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The ISO-31000-CLA certification exam is aimed at professionals who have a thorough understanding of risk management principles and practices and are responsible for managing risks within their organizations. ISO-31000-CLA exam evaluates the candidate's ability to lead and implement risk management processes, design risk management frameworks, and assess and mitigate risks that can impact an organization's objectives.
NEW QUESTION # 56
Which of the following statements does not apply to ISO 31000?
- A. It can be used by any organization regardless of its size, activity or sector
- B. It is the first standard issued by ISO for risk management
- C. It can be used for certification purposes
Answer: C
Explanation:
Explanation
According to ISO31000 (2018), clause 1., it is "not intended for certification purposes". It provides guidance on how organizations can manage their risks effectively using a systematic approach based on principles, framework and process 3.
NEW QUESTION # 57
Which of the following consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries?
- A. ISO 31000:2018
- B. ISO 14001:2018
- C. ISO 9001:2015
- D. ISO 27001:2013
Answer: A
Explanation:
Explanation
ISO 31000:2018 consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries . It provides guidelines on managing any type of risk faced by organizations.
NEW QUESTION # 58
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 aggregation.
- B. risk categorisation.
- C. risk probability.
- D. risk severity.
Answer: A
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 # 59
A systemic risk involves:
- A. A risk that all of the current suppliers of an organization's inputs will be unable to produce the inputs
- B. A risk that loss in one area of an organization may cause loss in another area of the organization
- C. A risk that an event will cause multiple key people in an organization to leave at once
- D. A potential major disruption in the function of an entire market or financial system
Answer: D
Explanation:
Explanation
According to 1, systemic risk is "the possibility that an event at the company level could trigger severe instability or collapse an entire industry or economy". It is different from other types of risks that affect only specific parts or aspects of an organization
NEW QUESTION # 60
When defining the success measures for the organization's risk strategy, the risk management professional will include which of the following steps?
- A. The development of timelines for implementing the risk strategy
- B. An analysis of the organization's total cost of insurable risk
- C. A review of the goals and objectives of the risk strategy
- D. A selection of appropriate media for communicating the risk strategy
Answer: C
Explanation:
Explanation
A review of the goals and objectives of the risk strategy is part of defining the success measures for the organization's risk strategy1. This helps to ensure that the risk strategy aligns with the organization's purpose, vision, mission and values.
NEW QUESTION # 61
Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?
- A. Internal
- B. External
- C. Local
- D. Technological
Answer: A
Explanation:
Explanation
According to ISO31000 (2018), clause 5., establishing the context involves defining "the external and internal parameters to be taken into account when managing risk". The internal context includes "information systems, information flows and decision-making processes" among other factors.
NEW QUESTION # 62
Which of the following is an important aspect with stakeholders, customers, and interested parties is the essential element for maintaining the relevance of enhanced risk management within the structure of a changing context?
- A. Session Storming
- B. Interviews
- C. Communication
- D. Brainstorming
Answer: C
Explanation:
Explanation
Communication with stakeholders, customers, and interested parties is an essential element for maintaining the relevance of enhanced risk management within the structure of a changing context3. Communication helps to establish trust, transparency, accountability, and feedback mechanisms for risk management.
NEW QUESTION # 63
ISO 31000 is intended to be a family of standards relating to risk management codified by the ________.
- A. OpenDocument
- B. International Organization for Standardization
- C. GlobalDocument
- D. OpenSource
Answer: B
Explanation:
Explanation
According to 1, ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization (ISO). It provides principles and guidelines on managing risks that could affect organizations.
NEW QUESTION # 64
What does the probability of occurrence multiplied by the impact of the event, equals to
- A. Risk Scale
- B. Risk Level
- C. Risk Tangent
- D. Risk Magnitude
Answer: D
Explanation:
Explanation
According to , page 13-14, probability multiplied by impact equals risk magnitude which is "a measure that reflects both likelihood and consequences". It can be used as an indicator for prioritizing risks.
NEW QUESTION # 65
Which of the following tools are used Risk managers for communication between stakeholders and interested parties?
- A. Records
- B. Bio-data
- C. Resume
- D. Database
Answer: A
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 # 66
New definition of risk under ISO 31000 and 31010 is:
- A. Probability of an event that will have an impact on objectives
- B. Danger that injury, damage, or loss will occur
- C. Possibility of investment loss
- D. Probability of loss to an insurer
Answer: A
Explanation:
Explanation
According to ISO/IEC Guide73 (2009), clause 1., risk is defined as "the effect of uncertainty on objectives".
This definition applies to both ISO/IEC Guide73 (2009) and ISO31000 (2018), which are standards for risk management terminology and principles respectively.
NEW QUESTION # 67
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. CMP's and CAD's
- D. PDA's and PBA's
Answer: A
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 # 68
Within an organisation, when attempting to manage and control risk, the organisation should be aware that
- A. consideration of risk perception is not required.
- B. uncertainty need not be considered.
- C. uncertainty must be taken into account
- D. consideration should be given to internal controls only.
Answer: C
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 # 69
What could a financial organisation make primary use of, to assess whether its risk management systems are likely to fail?
- A. Key control indicators.
- B. Key risk indicators.
- C. Silo-based risk management.
- D. Physical inspections.
Answer: B
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 # 70
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. Define gender equality in the school environment.
- B. Discuss the role of girls and how they are viewed by community members.
- C. Review the roles of the humanitarian principles in relation to education.
- D. Identify any increase of risk with the introduction of a female empowerment project.
Answer: B
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 # 71
The risk management landscape has changed dramatically in recent history because of changes in all but which of the above?
- A. Global warming
- B. Finance
- C. Technology
- D. Globalization
Answer: A
Explanation:
Explanation
According to , page 3, some of the drivers for change in risk management landscape include technology (such as digitalization, automation, artificial intelligence), globalization (such as increased interdependence, complexity and diversity), finance (such as financial crises, regulations, standards) but not global warming.
NEW QUESTION # 72
Which of the following are two ISO 31000:2018 risk management principles? (Choose two)
- A. Strategy
- B. Statistical
- C. Design
- D. Integrated
- E. Functional
- F. Customized
Answer: D,F
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 # 73
Transparency and inclusiveness are key ISO 31000:2018 attributes.
- A. False
- B. True
Answer: B
Explanation:
Explanation
Transparency and inclusiveness are key ISO 31000:2018 attributes. Transparency means that risk management activities are visible, understandable, and verifiable by relevant stakeholders. Inclusiveness means that appropriate stakeholders are involved in risk management decisions and actions.
NEW QUESTION # 74
Which of the following is a major challenge in implementing the ISO 31000:2018 risk management framework?
- A. Scoping framework boundaries
- B. Strategic framework boundaries
- C. Design framework boundaries
- D. Improvement framework boundaries
Answer: A
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 # 75
Which of the following documents information are relevant to the organization's risk management framework, process, and system?
- A. Rationalizing and reporting
- B. Visualizing and conceptualizing
- C. Recording and reporting
- D. Reporting and auditing
Answer: C
Explanation:
Explanation
Recording and reporting documents information that are relevant to the organization's riskmanagement framework, process, and system2. These activities help to provide evidence, feedback, learning, and improvement for risk management.
NEW QUESTION # 76
Which ISO Standard is used for hazard identification and risk assessment?
- A. ISO 18776
- B. ISO 17776
- C. ISO 16776
- D. ISO 15776
Answer: B
NEW QUESTION # 77
ISO uses the concept of uncertainty as the driver and rationale for risk management.
- A. False
- B. True
Answer: B
Explanation:
Explanation
ISO uses the concept of uncertainty as the driver and rationale for risk management. Uncertainty refers to the state of having incomplete knowledge or understanding about something that can affect an organization's objectives.
NEW QUESTION # 78
Which element is often the biggest challenge in risk implementation?
- A. human
- B. computation
Answer: A
Explanation:
Explanation
Human element is often the biggest challenge in risk implementation. Human element involves overcoming resistance to change, engaging stakeholders, building trust and commitment, and fostering a positive risk culture.
NEW QUESTION # 79
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The ISO-31000-CLA certification exam is suitable for professionals at all levels of an organization, including risk managers, consultants, auditors, and executives. ISO 31000 - Certified Lead Risk Manager certification is particularly beneficial for those who are responsible for managing risks within their organizations and want to gain a deeper understanding of risk management best practices. ISO 31000 - Certified Lead Risk Manager certification exam is also suitable for individuals who are new to the field of risk management and want to establish their credibility in the industry.
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