Exam 23: Identifying and Managing Risks

It is impossible for an organisation to have zero appetite for risks relating to governance, legislative compliance and workplace health and safety (WHS), yet at the same time a high risk appetite for research and development of new products and business models where the failure rate might be high, but the returns great.

Which of the following is a type of risk related to when a risk may occur?

Which one of the following analytical tools is not a framework that can be used to understand the context of risk?

An identified and named risk; its impact; the date it was identified, reviewed and updated; its cause; as well as pre- and post-risk control measures would all be likely to be found in a:

An organisation's culture (including risk culture) and values, when viewed in the context of a SWOT analysis, would be considered to be:

The roles and accountabilities of an organisation's board, management, risk committees and any internal risk management specialists would be found in its:

If an organisation was willing to invest all its capital in developing and producing a new product that it believed would dominate the market, but that, if it were to fail, would bankrupt them, then the organisation would be said to have:

Regular reviews of a risk management plan (RMP) allow an organisation to:

Choose the best answer. Enlisting a third party, such as an insurance company or contractor, to take ownership or responsibility for a risk is an example of:

Which of the following shows the correct order of a risk management process?

Working through your critical resources and value chain as part of a risk management process is part of:

Measures ensuring that knowledge and skills are distributed across geographically dispersed offices would be found in an organisation's:

Effective risk management allows higher risks to be taken by organisations in the pursuit of opportunities and goals.

Which of the following statements describes a risk management principle that forms a part of effective risk management?

A risk consequence table is a tool that can be used to:

An organisation's risk culture describes:

According to the hierarchy of risk management, the least preferred option for dealing with risk is to:

Risks that remain after treatment has already occurred (i.e. after risk control measures have been put in place) are known as:

With which stakeholders should an organisation communicate and consult in relation to risk management?

Choose the best answer. To build a healthy risk culture in which employees pay attention to all kinds of risks, all the time, and deal with them appropriately: