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GAQM ISO 31000 – Certified Lead Risk Manager Sample Questions (Q61-Q66):

NEW QUESTION # 61
The accuracy and reliability of the risk assessment should be identified as clearly as possible.

  • A. True
  • B. False

Answer: A

Explanation:
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.

NEW QUESTION # 62
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

  • A. risk severity.
  • B. risk categorisation.
  • C. risk aggregation.
  • D. risk probability.

Answer: C

Explanation:
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.

NEW QUESTION # 63
Which of the following is a major challenge in implementing the ISO 31000:2018 risk management framework?

  • A. Design framework boundaries
  • B. Scoping framework boundaries
  • C. Strategic framework boundaries
  • D. Improvement framework boundaries

Answer: B

Explanation:
Explanation
Scoping framework boundaries is a major challenge in implementing the ISO 31000:2018 risk management framework. Scoping framework boundaries involves defining the scope of application of risk management within the organization’s context, structure, and objectives.

NEW QUESTION # 64
Due to the nature of crises, the management of a Crisis Management Team (CMT) usually requires which type of decision making structure?

  • A. Networked
  • B. Consensus-based
  • C. Centralized
  • D. Bottom-up

Answer: C

Explanation:
Explanation
According to , page 17, a crisis management team (CMT) is “a group of senior managers who have been delegated authority by an organization’s executive leadership team to make decisions during a crisis”. A centralized decision making structure allows for faster and more coordinated responses in an emergency situation.

NEW QUESTION # 65
Which management ensures that value is created by identifying opportunities for investment, mergers, or acquisition.

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

Answer: C

Explanation:
Explanation
Risk management ensures that value is created by identifying opportunities for investment, mergers, or acquisition. Risk management helps to assess the potential benefits, costs, and risks of different options and make informed decisions.

NEW QUESTION # 66
……

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