ISO 31000 - Certified Lead Risk Manager (ISO-31000-CLA) Free Practice Test

Question 1

Which management can be used in varied and complex settings?

A. Safety

B. Quality

C. Crisis

D. Risk

Correct Answer: D

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Question 2

A broker is undertaking a business interruption review on behalf of a client. This would most commonly include an evaluation of the

A. level of self insurance.

B. level of risk tolerance.

C. effectiveness of a business continuity plan.

D. effectiveness of risk reserving.

Correct Answer: C

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Question 3

When an operational area develops a treatment for a critical risk, the risk management professional MUST

A. communicate the treatment plan directly with internal audit.

B. evaluate the impact upon other areas.

C. evaluate the dollar savings associated with the treatment.

D. add the risk to the risk map.

Correct Answer: B

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Question 4

Uncertainties may involve: (Choose two)

A. Appointing security analyst

B. Differing abilities among risk analysts

C. The processed to know upcoming security issues

D. The process used to conduct the risk analysis

Correct Answer: B,D

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Question 5

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

A. False

B. True

Correct Answer: B

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Question 6

Which of the following statements about captive insurance companies are correct?
1. A captive cannot act as a reinsurer.
2. A captive can access reinsurance markets.
3. A captive can sometimes offer greater cover than is available in the insurance market.
4. A captive must be located in the same country as its parent company.

A. 1 and 4.

B. 1 and 2.

C. 2 and 3.

Correct Answer: C

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Question 7

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

A. KPI's and KRI's

B. PDA's and PBA's

C. CMP's and CAD's

D. API's and SKD's

Correct Answer: A

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Question 8

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

A. outcomes of the development of

B. metrics used to measure the value of

C. inputs in the development of

D. adjustable to match

Correct Answer: C

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Question 9

Which teams are composed of cross functional subject matter experts, risk experts, and process owners?

A. Project management teams

B. Crisis Information teams

C. Risk assessment teams

D. Crisis management teams

Correct Answer: C

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Question 10

What is typically the day-to-day responsibility of a Chief Risk Officer within a large organisation?

A. Producing policies on compliance matters

B. Ensuring that all key risks are adequately managed and reported.

C. Preparing and maintaining individual insurance arrangements

D. Providing assurance that individual risk management processes are effective.

Correct Answer: B

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GAQM ISO 31000 - Certified Lead Risk Manager (ISO-31000-CLA) Free Practice Test