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Guide for P3 Risk Management (Online)

Quiz P3 Risk Management (Online)

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/ 10

Quiz

1/10
Will owns $400,000 of shares in Company X.
Company X has a daily volatility of 1% of its share price.
Calculate the 28 day value at risk that shows the most Will can expect to lose during a 28 day period.
(Will wishes to be 90% certain that the actual loss in any month will be less than your predicted
figure).
Give your answer to the nearest $000.
Select the answer
1 correct answer
Option $,2,7 are correct.

Quiz

2/10
The Committee of Sponsoring Organisations (COSO) outlined six key principles of Enterprise Risk
Management (ERM).
Which of the following are COSO key principles?
Select the answer
3 correct answers
A.
The creation of a risk aware culture.
B.
A comprehensive and holistic approach to risk management.
C.
Risk management is the responsibility of the risk committee.
D.
Consideration of risk management in the context of business strategy.
E.
Consideration of the main risk only which is financial risk.

Quiz

3/10
DRAG DROP
Select the most appropriate level of responsibility for managing each of the following risks.


Certification Exam P3 Risk Management (Online) CIMA CIMA-CIMAPRA19-P03-1 2-2416970233
Select the answer
1 correct answer
Certification Exam P3 Risk Management (Online) CIMA CIMA-CIMAPRA19-P03-1 3-4114443474

Quiz

4/10
K Ltd is an on-line travel agency specialising in budget package holidays to a small number of popular
locations. The holidays that it sells are made up of a "package" of flights, hotel accommodation and
food. K Ltd's Finance Director is concerned that the company's scope of operation is too narrow and
wishes to diversify.
Identify TWO actions that K Ltd should take immediately.
Select the answer
2 correct answers
A.
Set up a number of activity holidays; adventure, sports and trekking for example.
B.
Bulk book cruise accommodation and create a special package deal for retired couples.
C.
Expand the number of locations it currently serves.
D.
Re-image the locations it currently serves to make them more exotic and family friendly.
E.
Review the customer base looking at feedback, repeat sales and single visit statistics.
F.
Engage market researchers to look at future trends in holiday requirements.

Quiz

5/10
Which of the following statements are correct?
Select the answer
2 correct answers
A.
It is always possible to remove all risks when undertaking large projects.
B.
If a project has high risks it should always be accepted as the rewards will always be high.
C.
If a project has low risks it will usually have relatively low returns.
D.
Risk can always be transferred to someone else.
E.
Risk should be carefully considered when evaluating possible future projects.

Quiz

6/10
A hospital is part of a government provided health service which is free to patients. The
management of the hospital is concerned with the need to minimise the risks to which the hospital is
exposed from patient litigation.
In this context, which TWO of the following are appropriate steps to manage this risk?
Select the answer
2 correct answers
A.
Ensuring that patients undergoing procedures sign documentation to confirm that the risks have
been explained to them and that they understand.
B.
Allocating a risk score to patients depending on age, general heath and similar consideration and
refusing to admit patients whose risk score exceeds a certain threshold.
C.
Ensuring that a policy is in place to transfer or discharge critically ill patients so as to minimise
fatalities in the hospital.
D.
Ensure that proper documentation is in place for all patients showing such details as symptoms,
treatments, and test results.
E.
The management refuses to allow the hospital to participate in the Major Accident Plan for the
city in which it is located. It believes the Plan could expose the hospital to excessive risk.

Quiz

7/10
D is a large oil refinery.
The managers have identified four risks shown in the risk map below:
Which of the risk mitigations listed below would be the best for dealing with the two risks classified
as medium likelihood and high impact?
Select the answer
1 correct answer
A.
Accept
B.
Reduce
C.
Transfer
D.
Avoid

Quiz

8/10
Which of the following are true of an effective risk management culture?
Select the answer
3 correct answers
A.
Staff should be penalised for being associated with negative events.
B.
All risk should be eliminated.
C.
Responsibility for risk management should be devolved to a risk manager.
D.
All staff should be aware of risks affecting the entity.
E.
Risk management should be regarded as part of the overall business strategy.
F.
The directors should take an active interest in risk management.

Quiz

9/10
The safety guard on a piece of equipment was broken. The factory manager suspended an operator
who refused to operate the equipment until it was repaired. The factory manager paid another
operator a bonus for operating the damaged equipment until the safety guard could be repaired.
What does this incident say about the control environment within that factory?
Select the answer
3 correct answers
A.
Management is not particularly concerned with managing risks.
B.
Employees will perceive that management does not care about health and safety risks.
C.
This factory's safety record is likely to be poor.
D.
Employees are motivated to maintain productivity.
E.
Management has a proportionate and considered attitude towards risk.

Quiz

10/10
K is a large mining company. In its risk report it states that there is a risk of accidents and injury
because of the nature of the industry. It states that it has staff training in place and complies with
all Health and Safety regulations but in spite of this there will still be a residual risk that accidents
and injuries may occur.
Which of the following statements are correct?
Select the answer
3 correct answers
A.
The shareholders should not invest because there is still a residual risk.
B.
The directors are avoiding their responsibilities by saying there is a residual risk.
C.
Some risks cannot be eliminated.
D.
Accepting a residual risk does not imply the company is reckless.
E.
Most companies in this industry will say something similar in their risk report.
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  • Quiz name:P3 Risk Management (Online)
  • Total number of questions:235
  • Number of questions for the test:50
  • Pass score:80%

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