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ISO-31000-CLA GAQM

Get Instant Access to ISO-31000-CLA Practice Exam Questions [Q12-Q28]

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QUESTION 12
Which two of the following are types Integrated Processes? (Choose two)

People processes

Soft processes

Hard process

Quality analysis

Explanation
People processes and hard processes are two types of integrated processes3. People processes involve human factors such as culture, values, ethics, and behavior that influence risk management. Hard processes involve technical aspects such as methods, tools, techniques, and systems that support risk management.

QUESTION 13
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?

Decreased risk avoidance.

Decreased risk tolerance.

Increased risk elimination.

Increased risk retention.

Explanation
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. This is most likely to indicate increased risk retention, which means accepting more responsibility for potential losses5. This could be done to reduce insurance premiums or increase control over claims.

QUESTION 14
Which type of risk remains after risk treatment has been applied?

Controlled risk

Residual risk

Avoidance risk

Accepted risk

Explanation
Residual risk is the type of risk that remains after risk treatment has been applied1. Residual risk reflects the remaining exposure or uncertainty after taking into account existing controls.

QUESTION 15
What is a primary benefit of a commercial customer self-insuring a risk?

Claims costs will reduce

Controllability of risk will increase

Its short-term cash-flow position is likely to improve.

Staff training requirements will decrease.

Explanation
A primary benefit of a commercial customer self-insuring a risk is that its short-term cash-flow position is likely to improve. This is because self-insurance reduces or eliminates insurance premiums and administrative costs associated with external insurers.

QUESTION 16
Risk management theory that considers an organization-wide approach to risk management is known as what type of approach?

Cross-functional

Comprehensive

Interrelational

Holistic

Explanation
According to , page 4, a holistic approach to risk management is “one that considers all sources and types of risks across all organizational units and activities”. It aims to integrate governance, strategy, performance, culture and ethics into a coherent framework for managing uncertainty 2.

QUESTION 17
Which of the following is a process with inputs, activities, and outcomes?

Risk management

Quality management

Financial management

Relations management

Explanation
Risk management is a process with inputs, activities, and outcomes1. The inputs are the organization’s context and risk criteria. The activities are risk identification, analysis, evaluation, and treatment. The outcomes are improved decision making, performance, and resilience.

QUESTION 18
Which of the following significant risks of reporting are outside the risk appetite of the organization and can impact compliance, which may also be reportable to regulatory agencies? (Choose two)

External

Vision

Internal

Dynamic

Functional

Explanation
External and internal risks are significant risks of reporting that are outside the risk appetite of the organization and can impact compliance, which may also be reportable to regulatory agencies1. These risks may arise from external factors such as market changes, natural disasters, or cyberattacks, or internal factors such as human errors, fraud, or system failures.

QUESTION 19
Which of the following is a process with inputs, activities, and outcomes?

Supply chain management

Financial management

Quality management

Risk management

QUESTION 20
Which of the following consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries?

ISO 9001:2015

ISO 27001:2013

ISO 31000:2018

ISO 14001:2018

Explanation
ISO 31000:2018 consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries . It provides guidelines on managing any type of risk faced by organizations.

QUESTION 21
Which of the following are measured extensively throughout the organization and into the supply chain?

KPI’s and KRI’s

API’s and SKD’s

PDA’s and PBA’s

CMP’s and CAD’s

Explanation
KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) are measured extensively throughout the organization and into the supply chain1. These indicators help to monitor and evaluate the performance and effectiveness of risk management.

QUESTION 22
Treatment plan becomes a living document of defining the direction of the risk treatment and being able to monitor progress against the plan.

True

False

Explanation
Treatment plan becomes a living document of defining the direction of the risk treatment andbeing able to monitor progress against the plan3. Treatment plan helps to ensure that risk treatment actions are aligned with the changing context, objectives, and stakeholder expectations.

QUESTION 23
Which of the following ensures that uncertainty is managed so the organization can meet its objectives?

Extended risk management

Enhanced risk management

Evasive risk management

Avoidance risk management

Explanation
Enhanced risk management ensures that uncertainty is managed so the organization can meet its objectives4.
Enhanced risk management involves applying a systematic and logical process to identify, analyze, evaluate, treat, monitor, review, and communicate risks.

QUESTION 24
ISO 31000:2018 currently has a tactical and process focus.

True

False

Explanation
The ISO 31000:2018 standard provides a framework for risk management, with a focus on the strategic and integrated aspects of risk management. It outlines principles, a framework, and a process for managing risk in organizations of all kinds. The focus of the standard is on aligningrisk management with the organization’s context, objectives, and strategy, and on integrating risk management into all aspects of an organization’s governance, culture, and performance.

QUESTION 25
__________ means doing something according to a plan or method.

Systematic

Comprehensive

Formal

Informal

Explanation
Systematic means doing something according to a plan or method. Systematic implies orderliness, consistency, and rigor in applying risk management.

QUESTION 26
Which type of risk presents only the chance of loss or no loss?

Hazard risk

Operational risk

Financial risk

Strategic risk

Explanation
According to , page 8, hazard risk is “the traditional pure risk that only has a downside”. It is usually associated with natural disasters, accidents, lawsuits or other events that cause harm or damage.

QUESTION 27
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations.

True

False

Explanation
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations4.
This is part of establishing the context for risk management, which involves defining the scope, objectives, criteria, roles and responsibilities for risk management.

QUESTION 28
Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?

Analyze the information.

Organize the information

Prioritize the information

Report the information.

Explanation
According to page 9-10 of source 2, risk management professionals organize internal and external information about the organization into categories such as stakeholders, strategic objectives, policies and procedures, risk appetite and tolerance, and risk culture. This categorization process facilitates the analysis and reporting of the risk information at a later stage, making it easier to understand and use.

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ISO-31000-CLA GAQM

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The ISO 31000 standard is an internationally recognized framework for risk management. It provides guidelines and principles for organizations to develop and implement effective risk management strategies that are tailored to their specific needs. The certification is designed to help organizations demonstrate their commitment to managing risks effectively and efficiently.

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