Easily To Pass New ISO-31000-CLA Verified & Correct Answers [Feb 25, 2024 [Q26-Q42]

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Easily To Pass New ISO-31000-CLA Verified & Correct Answers [Feb 25, 2024 [Q26-Q42]

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Easily To Pass New ISO-31000-CLA Verified & Correct Answers [Feb 25, 2024

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The ISO-31000-CLA certification exam covers a wide range of topics related to risk management, including risk identification, analysis, evaluation, treatment, and monitoring. It also covers the development of risk management policies and procedures, and the integration of risk management into an organization’s overall strategic planning and decision-making processes. ISO-31000-CLA exam is designed to assess the candidate’s ability to identify and manage risks across all areas of an organization, including finance, operations, human resources, and information technology. Achieving this certification is a testament to the candidate’s knowledge and expertise in the field of risk management and can serve as a valuable asset for career advancement.

GAQM ISO-31000-CLA (ISO 31000 – Certified Lead Risk Manager) Certification Exam is a professional certification exam for individuals seeking to demonstrate their expertise in risk management. ISO 31000 – Certified Lead Risk Manager certification is offered by the Global Association for Quality Management (GAQM), which is a leading provider of professional certifications and training programs.

QUESTION 26
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 27
How many types of potential risk strategies exist?

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).

QUESTION 28
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 29
Which of the following is considered a risk analysis technique?

Budget allocation

Consensus building

Insurance placement

Monte Carlo simulation

Explanation
Monte Carlo simulation is a risk analysis technique that uses random variables to model uncertainty and generate possible outcomes2. This helps to assess the probability and impact of different scenarios.

QUESTION 30
Inclusiveness is another critical attribute of good risk management.

True

False

Explanation
Inclusiveness is another critical attribute of good risk management. Inclusiveness helps to ensure that different perspectives, knowledge, and values are considered in risk management.

QUESTION 31
What could a financial organisation make primary use of, to assess whether its risk management systems are likely to fail?

Key control indicators.

Key risk indicators.

Silo-based risk management.

Physical inspections.

Explanation
Key risk indicators are metrics that provide information about potential changes in the level of risk exposure3.
They can help an organisation monitor and manage its risks more effectively. Key control indicators are metrics that measure the performance of internal controls4.

QUESTION 32
Which ISO Standard is used for hazard identification and risk assessment?

ISO 15776

ISO 16776

ISO 17776

ISO 18776

QUESTION 33
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.

Explanation
A fire occurring in a new manufacturing process line is an example of a pure risk, which is a situation that can only end in a loss12. For example, the fire could damage property, injure workers or disrupt operations.

QUESTION 34
Risk management professionals conduct supply-chain analyses to identify

contingent business interruption coverage.

customer technology needs.

international regulatory requirements.

potential vulnerabilities to the organization.

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.

QUESTION 35
The accuracy and reliability of the risk assessment should be identified as clearly as possible.

True

False

Explanation
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.

QUESTION 36
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.

QUESTION 37
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.

Explanation
According to 2, FIRM scorecard is “a tool for measuring risk performance”. It uses four dimensions: financial impact, internal processes, reputation and market position (FIRM). Loss of income and financial gain are examples of financial impact risks that can be quantified using monetary values or ratios. Reputational damage is an example of reputation risk that is more difficult to quantify using objective measures.

QUESTION 38
Which of the following is an important aspect with stakeholders, customers, and interested parties is the essential element for maintaining the relevance of enhanced risk management within the structure of a changing context?

Interviews

Communication

Brainstorming

Session Storming

Explanation
Communication with stakeholders, customers, and interested parties is an essential element for maintaining the relevance of enhanced risk management within the structure of a changing context3. Communication helps to establish trust, transparency, accountability, and feedback mechanisms for risk management.

QUESTION 39
The Chief Risk Officer chairs the ERM/RM steering committee.

True

False

Explanation
The Chief Risk Officer chairs the ERM/RM steering committee. The ERM/RM steering committee oversees the organization’s risk management activities and provides guidance and support to senior management.

QUESTION 40
A train has crashed and is badly damaged. There have been numerous claims from injured passengers as well as a loss of revenue for the train operator. This is an example of

risk aggregation.

risk categorisation.

risk probability.

risk severity.

Explanation
A train crash and its consequences is an example of risk aggregation, which is the combined effect of multiple risks on an organisation’s objectives3. Risk aggregation can result in losses that are greater than the sum of individual losses.

QUESTION 41
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

Explanation
According to ISO31000 (2018), clause 1., it is “not intended for certification purposes”. It provides guidance on how organizations can manage their risks effectively using a systematic approach based on principles, framework and process 3.

QUESTION 42
Which step is the last part of the risk assessment process, which started with risk identification then moved to risk assessment, and finally risk evaluation?

Risk evaluation

Risk outsourcing

Risk acceptance

Risk avoidance

Explanation
the last step of the risk assessment process, which starts with risk identification, moves to risk assessment, and finally risk evaluation, is Risk evaluation.
Risk evaluation involves comparing the estimated level of risk against the risk criteria established during the risk assessment phase, to determine the significance of the risk and whether it is acceptable or not. This decision is made in consultation with stakeholders, who may provide additional context and information to inform the decision.
The American Society for Quality (ASQ) describes risk evaluation as “the process of comparing an estimated risk against given risk criteria to determine the acceptability of the risk.” [1] Similarly, ISO/IEC 27001:2013 (Information technology – Security techniques – Information security management systems – Requirements) defines risk evaluation as “the process of comparing the estimated risk against given risk criteria in order to determine the significance of the risk.” [2] References: [1] ASQ Glossary – Risk evaluation, https://asq.org/quality-resources/risk-evaluation [2] ISO/IEC
27001:2013, Clause 6.1.3(c), https://www.iso.org/standard/54534.html

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Easily To Pass New ISO-31000-CLA Verified & Correct Answers [Feb 25, 2024 [Q26-Q42]

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