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ISO-31000-CLA Questions and Answers

Question # 6

Understanding the potential causes of risk events will primarily help an organisation to

A.

comply with corporate governance standards.

B.

eliminate all risks

C.

improve internal audit procedures.

D.

reduce the frequency of loss.

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Question # 7

Transparency and inclusiveness are key ISO 31000:2018 attributes.

A.

True

B.

False

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Question # 8

Which of the following is described in terms of consequence and likelihood?

A.

Level of risk

B.

Level of crisis

C.

Level of uncertainty

D.

Level of cohesiveness

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Question # 9

Which of the following statement about operations risk management is incorrect? 

A.

Transparent and inclusive

B.

Dynamic, iterative and responsive to change

C.

Disregarding human factors

D.

Capable of continual improvement and enhancement

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Question # 10

Which of the following statements does not apply to ISO 31000?

A.

It is the first standard issued by ISO for risk management

B.

It can be used by any organization regardless of its size, activity or sector

C.

It can be used for certification purposes

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Question # 11

Which management is core to governance and compliance?

A.

Risk

B.

Crisis

C.

Quality

D.

Fillet

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Question # 12

Which of the is a set of systematic, deliberate, and actionable steps to manage risk?

A.

Security

B.

Control

C.

Process

D.

Vision

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Question # 13

The accuracy and reliability of the risk assessment should be identified as clearly as possible.

A.

True

B.

False

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Question # 14

ISO uses the concept of uncertainty as the driver and rationale for risk management.

A.

True

B.

False

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Question # 15

Using the FIRM scorecard which of the following risks could a risk manager quantify? 

1. Loss of income. 

2. Financial gain. 

3. Reputational damage.

A.

1 and 2.

B.

1 and 3.

C.

2 and 3.

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