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GAQM ISO 31000 - Certified Lead Risk Manager Sample Questions (Q51-Q56):

NEW QUESTION # 51
Which management can be used in varied and complex settings?

  • A. Quality
  • B. Crisis
  • C. Safety
  • D. Risk

Answer: D

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


NEW QUESTION # 52
Risk management professionals conduct supply-chain analyses to identify

  • A. customer technology needs.
  • B. contingent business interruption coverage.
  • C. international regulatory requirements.
  • D. potential vulnerabilities to the organization.

Answer: D

Explanation:
Explanation
According to page 12 of the source, risk management professionals conduct supply chain analysis to identify potential vulnerabilities to the organization. These vulnerabilities can arise due to supplier dependency, breakdowns or disruptions in the supply chain, natural or human-made disasters, political or social instability, cyberattacks or other threats. Identifying such risks is crucial to prevent adverse impacts on the organization's operations, reputation or financial position.


NEW QUESTION # 53
Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?

  • A. Local
  • B. Technological
  • C. Internal
  • D. External

Answer: C

Explanation:
Explanation
According to ISO31000 (2018), clause 5., establishing the context involves defining "the external and internal parameters to be taken into account when managing risk". The internal context includes "information systems, information flows and decision-making processes" among other factors.


NEW QUESTION # 54
How many types of potential risk strategies exist?

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: D

Explanation:
Explanation
According to 1, there are four types of potential risk strategies for threats: avoid (eliminate or change), transfer (share or outsource), mitigate (reduce or control), accept (retain or monitor). There are also four types of potential risk strategies for opportunities: exploit (ensure or enhance), share (allocate or collaborate), enhance (increase or maximize), accept (acknowledge or watch).


NEW QUESTION # 55
Which of the is a set of systematic, deliberate, and actionable steps to manage risk?

  • A. Process
  • B. Control
  • C. Security
  • D. Vision

Answer: B

Explanation:
Explanation
Control is not a set of systematic, deliberate, and actionable steps to manage risk, but rather a measure or action that modifies risk1. Process is a set of systematic, deliberate, and actionable steps to manage risk2.
Process involves establishing context, identifying risks, analyzing risks, evaluating risks, and treating risks.


NEW QUESTION # 56
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