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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.

NO.36 The Chief Risk Officer within a large manufacturing organisation has been asked by the Board of Directors to provide an example of a pure risk. A suitable example would be

a fire occurring in a new manufacturing process line.

entering into a contract to purchase a new factory.

making a strategic decision that affects the long-term future of the organisation.

the purchase of a currency derivative.

NO.37 How does a pure risk differ from a speculative risk?

A pure risk always has an environmental cause whereas a speculative risk always involves human error.

A pure risk can be measured in probability terms whereas a speculative risk cannot.

A pure risk is not subject to regulatory control but a speculative risk always is.

A pure risk only leads to the possibility of a loss, whereas a speculative risk may lead to a gain.

NO.38 Using the FIRM scorecard which of the following risks could a risk manager quantify?
1. Loss of income.
2. Financial gain.
3. Reputational damage.

1 and 2.

1 and 3.

2 and 3.

NO.39 Risk management theory that considers an organization-wide approach to risk management is known as what type of approach?

Cross-functional

Comprehensive

Interrelational

Holistic

NO.40 Which of the following statements does not apply to ISO 31000?

It is the first standard issued by ISO for risk management

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

It can be used for certification purposes

NO.41 Which of the following are ISO 31000:2009 Enhanced Risk Management attributes? (Choose two)

Full accountability for risk controls and treatment

Solution offering

Decision making involves risk

Crisis management and process attributes

NO.42 Which of the following is described in terms of consequence and likelihood?

Level of risk

Level of crisis

Level of uncertainty

Level of cohesiveness

NO.43 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

NO.44 Where does an internal auditor typically spend most of his time auditing today?

People

Process

Technology

Infrastructure

NO.45 New definition of risk under ISO 31000 and 31010 is:

Danger that injury, damage, or loss will occur

Possibility of investment loss

Probability of loss to an insurer

Probability of an event that will have an impact on objectives

NO.46 A risk management professional advises management on the status of key risks by

annually identifying the inventory of risks.

providing information about competitors’ risk management plan.

providing insights into the changing characteristics of a risk.

summarizing internal audit reports.

NO.47 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

NO.48 An international bank has identified the risks associated with economic changes in the countries in which it operates. Which of the following correctly describes these risks?

Internal – Infrastructure.

External – Reputational.

External – Marketplace.

NO.49 Enterprise Risk Management (ERM) is considered to have a significant difference compared with traditional risk management approaches because ERM

ensures that an organisation’s objectives will be achieved.

takes an integrated or holistic approach.

addresses strategic, tactical and operational risk management.

NO.50 Risk management as defined by OCEG GRC model is:

Capability to set and evaluate performance against objectives

Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives

Capability to proactively encourage and ensure compliance with established policies and boundaries

NO.51 Which of the following documents information are relevant to the organization’s risk management framework, process, and system?

Reporting and auditing

Recording and reporting

Visualizing and conceptualizing

Rationalizing and reporting

NO.52 Which type of risk framework is expected to improve efficiency by aligning strategy, processes, technology and people?

Controls, risk and supervision.

Corporate, governance and control.

Governance, risk and compliance.

Supervision, audit and compliance

NO.53 Risk management takes human and cultural factors into account.

True

False

NO.54 What is the role of risk management in the strategic planning process?

Challenge the decisions made.

Develop risk treatment plans.

Draft the decisions to be made.

Identify threats and opportunities.

NO.55 A systemic risk involves:

A risk that loss in one area of an organization may cause loss in another area of the organization

A risk that all of the current suppliers of an organization’s inputs will be unable to produce the inputs

A risk that an event will cause multiple key people in an organization to leave at once

A potential major disruption in the function of an entire market or financial system

NO.56 Which element is often the biggest challenge in risk implementation?

human

computation

NO.57 From the three actions Tom Brown is undertaking, which is categorised as a pure risk?

Buying 100 lottery tickets

Selling his house even though he receives less than he paid for it because he thinks prices will fall further.

Going horse riding without wearing a riding helmet.

NO.58 ISO 31000:2018 offers a generic outline for the design of the risk management framework and process.

True

False

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