Risk management - Quiz
A) International Organization for Standardization B) World Health Organization C) ISO 31000 Committee on Standards D) Benoit Mandelbrot Foundation
A) Resources expended must equal the total value of the assets being protected. B) Resources expended to mitigate risk should be less than the consequence of inaction. C) Expenditures should focus strictly on eliminating 100 percent of all identified threats. D) Mitigation costs are irrelevant as long as the risk is completely removed.
A) An optional external review B) A temporary trial phase C) A completely separate department D) An integral part
A) Marketing strategies and competitor pricing B) Financial profits and shareholder dividends C) Employee satisfaction and retention D) Uncertainty and assumptions
A) Exclusively internal company records B) Historical data older than ten years C) Information provided solely by external consultants D) The best available information
A) Change only during annual corporate restructuring B) Remain fixed and unchangeable once established C) Be dynamic, iterative and responsive to change D) Alter its core goals every single week
A) An anonymous group of actuaries B) Standard ISO 31000 authors C) ISO standards committee D) Benoit Mandelbrot
A) Infinite variance distributions B) Pareto or power-law distributions C) Normal or near-normal probability distributions D) Fat-tailed distributions
A) It is subject to regression to the mean and the law of large numbers. B) It always results in zero financial loss. C) It never changes over time. D) It is managed entirely by government regulators.
A) Strictly uniform distributions B) Normal or near-normal distributions C) Bell-curve distributions with finite variance D) Fat-tailed distributions, e.g., Pareto or power-law distributions
A) It has a predictable mean that never shifts. B) It is subject to regression to the tail, rendering the law of large numbers ineffective. C) It follows standard normal probability curves. D) It only occurs in completely unregulated markets.
A) To underestimate the wildness of risk, assuming it to be mild when it is wild B) To ignore normal distributions entirely in favor of Pareto distributions C) To treat mild risk as if it could destroy the entire organization D) To use power-law distributions for simple everyday events
A) ISO 9001 B) ISO 27001 C) ISO 31000 D) ISO 14001
A) Source analysis B) Risk identification C) Problem analysis D) Establishing the context
A) Competitor stock prices exclusively B) The personal lives of all employees C) Only the internal financial records D) The environment of the organization
A) Their voting records in national elections B) Their identity and objectives C) Their personal credit scores D) Their home addresses and phone numbers
A) Purchase insurance policies B) Execute immediate mitigation strategies C) Dismiss all project stakeholders D) Identify potential risks
A) Guaranteed legal penalties B) Mandatory structural reorganizations C) Events that cause problems or benefits D) Only catastrophic financial failures
A) Only within legislative bodies B) Strictly internal to the system C) Exclusively external to the organization D) Internal or external to the system
A) Management implies that risks can be completely eliminated. B) Risk deals with factors of decision-making that cannot be managed. C) Mitigation sounds more professional in business reports. D) Management is a legally trademarked term.
A) Stakeholders of a project, employees of a company, or the weather over an airport B) Accounting software errors, server crashes, and power outages C) Government regulations, tax policies, and trade tariffs D) Stock market crashes, inflation rates, and global pandemics
A) Guaranteed positive outcomes B) Identified threats C) Planned organizational changes D) Unidentified random occurrences
A) Consultants, auditors, and external contractors B) Competitors, media outlets, and general publics C) Shareholders, customers, and legislative bodies such as the government D) Suppliers, distributors, and logistics partners
A) It forces the government to take over operations B) It will automatically improve employee morale C) It guarantees an immediate increase in profits D) It may endanger funding of the project
A) It may be stolen by employees even within a closed network B) It becomes public property automatically C) It loses all value to competitors D) It will be safely encrypted by external hackers
A) It recharges the aircraft's emergency batteries B) It improves the navigational equipment C) It causes a minor delay in flight schedules D) It may make all people on board immediate casualties
A) Company size, office location, and CEO preference B) Culture, industry practice, and compliance C) Stock exchange listings and marketing budgets D) Daily weather conditions and employee turnover
A) Any change in government tax laws B) Any decision made by executive management C) Any event that increases the speed of daily operations D) Any event that may prevent an objective from being achieved
A) Employee performance reviews B) Different scenarios C) Legal compliance contracts D) Financial balance sheets
A) A classification of software bugs B) A hierarchical list of corporate job titles C) A breakdown of possible risk sources D) A database of historical financial losses
A) Through random audits conducted by external consultants B) Through answers to a questionnaire compiled from the taxonomy and best practices C) By analyzing daily social media mentions D) By reviewing quarterly tax filings
A) Checking available lists of known risks for application to a particular situation B) Asking employees to guess what might go wrong each morning C) Comparing company expenses with industry averages D) Testing software code for basic syntax errors
A) Marketing strategies, customer feedback, and sales data B) Resources at risk, threats, modifying factors, and consequences C) Tax rates, legal regulations, and government policies D) Profit margins, employee counts, and office sizes
A) An automated employee payroll system B) A binding legal contract for insurance C) A public relations crisis management plan D) A variety of approaches for risk identification
A) Yes, it should be capable of continual improvement and enhancement B) No, it should remain standardized and never be modified C) Only when mandated by external regulatory bodies D) Only during periods of severe financial loss
A) Union membership numbers B) Human factors C) Personal political beliefs D) Employee salary expectations
A) Hidden from lower-level employees B) Secretive and executive-only C) Confidential to board members D) Transparent and inclusive
A) The law of large numbers B) Moore's law C) Murphy's law D) The law of supply and demand
A) Zero mean and zero variance B) Infinite mean or variance C) Constant and predictable variance D) Fixed mean with normal distribution
A) Central limit theorem B) Regression to the mean C) Standard deviation shift D) Regression to the tail
A) 1970s B) 1990s C) 1980s D) 2000s
A) Implicitly B) No C) Only briefly D) Yes
A) Since the 2000s B) Since the 1970s C) Since the 1980s D) Since the 1990s
A) 1990s B) 1980s C) 2010s D) 2000s
A) Vulnerabilities B) Threats C) Opportunities D) Liabilities
A) Usually negative B) Usually positive C) Always neutral D) Always beneficial
A) Groupthink B) Target fixation C) Scope creep D) Analysis paralysis
A) 4th Ed. B) 6th Ed. C) 3rd Ed. D) 1st Ed.
A) 4th Ed. B) 6th Ed. C) 1st Ed. D) 2nd Ed.
A) Implementing agreed-upon plans B) Numerical analysis of effects C) Monitoring the implementation D) Identifying threats
A) Guaranteed market profits B) Consistent decision-making C) Political instability D) Fixed percentage sizing
A) Ignoring potential consequences B) Maximizing negative effects C) Increasing the probability of the threat D) Avoiding the threat
A) The 1920s B) The 1980s C) The 1950s D) The 1900s
A) The 1950s B) The 1970s C) The 2000s D) The 1920s
A) Irrelevant B) Fully automated C) Simple and straightforward D) Tricky
A) Opportunity cost B) Market inflation C) Employee turnover D) Fixed asset depreciation
A) Office space B) Resource usage C) Employee headcount D) Advertising budgets
A) Buildings and vehicles B) Cash reserves C) Intangible assets D) Inventory in warehouses
A) Albert Einstein B) Robert Courtney Jr. C) Isaac Newton D) Bill Gates
A) Annual ledger expense B) Annualized loss expectancy C) Actual loss evaluation D) Assessed liability estimate
A) US governmental agencies B) European banking institutions C) Global health organizations D) Private tech startups
A) Employee holiday schedules B) Building architectural designs C) Office furniture colors D) Asset valuation
A) Four B) Five C) Three D) Two
A) Transfer B) Avoidance C) Reduction D) Acceptance
A) Acceptance B) Avoidance C) Reduction D) Transfer
A) A penalty B) An asset C) A guarantee D) A fee
A) Acceptance B) Avoidance C) Transfer D) Reduction
A) Possibilities B) Financial assets C) Third-party fees D) Insurance policies
A) Reduction B) Acceptance C) Transfer D) Avoidance
A) Exploitation B) Reimbursement C) Enhancement D) Acquisition
A) Accepted Contingency Asset Transfer B) Avoidance and Control Allocation Technique C) Acquisition Category D) Asset Control and Transfer
A) Accept, transfer, avoid, reduce B) Avoid, control, accept, transfer C) Exploit, share, enhance, ignore D) Eliminate, mitigate, insure, budget
A) They avoided treating high-risk patients B) They had prohibitive Halon system costs C) They used water sprinklers that caused damage D) They only delivered software in the final phase
A) A complete hazard eradication tool B) A risk-retention pool C) A post-event compensatory mechanism D) A pre-event prevention strategy
A) The court judge B) The policyholder C) The insurance agent D) The third-party contractor
A) Exclusively into risk transfer B) Into a single mandatory category C) Strictly into bankruptcy proceedings D) Into multiple categories
A) True self-insurance B) State-mandated health insurance C) Commercial property insurance D) Mandatory liability insurance
A) War B) Routine employee turnover C) Minor office property damage D) Common computer viruses
A) IT management B) Junior staff C) Top management D) Facility management
A) Impact assessment B) Threat assessment C) Risk treatment planning D) Vulnerability assessment
A) Control implementation B) Vulnerability assessment C) Risk mitigation strategy development D) Impact assessment
A) Reporting them to external regulators. B) Purchasing insurance policies. C) Ignoring them completely. D) Absorbing them entirely without coverage.
A) Periodically. B) Once every decade. C) On a daily basis without exception. D) Only after a major corporate failure.
A) Employee benefit packages. B) Physical office buildings. C) Short-term profits. D) Reputation.
A) Bretton Woods B) Dodd-Frank C) Basel III D) Basel I
A) Limitation of liability clauses B) Standard contract language C) Indemnification provisions D) Various strategies
A) La Gorce Country Club B) CH2M Hill C) Samuel Greengard D) Petri Keskitalo
A) Swedish B) Norwegian C) American D) British
A) 2010 B) 2015 C) 2020 D) 2005
A) Keskitalo v. UDC B) Basel v. Greengard C) Witt v. La Gorce Country Club D) UDC v. CH2M Hill
A) UDC v. CH2M Hill B) Keskitalo v. Greengard C) Witt v. La Gorce Country Club D) Basel v. La Gorce
A) Verbal agreements between parties B) Jurisdiction-specific indemnification clauses C) Industry-standard contract language D) Novel and customized legal terminology
A) Hazard analysis B) Hazard and operability study C) Failure mode and effects analysis D) Fault tree analysis
A) Diagramming software only B) Safety assurance case generators C) A spreadsheet program D) Customs risk management frameworks
A) Failure Mode and Effects Analysis B) Hazard and Operability Study C) Fault Tree Analysis D) Safety Assurance Case
A) Safety critical devices B) Only non-implantable administrative devices C) Customs inspection equipment D) All types of medical devices without exception
A) Total indifference B) A healthy skepticism C) Extreme optimism D) Lack of experience
A) Employee salary B) Opening date C) Customer satisfaction score D) Project profit margin
A) Standard assignments B) Minor tasks C) Micro initiatives D) Major programs
A) Local bicycle racks B) Residential sheds C) Neighborhood parks D) Major bridges |
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