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Guide for ERMM1-XJUN2024: Principles of Risk and Risk Management

Quiz ERMM1-XJUN2024: Principles of Risk and Risk Management

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Quiz

1/10
Risk analysis: likelihood, impact, and uncertainty
In risk analysis, what does 'likelihood' refer to?
Select the answer
1 correct answer
A.
The size of the loss if the risk occurs
B.
The probability that a risk event will occur
C.
The level of control already in place
D.
The speed at which an impact will be recovered

Quiz

2/10
Risk management principles, framework, and terminology
Which statement best defines risk management?
Select the answer
1 correct answer
A.
The complete removal of all risks from an organization
B.
Coordinated activities to direct and control an organization with regard to risk
C.
A process used only to comply with regulations
D.
A method for calculating insurance premiums

Quiz

3/10
Enterprise risk management (ERM) concepts and application
What is the main aim of enterprise risk management (ERM)?
Select the answer
1 correct answer
A.
To manage only compliance risks
B.
To identify and manage risks across the whole organization in relation to objectives
C.
To transfer all risks to insurers
D.
To eliminate uncertainty from business decisions

Quiz

4/10
Risk appetite, tolerance, and acceptance
Which statement best describes risk appetite in enterprise risk management?
Select the answer
1 correct answer
A.
The maximum level of risk an organization is willing to accept in pursuit of its objectives
B.
The actual amount of loss an organization has already experienced
C.
A formal process for eliminating all uncertainty from business decisions
D.
The residual risk remaining after all controls have been implemented

Quiz

5/10
Risk response and treatment options
Which of the following is an example of risk transfer?
Select the answer
1 correct answer
A.
Installing additional fire alarms to reduce the chance of fire damage
B.
Taking out insurance to cover potential financial loss from a risk event
C.
Choosing not to proceed with a high-risk project
D.
Accepting a low-level risk because the cost of treatment is too high

Quiz

6/10
Risk governance, roles, and responsibilities
Who is typically responsible for owning and managing risks within a business unit?
Select the answer
1 correct answer
A.
The risk owner
B.
The external auditor
C.
The board of directors
D.
The company secretary

Quiz

7/10
Embedding risk management into organizational strategy and decision-making
Why is it important to integrate risk management into strategic planning?
Select the answer
1 correct answer
A.
So that risk management is only considered after strategy is approved
B.
To ensure risk is considered when evaluating strategic options and objectives
C.
To avoid the need for board oversight
D.
To make risk management the responsibility of only the finance department

Quiz

8/10
Risk Identification and Assessment
Which risk assessment method focuses on quantifying risk in monetary terms?
Select the answer
1 correct answer
A.
Qualitative assessment
B.
Quantitative risk analysis
C.
SWOT analysis
D.
Root cause analysis

Quiz

9/10
Operational risk
What is the best definition of operational risk?
Select the answer
1 correct answer
A.
The risk of loss resulting from inadequate or failed internal processes, people, systems, or external events
B.
The risk that market prices will move against a trading position
C.
The risk that a borrower will fail to repay a loan
D.
The risk that an investment will not achieve its target return

Quiz

10/10
Strategic risk
What is the best definition of strategic risk?
Select the answer
1 correct answer
A.
The risk of fraud in daily transactions
B.
The risk that an organization’s strategy fails to achieve its objectives
C.
The risk of a computer system outage
D.
The risk of workplace injury
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  • Quiz name:ERMM1-XJUN2024: Principles of Risk and Risk Management
  • Total number of questions:520
  • Number of questions for the test:50
  • Pass score:80%

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