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ISO-31000-CLA ISO 31000 - Certified Lead Risk Manager Question and Answers

Question # 4

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? 

A.

Internal – Infrastructure.

B.

External – Reputational.

C.

External – Marketplace. 

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Question # 5

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.

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Question # 6

As part of the ISO 31000 risk management process, ‘monitoring and review’ is best thought of as which of the following? 

A.

An extra stage. 

B.

A feedback loop.

C.

Part of risk assessment.

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Question # 7

Which of the following step is a critical part of risk assurance?

A.

Evaluation Context

B.

Establishing Context

C.

Communication and Consultations

D.

Monitoring and Review

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Question # 8

Which of the following are Critical Elements of a Risk Management Framework? (choose four)

A.

Architect the system

B.

Design the system

C.

Strategize the system

D.

Implement the system

E.

Assure the system

F.

Organize the system

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Question # 9

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

A.

KPI’s and KRI’s 

B.

API's and SKD's

C.

PDA's and PBA's

D.

CMP's and CAD's

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Question # 10

Risk management is systematic, structured, and timely.

A.

True

B.

False

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Question # 11

How does a pure risk differ from a speculative risk?

A.

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

B.

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

C.

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

D.

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

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Question # 12

After validating the training curricula, a risk management professional

A.

develops training.

B.

develops and schedules training.

C.

matches training to audience.

D.

schedules and conducts training.

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Question # 13

Inclusiveness is another critical attribute of good risk management.

A.

True

B.

False

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Question # 14

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

A.

True

B.

False

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Question # 15

Which plan provides a roadmap on how the treatment options will be deployed?

A.

Vison

B.

Static

C.

Fixed

D.

Treatment

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