Risk Management 2023/24 (100% CORRECT ANSWERS)

Performance Standard 2120 correct answers The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. Risk Management correct answers - is "a process to identify, assess, manage, and control potential events or situations to provide...

Enterprise Risk Management correct answers -a process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals -An Enterprise Risk program combines into a single unified treatment program all major risks faced by the organi...

Risk position correct answers Organization's desired gain or acceptable loss in value Residual risk correct answers Amount of uncertainty that remains after all risk management efforts have been exhausted. Annualized loss expectancy (ALE) correct answers Expected monetary loss for an asset du...

Risk correct answers possibility of an event occurring that will have an impact on the achievement of objectives. Measured in terms of impact and likelihood Risks may be financial, operational, legal or regulatory, or strategic. Risk Management correct answers Process to identify, assess, mana...

Quality Assurance correct answers A program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that standards of quality are being met. It is a way to prevent mistakes and avoid problems. Risk correct answers Usually there are nega...

In any well-developed risk management program, two formal processes are at work correct answers Risk identification and assessment Risk control Information security departments are created correct answers primarily to manage IT risk Managing risk correct answers is one of the key responsibil...

Which one of the following is true regarding enterprise-wide risk management (ERM)? Select one: A. ERM is an approach to managing all of an organization's key risks and opportunities. B. ERM is an approach to risk management that focuses primarily on loss exposures associated with pure risk. C....

Donna has a home that is insured to its maximum value. She often leaves the door unlocked in case she forgets her keys. She knows that her insurance policy will pay for any losses if her home is robbed. Which of the following best applies to Donna? a. moral/morale hazard b. physical hazard c. s...

How is risk defined within Risk Management? correct answers Risk is defined as the possibility of loss or injury due to exposure to a hazard What is the first choice in the standard of order of precedence for RM controls? correct answers The standard order of precedence for controls is to first u...

Risk correct answers The likelihood that a threat will exploit a vulnerability. Threat correct answers A ptential danger that can compromise confidentiality, integrity or availability of data or a system Vulnerability correct answers A weakness Types of Risk correct answers - risk avoidance...

(T/F) Professionals define risk exposure as the proportion of an asset, the person, the entity (etc.) facing the potential loss. correct answers True Which one of the following statements best applies to "risk?" correct answers A risk is an uncertain future event that, if it happens, will affec...

An uncertain event or condition that, if it occurs, has a positive or negative effect on a project objectives is termed. A. Random chance B. A disaster C. Risk D. Hazard E. Bad luck correct answers C The chances of a risk event occurring as a project proceeds through its life cycle tends to ...

What is the most important step in Risk Management? correct answers Identification of risks Three (3) Types of Risk correct answers Pure Speculative Gambling Pure Risk correct answers Loss only; insurable, everywhere (i.e. injury of the job) Speculative Risk correct answers Loss or gain; ...

Integrating RM into how we think is crucial to correct answers maintaining combat power and ensuring efficient mission accomplishment. Proper use of RM will support correct answers the standardization and institutionalization of techniques, tools, and procedures that lead to sound decision making...