ISO 31000 - Certified Lead Risk Manager ISO-31000-CLA Practice Exam Questions Updated

ISO 31000 – Certified Lead Risk Manager ISO-31000-CLA Practice Exam Questions Updated

Jonnie Karnath2023-05-23T02:05:03+00:00

GAQM ISO-31000-CLA practice exam questions are an invaluable resource for anyone preparing for the ISO 31000 – Certified Lead Risk Manager exam. They are regularly updated to reflect the latest exam changes, help you study and prepare with ease, increase your chances of passing on your first attempt, and ultimately achieve brilliant exam results. With ISO-31000-CLA practice exam questions, you’ll be well on your way to become certified. They are designed to help you study and prepare for the exam with ease, ensuring that you’re confident and ready when the exam day arrives.

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1. Understanding the potential causes of risk events will primarily help an organisation to

comply with corporate governance standards.

eliminate all risks

improve internal audit procedures.

reduce the frequency of loss.

2. How many types of potential risk strategies exist?

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

An extra stage.

A feedback loop.

Part of risk assessment.

4. Which of the following documents information are relevant to the organization’s risk management framework, process, and system?

Reporting and auditing

Recording and reporting

Visualizing and conceptualizing

Rationalizing and reporting

5. Which type of risk management technique does insurance belongs to?

Sharing

Reduction

Retention

6. Who is expected to take a more focused oversight role with respect to risk management control and governance process?

Internal auditors

External auditors

Audit committee

None of the above

7. Uncertainties may involve: (Choose two)

The process used to conduct the risk analysis

The processed to know upcoming security issues

Differing abilities among risk analysts

Appointing security analyst

8. 1.Enhanced risk management emphasizes the continual improvement of risk management capabilities.

True

False

9. Which risk is sometimes called ‘retained risk.’?

Residual risk

Conceptualize risk

Analytical risk

Procedural risk

10. Treatment plan becomes a living document of defining the direction of the risk treatment and being able to monitor progress against the plan.

True

False

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11. Which of the is a set of systematic, deliberate, and actionable steps to manage risk?

Security

Control

Process

Vision

12. Risk management theory that considers an organization-wide approach to risk management is known as what type of approach?

Cross-functional

Comprehensive

Interrelational

Holistic

13. Who serves as the principal adviser to the CEO, business unit heads, and critical function heads on risk matter?

Chief Risk Officer (CRO)

Chief Information Officer (CIO)

Quality Auditor (QA)

Risk Owner (RO)

14. After validating the training curricula, a risk management professional

develops training.

develops and schedules training.

matches training to audience.

schedules and conducts training.

15. Which of the following is a process with inputs, activities, and outcomes?

Supply chain management

Financial management

Quality management

Risk management

16. 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

17. Which of the following is the current trend in auditing, risk management and compliance?

Providing assurance over threats

Performing discrete audits in compliance with internal control

Front office function providing leading indicators about risk

18. Which of the following is a process with inputs, activities, and outcomes?

Risk management

Quality management

Financial management

Relations management

19. Risk management is a strategic management process.

True

False

20. ISO 31000:2018 offers a generic outline for the design of the risk management framework and process.

True

False

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21. Which management can be used in varied and complex settings?

Crisis

Quality

Safety

Risk

22. How does a pure risk differ from a speculative risk?

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

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

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

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

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

True

False

24. A risk management professional advises management on the status of key risks by

annually identifying the inventory of risks.

providing information about competitors’ risk management plan.

providing insights into the changing characteristics of a risk.

summarizing internal audit reports.

25. __________ and___________ can result in artifacts and records.

RBPS, RBDM

DBMS, RDBMS

TDMS, VSMS

MOS, SMOS

26. What is the role of risk management in the strategic planning process?

Challenge the decisions made.

Develop risk treatment plans.

Draft the decisions to be made.

Identify threats and opportunities.

27. A captive must be located in the same country as its parent company.

1 and 4.

1 and 2.

2 and 3.

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

Ensuring that all key risks are adequately managed and reported.

Preparing and maintaining individual insurance arrangements

Producing policies on compliance matters

Providing assurance that individual risk management processes are effective.

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

KPI’s and KRI’s

API's and SKD's

PDA's and PBA's

CMP's and CAD's

30. A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools.

What is the best approach for them to take to define the context?

Identify any increase of risk with the introduction of a female empowerment project.

Review the roles of the humanitarian principles in relation to education.

Define gender equality in the school environment.

Discuss the role of girls and how they are viewed by community members.

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