GAQM ISO-31000-CLA Exam Practice Test Instant Access

Question 1

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?

AISO 9001:2015

BISO 27001:2013

CISO 31000:2018

DISO 14001:2018

Answer : C

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 countries23. It provides guidelines on managing any type of risk faced by organizations.

Question 2

Who is expected to take a more focused oversight role with respect to risk management control and governance process?

AInternal auditors

BExternal auditors

CAudit committee

DNone of the above

Answer : A

According to3, page 7, one of the current trends in auditing, risk management and compliance is ''increasing expectations for internal auditors to take a more focused oversight role with respect to enterprise-wide governance processes''. Internal auditors can provide independent assurance on how well an organization manages its risks using various tools such as audits, reviews, assessments and evaluations.

Question 3

The organization's resources and internal support are ________ the risk management strategy.

Aadjustable to match

Binputs in the development of

Cmetrics used to measure the value of

Doutcomes of the development of

Answer : B

according to page 15 of source 3, the development of a risk management strategy takes into account the organization's resources and internal support. These resources include factors such as human, capital, and technological resources; organizational structure, culture, and governance; communication and consultation mechanisms; and support from senior management and leadership. These inputs have an impact on the feasibility and effectiveness of the risk management strategy.

Question 4

Which management can be used in varied and complex settings?

ACrisis

BQuality

CSafety

DRisk

Answer : D

Risk management can be used in varied and complex settings2. Risk management can help organizations deal with uncertainty and complexity in any type of activity, industry, or sector.

Question 5

Relying on historic analysis when assessing potential risks and possible impacts implies that

Ashould adverse events occur, the impact can be accurately modelled.

Ball significant risks can be confidently analysed.

Cmanagement believe that the future will behave much like the past.

Answer : C

According to1, page 19, historic analysis is ''a method of risk identification based on past data''. It assumes that past patterns and trends will continue in the future, which may not always be true.

Question 6

New definition of risk under ISO 31000 and 31010 is:

ADanger that injury, damage, or loss will occur

BPossibility of investment loss

CProbability of loss to an insurer

DProbability of an event that will have an impact on objectives

Answer : D

According to ISO/IEC Guide73 (2009), clause 1., risk is defined as ''the effect of uncertainty on objectives''. This definition applies to both ISO/IEC Guide73 (2009) and ISO31000 (2018), which are standards for risk management terminology and principles respectively.

Question 7

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

ATrue

BFalse

Answer : A

The accuracy and reliability of the risk assessment should be identified as clearly as possible1. This helps to communicate the level of confidence in the risk assessment results and to inform decision-making.

GAQM ISO-31000-CLA ISO 31000 - Certified Lead Risk Manager Exam Practice Test