Check the Available ISO-31000-CLA Exam Dumps with 102 QA's UPDATED 2023
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NEW QUESTION # 46
Risk management is systematic, structured, and timely.
- A. True
- B. False
Answer: A
Explanation:
Explanation
Risk management is systematic, structured, and timely4. Systematic means that risk management follows a logical and consistent approach. Structured means that risk management has clear steps, roles, and responsibilities. Timely means that risk management provides information in time for decision making.
NEW QUESTION # 47
Which of the following is the current trend in auditing, risk management and compliance?
- A. Providing assurance over threats
- B. Front office function providing leading indicators about risk
- C. Performing discrete audits in compliance with internal control
Answer: B
Explanation:
Explanation
According to 3, page 6, one of the current trends in auditing, risk management and compliance is "moving from a back-office function providing lagging indicators about risk (e.g., audit findings) to a front-office function providing leading indicators about risk (e.g., key risk indicators)".
NEW QUESTION # 48
What is typically the day-to-day responsibility of a Chief Risk Officer within a large organisation?
- A. Ensuring that all key risks are adequately managed and reported.
- B. Producing policies on compliance matters
- C. Providing assurance that individual risk management processes are effective.
- D. Preparing and maintaining individual insurance arrangements
Answer: A
Explanation:
Explanation
The day-to-day responsibility of a Chief Risk Officer within a large organisation is to ensure that all key risks are adequately managed and reported4. This involves overseeing the implementation of risk management policies, processes and systems across the organisation.
NEW QUESTION # 49
Which step is the risk process steps to manage, control, or remediate risk?
- A. Risk evaluation
- B. Risk avoidance
- C. Risk identification
- D. Risk treatment
Answer: D
Explanation:
Explanation
Risk treatment is the risk process step to manage, control, or remediate risk1. Risk treatment involves selecting and implementing options to modify or control risks.
NEW QUESTION # 50
What is a primary benefit of a commercial customer self-insuring a risk?
- A. Controllability of risk will increase
- B. Claims costs will reduce
- C. Staff training requirements will decrease.
- D. Its short-term cash-flow position is likely to improve.
Answer: D
Explanation:
Explanation
A primary benefit of a commercial customer self-insuring a risk is that its short-term cash-flow position is likely to improve. This is because self-insurance reduces or eliminates insurance premiums and administrative costs associated with external insurers.
NEW QUESTION # 51
The Chief Risk Officer chairs the ERM/RM steering committee.
- A. True
- B. False
Answer: A
Explanation:
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.
NEW QUESTION # 52
Enterprise Risk Management (ERM) is considered to have a significant difference compared with traditional risk management approaches because ERM
- A. addresses strategic, tactical and operational risk management.
- B. ensures that an organisation's objectives will be achieved.
- C. takes an integrated or holistic approach.
Answer: C
Explanation:
Explanation
According to 2, domain 1, ERM "is a coordinated set of activities and methods that is used by organizations to manage risks across the enterprise". It takes an integrated or holistic approach that considers all types of risks and their interrelationships across the organization's functions and levels.
NEW QUESTION # 53
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?
- A. Review the roles of the humanitarian principles in relation to education.
- B. Define gender equality in the school environment.
- C. Identify any increase of risk with the introduction of a female empowerment project.
- D. Discuss the role of girls and how they are viewed by community members.
Answer: D
Explanation:
Explanation
According to , page 9, defining the context involves "understanding what influences people's perception and tolerance of risks". Discussing how girls are viewed by community members can help identify potential sources of resistance, conflict or violence that may affect the project's objectives and outcomes.
NEW QUESTION # 54
Which of the following is becoming the basis for all decision making?
- A. Crisis management
- B. Risk management
- C. Marketing management
- D. Quality management
Answer: B
Explanation:
Explanation
Risk management is becoming the basis for all decision making2. Risk management helps organizations to identify opportunities and threats, evaluate alternatives, and make informed choices.
NEW QUESTION # 55
A risk management professional advises management on the status of key risks by
- A. summarizing internal audit reports.
- B. providing information about competitors' risk management plan.
- C. annually identifying the inventory of risks.
- D. providing insights into the changing characteristics of a risk.
Answer: D
Explanation:
Explanation
A risk management professional advises management on the status of key risks by providing insights into the changing characteristics of a risk3. This helps to monitor and review the effectiveness of risk management activities and communicate any changes in risk levels or priorities.
NEW QUESTION # 56
Within an organisation, when attempting to manage and control risk, the organisation should be aware that
- A. consideration should be given to internal controls only.
- B. uncertainty must be taken into account
- C. consideration of risk perception is not required.
- D. uncertainty need not be considered.
Answer: B
Explanation:
Explanation
Within an organisation, when attempting to manage and control risk, uncertainty must be taken into account4
. Uncertainty refers to "the state, even partial, of deficiency of information related to understanding or knowledge of an event" 4 and it influences both risks and opportunities.
NEW QUESTION # 57
Risk management professionals conduct supply-chain analyses to identify
- A. customer technology needs.
- B. international regulatory requirements.
- C. contingent business interruption coverage.
- D. potential vulnerabilities to the organization.
Answer: D
Explanation:
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.
NEW QUESTION # 58
Which of the following are measured extensively throughout the organization and into the supply chain?
- A. CMP's and CAD's
- B. PDA's and PBA's
- C. KPI's and KRI's
- D. API's and SKD's
Answer: C
Explanation:
Explanation
KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) are measured extensively throughout the organization and into the supply chain1. These indicators help to monitor and evaluate the performance and effectiveness of risk management.
NEW QUESTION # 59
Which of the following tools are used Risk managers for communication between stakeholders and interested parties?
- A. Resume
- B. Database
- C. Bio-data
- D. Records
Answer: D
Explanation:
Explanation
Records are one of the tools used by risk managers for communication between stakeholdersand interested parties2. Records help to share information, insights, recommendations, and decisions related to risk management.
NEW QUESTION # 60
Which risk identification involves creating alternative ways to achieve an objective?
- A. Objectives-Based
- B. Scenario Based
Answer: B
Explanation:
Explanation
According to , page 11, scenario based risk identification involves "creating different scenarios based on varying assumptions about how events might unfold". This can help explore alternative ways to achieve an objective under different circumstances.
NEW QUESTION # 61
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations.
- A. True
- B. False
Answer: A
Explanation:
Explanation
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations4.
This is part of establishing the context for risk management, which involves defining the scope, objectives, criteria, roles and responsibilities for risk management.
NEW QUESTION # 62
Which teams are composed of cross functional subject matter experts, risk experts, and process owners?
- A. Risk assessment teams
- B. Crisis management teams
- C. Crisis Information teams
- D. Project management teams
Answer: A
Explanation:
Explanation
Risk assessment teams are composed of cross functional subject matter experts, risk experts, and process owners. Risk assessment teams conduct risk assessments for specific areas or projects within the organization.
NEW QUESTION # 63
Risk management theory that considers an organization-wide approach to risk management is known as what type of approach?
- A. Comprehensive
- B. Cross-functional
- C. Interrelational
- D. Holistic
Answer: D
Explanation:
Explanation
According to , page 4, a holistic approach to risk management is "one that considers all sources and types of risks across all organizational units and activities". It aims to integrate governance, strategy, performance, culture and ethics into a coherent framework for managing uncertainty 2.
NEW QUESTION # 64
Which of the following are two ISO 31000:2018 risk management principles? (Choose two)
- A. Functional
- B. Statistical
- C. Design
- D. Integrated
- E. Customized
- F. Strategy
Answer: D,E
Explanation:
Explanation
Integrated and customized are two of the nine risk management principles in ISO 31000:20181. Integrated means that risk management is an integral part of all organizational activities. Customized means that risk management is aligned with the organization's external and internal context and risk profile.
NEW QUESTION # 65
What could a financial organisation make primary use of, to assess whether its risk management systems are likely to fail?
- A. Key risk indicators.
- B. Physical inspections.
- C. Key control indicators.
- D. Silo-based risk management.
Answer: A
Explanation:
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.
NEW QUESTION # 66
Risk management takes human and cultural factors into account.
- A. True
- B. False
Answer: A
Explanation:
Explanation
Risk management takes human and cultural factors into account . Human factors include perception, judgment, behavior, and communication that influence risk management. Cultural factors include values, beliefs, norms, and expectations that shape the organization's risk culture.
NEW QUESTION # 67
Which management is core to governance and compliance?
- A. Risk
- B. Quality
- C. Crisis
- D. Fillet
Answer: A
Explanation:
Explanation
Risk management is core to governance and compliance . Risk management helps to ensure that organizational objectives are achieved in a lawful, ethical, and transparent manner.
NEW QUESTION # 68
Which ISO Standard is used for hazard identification and risk assessment?
- A. ISO 15776
- B. ISO 17776
- C. ISO 18776
- D. ISO 16776
Answer: B
NEW QUESTION # 69
Which of the following ensures that uncertainty is managed so the organization can meet its objectives?
- A. Evasive risk management
- B. Enhanced risk management
- C. Avoidance risk management
- D. Extended risk management
Answer: B
Explanation:
Explanation
Enhanced risk management ensures that uncertainty is managed so the organization can meet its objectives4.
Enhanced risk management involves applying a systematic and logical process to identify, analyze, evaluate, treat, monitor, review, and communicate risks.
NEW QUESTION # 70
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GAQM ISO-31000-CLA (ISO 31000 - Certified Lead Risk Manager) Certification Exam is a professional certification for individuals who are responsible for managing risks in organizations. ISO 31000 - Certified Lead Risk Manager certification is based on the ISO 31000 standard, which is a globally recognized framework for risk management. ISO-31000-CLA exam covers the key concepts and principles of risk management, as well as the skills and knowledge needed to develop, implement, and maintain a risk management program.
GAQM ISO-31000-CLA certification is a valuable credential for professionals who want to demonstrate their expertise in risk management. It is based on the globally recognized ISO 31000 standard and is suitable for anyone who is responsible for managing risks in an organization. By passing ISO-31000-CLA exam, you will enhance your career prospects and gain recognition for your skills and knowledge in risk management.
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