This page was exported from IT Certification Exam Braindumps [ http://blog.braindumpsit.com ] Export date:Sat Apr 5 12:09:39 2025 / +0000 GMT ___________________________________________________ Title: GAQM ISO-31000-CLA Certification All-in-One Exam Guide May-2023 [Q38-Q61] --------------------------------------------------- GAQM ISO-31000-CLA Certification All-in-One Exam Guide May-2023 Get Real ISO-31000-CLA Exam Dumps [May-2023] Practice Tests Q38. Risk management professionals conduct supply-chain analyses to identify  contingent business interruption coverage.  customer technology needs.  international regulatory requirements.  potential vulnerabilities to the organization. ExplanationAccording 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.Q39. Which of the following is becoming the basis for all decision making?  Risk management  Crisis management  Quality management  Marketing management ExplanationRisk management is becoming the basis for all decision making2. Risk management helps organizations to identify opportunities and threats, evaluate alternatives, and make informed choices.Q40. Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?  Analyze the information.  Organize the information  Prioritize the information  Report the information. ExplanationAccording to page 9-10 of source 2, risk management professionals organize internal and external information about the organization into categories such as stakeholders, strategic objectives, policies and procedures, risk appetite and tolerance, and risk culture. This categorization process facilitates the analysis and reporting of the risk information at a later stage, making it easier to understand and use.Q41. 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?  Interviews  Communication  Brainstorming  Session Storming ExplanationCommunication 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.Q42. Which of the is a set of systematic, deliberate, and actionable steps to manage risk?  Security  Control  Process  Vision ExplanationControl is not a set of systematic, deliberate, and actionable steps to manage risk, but rather a measure or action that modifies risk1. Process is a set of systematic, deliberate, and actionable steps to manage risk2.Process involves establishing context, identifying risks, analyzing risks, evaluating risks, and treating risks.Q43. Which of the following are two ISO 31000:2018 risk management principles? (Choose two)  Integrated  Customized  Functional  Statistical  Design  Strategy ExplanationIntegrated 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.Q44. A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?  Decreased risk avoidance.  Decreased risk tolerance.  Increased risk elimination.  Increased risk retention. ExplanationA large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. This is most likely to indicate increased risk retention, which means accepting more responsibility for potential losses5. This could be done to reduce insurance premiums or increase control over claims.Q45. Risk management takes human and cultural factors into account.  True  False ExplanationRisk 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.Q46. Which of the following step is a critical part of risk assurance?  Evaluation Context  Establishing Context  Communication and Consultations  Monitoring and Review ExplanationMonitoring and review is a critical part of risk assurance . This step involves checking whether the risk management framework, policy, and plan are implemented, whether they remain suitable, and whether they need improvement.Q47. Which risk is sometimes called ‘retained risk.’?  Residual risk  Conceptualize risk  Analytical risk  Procedural risk ExplanationAccording to ISO/IEC Guide73 (2009), clause B., residual risk is “the level of remaining after controls have been applied”. It is sometimes called ‘retained risk’ because it represents the amount of risk that an organization decides to accept or retain after implementing its mitigation strategies 3.Q48. Which step is the last part of the risk assessment process, which started with risk identification then moved to risk assessment, and finally risk evaluation?  Risk evaluation  Risk outsourcing  Risk acceptance  Risk avoidance Explanationthe last step of the risk assessment process, which starts with risk identification, moves to risk assessment, and finally risk evaluation, is Risk evaluation.Risk evaluation involves comparing the estimated level of risk against the risk criteria established during the risk assessment phase, to determine the significance of the risk and whether it is acceptable or not. This decision is made in consultation with stakeholders, who may provide additional context and information to inform the decision.The American Society for Quality (ASQ) describes risk evaluation as “the process of comparing an estimated risk against given risk criteria to determine the acceptability of the risk.” [1] Similarly, ISO/IEC 27001:2013 (Information technology – Security techniques – Information security management systems – Requirements) defines risk evaluation as “the process of comparing the estimated risk against given risk criteria in order to determine the significance of the risk.” [2] References: [1] ASQ Glossary – Risk evaluation, https://asq.org/quality-resources/risk-evaluation [2] ISO/IEC27001:2013, Clause 6.1.3(c), https://www.iso.org/standard/54534.htmlQ49. Which of the following statement about operations risk management is incorrect?  Transparent and inclusive  Dynamic, iterative and responsive to change  Disregarding human factors  Capable of continual improvement and enhancement ExplanationAccording to ISO31000 (2018), clause 4., one of the principles of effective risk management is “taking human and cultural factors into account”. This means that risk management should consider how people’s behaviors, perceptions, values and attitudes influence or are influenced by risk .Q50. Which of the following ensures that uncertainty is managed so the organization can meet its objectives?  Extended risk management  Enhanced risk management  Evasive risk management  Avoidance risk management ExplanationEnhanced 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.Q51. What is a primary benefit of a commercial customer self-insuring a risk?  Claims costs will reduce  Controllability of risk will increase  Its short-term cash-flow position is likely to improve.  Staff training requirements will decrease. ExplanationA 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.Q52. 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. ExplanationAccording to 3, clause 6.5., monitoring and review “is intended as a feedback loop for checking whether any change has occurred either internally or externally that may affect performance against objectives”. It helps to ensure that the risk management process remains relevant and effective over time.Q53. Which of the following is considered a risk analysis technique?  Budget allocation  Consensus building  Insurance placement  Monte Carlo simulation ExplanationMonte Carlo simulation is a risk analysis technique that uses random variables to model uncertainty and generate possible outcomes2. This helps to assess the probability and impact of different scenarios.Q54. 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. ExplanationThe 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.Q55. Risk management as defined by OCEG GRC model is:  Capability to set and evaluate performance against objectives  Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives  Capability to proactively encourage and ensure compliance with established policies and boundaries ExplanationAccording to 1, OCEG GRC model is “a framework for integrating governance, risk management, compliance and ethics/culture into a single capability”. It defines risk management as “the capability that enables an organization to understand how uncertainty affects its ability to achieve objectives” 2.Q56. What does the probability of occurrence multiplied by the impact of the event, equals to  Risk Tangent  Risk Scale  Risk Level  Risk Magnitude ExplanationAccording 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.Q57. Causes of risk include all the following except:  Health, safety and environment  Finance  Insurance  Chemical breakdown ExplanationAccording to ISO/IEC Guide73 (2009), clause B., causes are “elements which alone or in combination have potential to give rise to risk”. Health, safety, environment, finance andchemical breakdown are examples of causes that can create risks for an organization or an individual 1. Insurance is not a cause but a method of transferring or mitigating some types of risks 1.Q58. Which two of the following are types Integrated Processes? (Choose two)  People processes  Soft processes  Hard process  Quality analysis ExplanationPeople processes and hard processes are two types of integrated processes3. People processes involve human factors such as culture, values, ethics, and behavior that influence risk management. Hard processes involve technical aspects such as methods, tools, techniques, and systems that support risk management.Q59. Risk management theory that considers an organization-wide approach to risk management is known as what type of approach?  Cross-functional  Comprehensive  Interrelational  Holistic ExplanationAccording 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.Q60. 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 ExplanationAccording 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)”.Q61. Which of the following tools are used Risk managers for communication between stakeholders and interested parties?  Database  Records  Bio-data  Resume ExplanationRecords 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. Loading … Last ISO-31000-CLA practice test reviews: Practice Test GAQM dumps: https://www.braindumpsit.com/ISO-31000-CLA_real-exam.html --------------------------------------------------- Images: https://blog.braindumpsit.com/wp-content/plugins/watu/loading.gif https://blog.braindumpsit.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2023-05-31 11:59:59 Post date GMT: 2023-05-31 11:59:59 Post modified date: 2023-05-31 11:59:59 Post modified date GMT: 2023-05-31 11:59:59