d)
way an organization creates value
33.
What two analytical tools are particularly useful in analyzing the business model?
a)
Key performance indicators and total cost of risk
b)
Key risk indicators and gap analysis
c)
Pareto analysis and root cause analysis
d)
Value chain analysis and benchmarking
34.
Risk management professionals conduct supply-chain analyses to identify _______________ .
a)
contingent business interruption coverage
b)
customer technology needs
c)
international regulatory requirements
d)
potential vulnerabilities to the organization
35.
Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?
a)
analyze the information
b)
organize the information
c)
prioritize the information
d)
report the information
36.
Which risk identification and analysis technique should a risk management professional use in order to gather information from multiple departments in a brainstorming session that helps to identify shared risks within an organization?
a)
checklists
b)
flowcharts
c)
workshops
d)
questionnaires
37.
When analyzing an organization’s value chain, which of the following would be considered a primary activity?
a)
technological development
b)
human resources management
c)
infrastructure management
d)
outbound logistics
38.
The organization’s resources and internal support are ________ the risk management strategy.
a)
adjustable to match
b)
inputs in the development of
c)
metrics used to measure the value of
d)
outcomes of the development of
39.
When defining the success measures for the organization’s risk strategy, the risk management professional will include which of the following steps?
a)
a review of the goals and objectives of the risk strategy
b)
a selection of appropriate media for communicating the risk strategy
c)
an analysis of the organization’s total cost of insurable risk
d)
the development of timelines for implementing the risk strategy
40.
Which of the following BEST guides an organization’s risk management decision-making process?
a)
risk financing opportunities
b)
risk retention levels
c)
risk strategy approach
d)
risk treatment options
41.
An effective risk communication strategy requires the selection of appropriate _______________ .
a)
coaches
b)
data points
c)
media channels
d)
metrics
42.
Which of the following is considered a risk analysis technique?
a)
budget allocation
b)
consensus building
c)
insurance placement
d)
Monte Carlo simulation
43.
When an operational area develops a treatment for a critical risk, the risk management professional MUST _______________ .
a)
add the risk to the risk map
b)
communicate the treatment plan directly with internal audit
c)
evaluate the dollar savings associated with the treatment
d)
evaluate the impact upon other areas
44.
A risk management professional advises management on the status of key risks by _______________ .
a)
annually identifying the inventory of risks
b)
providing information about competitors’ risk management plan
c)
providing insights into the changing characteristics of a risk
d)
summarizing internal audit reports
45.
STEEP is a method used for strategic planning. The acronym STEEP stands for _______________ .
a)
security, technical, emerging, external, profit
b)
social, technological, economic, environmental, political
c)
standard, technique, enterprise, environmental, process
d)
social, theory, external, engaging, program
46.
Once risks have been analyzed, the risk management professional should evaluate the risks against the risk _______________ .
a)
appetite
b)
monitoring plan
c)
treatment
d)
underwriting criteria
47.
After validating the training curricula, a risk management professional
a)
develops training
b)
develops and schedules training
c)
matches training to audience
d)
schedules and conducts training
48.
What can a risk management professional recommend to management to protect an organization’s critical infrastructure from a cyber attack?
a)
implement password protocols
b)
buy a tower of cyber liability insurance
c)
ensure employees do not post on social media
d)
monitor employees use of the internet
49.
Risk tolerance is defined as the _______________ .
a)
amount of uncertainty that an organization is prepared to accept
b)
desired level of risk that an organization believes is optimal to achieve its goals
c)
amount of risk that an organization can actually assume
d)
norms and traditions of the individuals of an organization and how they act on risk
50.
What is the role of risk management in the strategic planning process?
a)
challenge the decisions made
b)
develop risk treatment plans
c)
draft the decisions to be made
d)
identify threats and opportunities
51.
When measuring the financial effectiveness of an organization’s risk management plan, the risk management professional should _______________ .
a)
determine the overall cost of risk
b)
exclude risk financing costs
c)
involve the risk management committee
d)
determine the maximum level of uncertainty the organization can tolerate
52.
How can an ERM heat map help to facilitate discussion for a risk committee?
a)
It provides a risk register for an organization to be able to review all risks.
b)
It identifies how mitigation efforts could affect frequency and severity of a risk.
c)
It provides a map for insurance companies to price an organization’s premiums.
d)
It can help benchmark risks for comparison with others in the industry.
53.
A success criterion for a risk management program includes
a)
Risk accountability
b)
Dependencies
c)
Organizational structure
d)
Performance
54.
Which of the following is the BEST example of a reason to revise a risk management program?
a)
A new exposure arises such as a new merger or acquisition
b)
Significant turnover within the risk management function
c)
New product offerings by the insurance industry
d)
A revision of a company’s annual earnings forecast
55.
A potential DISADVANTAGE of benchmarking is that it
a)
May limit the type of information obtained if it only considers organizations viewed as a direct competitor
b)
Focuses primarily on areas of overlap in product or services and does not consider areas in which organizations differ
c)
Focuses primarily on company best practices and cannot be used to identify areas for possible innovation
d)
Does not provide useful information about industry and market trends
56.
Which industry environmental factors create uncertainty for an organization?
a)
Demand and competition
b)
Cultural factors
c)
Transportation and infrastructure
d)
Historical claims experiences
57.
To increase the likelihood that a risk strategy approach will be adopted, it is important for a risk management professional to understand the organization’s
a)
Governance
b)
Hierarchy
c)
Culture
d)
Profit margins
58.
A risk management oversight body focuses on what quadrant of risk as aligning closest to its organization’s ability to meet corporate objectives?
a)
Hazard
b)
Financial
c)
Strategic
d)
Operational
59.
Risk Mapping is an effective visual tool employed by risk management professionals to
a)
Capture risk portfolio relative frequency and severity
b)
Define historical risk portfolio materiality thresholds
c)
Provide Monte Carlo Simulation inputs
d)
Confirm validity of loss triangles
60.
When a line employee identifies a risk, to whom should the information first be reported to?
a)
Compliance Officer
b)
Operations Manager
c)
Risk Committee
d)
Risk Manager
61.
The purpose of documenting business model uncertainties is to
a)
Prioritize the impact of residual risks
b)
Conduct a review of the enterprise risk management framework
c)
Disqualify a business case to support loss control measures
d)
Provide a tangible resource for the design of risk strategies
62.
What is one KEY advantage that can be used to obtain organizational support for adopting an enterprise risk management strategy?
a)
Increased capital flows associated with increased risk controls
b)
Reduced scrutiny from management or oversight boards
c)
Improved effectiveness of safety and security practices
d)
Reduced governance costs through increased control efficiency
63.
As the concept of organizational resilience evolves, what is ONE critical challenge to communicating and implementing a sustainable process?
a)
Economic cost of implementing a resilient program design
b)
Resilience across and between organizational cultures
c)
Market recognition of resilience program effectiveness
d)
Ensuring alignment between resilience program design and execution when needed
64.
A risk management professional evaluates which type of key external force to gain insight about another company’s strengths and weaknesses?
a)
Political
b)
Competitive
c)
Economic
d)
Technological
65.
A timeline is included in the
a)
Risk implementation plan
b)
Risk governance structure
c)
Risk management framework
d)
Risk monitoring metrics
66.
The three components that make up the risk assessment phase of the risk management process are
a)
Establishing the context, risk evaluation, and risk treatment
b)
Establishing the context, risk identification, and risk evaluation
c)
Risk identification, risk analysis, and risk evaluation
d)
Risk identification, risk analysis, and risk treatment
67.
When working with risk owners to develop risk treatment, it is necessary to
a)
Consider risks equally
b)
Consider risk within the context of the business
c)
Generate a positive return on investment in the current year
d)
Seek approval from the Board of Directors
68.
The risk management professional should prioritize information about the business model based on
a)
Industry trends
b)
Annual reports
c)
Analyst reviews
d)
Strategic objectives
69.
When seeking to advise the organization on risks, the risk management professional should try to adopt what type of relationship model?
a)
Compliance
b)
Operational
c)
Partnership
d)
Sales
70.
Which of the following would signal a potential change in an organization’s risk context?
a)
The organization acquires a new business
b)
The organization changes insurance brokers
c)
The organization’s board of directors reviews a compliance report
d)
The organization publishes its annual report
71.
What is the FIRST step in delivering risk training?
a)
Developing training
b)
Identifying existing training
c)
Identifying training needs
d)
Scheduling training
72.
The risk management professional can use various risk dimensions to analyze risks. These include impact, likelihood and
a)
Change in size
b)
Coefficient of reliability
c)
Collective opinion or team rating
d)
Speed of onset or velocity
73.
Which type of risk management is the most influential in facilitating risk discussions on a board or similar organizational level?
a)
Integrated
b)
Enterprise
c)
Traditional
d)
Advanced
74.
Which approach should be used to reduce the risk of perception bias when conducting a facilitate risk workshop?
a)
Working with managers
b)
Working with a diverse group
c)
Working with other risk management professionals
d)
Working with a large group
75.
To gain greater insight on the effects of uncertainty on organizational objectives, the risk management professional
a)
Has a strong incentive to consult and communicate organizational risks
b)
Should consult with key risk stakeholders
c)
Should focus on identifiable risks
d)
Has a duty to inform when risks are outside of a risk tolerance
76.
An effective way for a risk management professional to analyze operations of an organization is to form a
a)
Risk committee
b)
Captive insurance company
c)
Risk management department
d)
Template to gather information
77.
Before a decision is made, which of the following issues should ALWAYS be escalated to higher level risk committees, management committees, or the Board?
a)
Those that are important but lack critical information
b)
Those that are overly complex and not well understood
c)
Those that exceed the authority of the intended decision maker or decision-making body
d)
Those that fall within the authority of the intended decision maker or decision-making body
78.
A success criterion for a risk management program includes
a)
risk accountability.
b)
dependencies.
c)
organizational structure.
d)
performance.
79.
Which of the following is the BEST example of a reason to revise a risk management program?
a)
A new exposure arises such as a new merger or acquisition.
b)
Significant turnover within the risk management function.
c)
New product offerings by the insurance industry.
d)
A revision of a company's annual earnings forecast.
80.
A potential DISADVANTAGE of benchmarking is that it
a)
may limit the type of information obtained if it only considers organizations viewed as a direct competitor.
b)
focuses primarily on areas of overlap in product or services and does not consider areas in which organizations differ.
c)
focuses primarily on company best practices and can not be used to identify areas for possible innovation.
d)
does not provide useful information about industry and market trends.
81.
Which industry environmental factors create uncertainty for an organization?
a)
Demand and competition
b)
Cultural factors
c)
Transportation and infrastructure
d)
Historical claims experiences
82.
To increase the likelihood that a risk strategy approach will be adopted, it is important for a risk management professional to understand the organization's
a)
governance.
b)
hierarchy.
c)
culture.
d)
profit margins.
83.
A risk management oversight body focuses on what quadrant of risk as aligning closest to its organization's ability to meet corporate objectives?
a)
Hazard
b)
Financial
c)
Strategic
d)
Operational
84.
Risk Mapping is an effective visual tool employed by risk management professionals to
a)
capture risk portfolio relative frequency and severity.
b)
define historical risk portfolio materiality thresholds.
c)
provide Monte Carlo Simulation inputs.
d)
confirm validity of loss triangles.
85.
When a line employee identifies a risk, to whom should the information first be reported to?
a)
Compliance Officer
b)
Operations Manager
c)
Risk Committee
d)
Risk Manager
86.
The purpose of documenting business model uncertainties is to
a)
prioritize the impact of residual risks.
b)
conduct a review of the enterprise risk management framework.
c)
disqualify a business case to support loss control measures.
d)
provide a tangible resource for the design of risk strategies.
87.
What is one KEY advantage that can be used to obtain organizational support for adopting an enterprise risk management strategy?
a)
Increased capital flows associated with increased risk controls
b)
Reduced scrutiny from management or oversight boards
c)
Improved effectiveness of safety and security practices
d)
Reduced governance costs through increased control efficiency
88.
As the concept of organizational resilience evolves, what is ONE critical challenge to communicating and implementing a sustainable process?
a)
Economic cost of implementing a resilient program design
b)
Resilience across and between organizational cultures
c)
Market recognition of resilience program effectiveness
d)
Ensuring alignment between resilience program design and execution when needed
89.
A risk management professional evaluates which type of key external force to gain insight about another company's strengths and weaknesses?
a)
Political
b)
Competitive
c)
Economic
d)
Technological
90.
A timeline is included in the
a)
risk implementation plan.
b)
risk governance structure.
c)
risk management framework.
d)
risk monitoring metrics.
91.
The three components that make up the risk assessment phase of the risk management process are
a)
establishing the context, risk evaluation, and risk treatment.
b)
establishing the context, risk identification, and risk evaluation.
c)
risk identification, risk analysis, and risk evaluation.
d)
risk identification, risk analysis, and risk treatment.
92.
When working with risk owners to develop risk treatment, it is necessary to
a)
consider risks equally.
b)
consider risk within the context of the business.
c)
generate a positive return on investment in the current year.
d)
seek approval from the Board of Directors.
93.
The risk management professional should prioritize information about the business model based on
a)
industry trends.
b)
annual reports.
c)
analyst reviews.
d)
strategic objectives.
94.
When seeking to advise the organization on risks, the risk management professional should try to adopt what type of relationship model?
a)
Compliance
b)
Operational
c)
Partnership
d)
Sales
95.
Which of the following would signal a potential change in an organization's risk context?
a)
The organization acquires a new business.
b)
The organization changes insurance brokers.
c)
The organization's board of directors reviews a compliance report.
d)
The organization publishes its annual report.
96.
What is the FIRST step in delivering risk training?
a)
Developing training
b)
Identifying existing training
c)
Identifying training needs
d)
Scheduling training
97.
The risk management professional can use various risk dimensions to analyze risks. These include impact, likelihood and
a)
change in size.
b)
coefficient of reliability.
c)
collective opinion or team rating.
d)
speed of onset or velocity.
98.
Which type of risk management is the most influential in facilitating risk discussions on a board or similar organizational level?
a)
Integrated
b)
Enterprise
c)
Traditional
d)
Advanced
99.
Which approach should be used to reduce the risk of perception bias when conducting a facilitate risk workshop?
a)
Working with managers
b)
Working with a diverse group
c)
Working with other risk management professionals
d)
Working with a large group
100.
To gain greater insight on the effects of uncertainty on organizational objectives, the risk management professional
a)
has a strong incentive to consult and communicate organizational risks.
b)
should consult with key risk stakeholders.
c)
should focus on identifiable risks.
d)
has a duty to inform when risks are outside of a risk tolerance.
101.
An effective way for a risk management professional to analyze operations of an organization is to form a
a)
risk committee.
b)
captive insurance company.
c)
risk management department.
d)
template to gather information.
102.
Before a decision is made, which of the following issues should ALWAYS be escalated to higher level risk committees, management committees, or the Board?
a)
Those that are important but lack critical information.
b)
Those that are overly complex and not well understood.
c)
Those that exceed the authority of the intended decision maker or decision- making body.
d)
Those that fall within the authority of the intended decision maker or decision- making body.

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