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