PECB ISO 31000 Lead Risk Manager - ISO-31000-Lead-Risk-Manager Free Exam Questions

A. When the risk has not been identified

B. Only when the risk evaluation process indicates minor impact, regardless of the acceptance criteria

C. If risk poses a potential threat but could be managed later

D. Only if the risk level meets the risk acceptance criteria and no additional controls are required

A. The balance between potential benefits in achieving the objectives and costs, effort, or disadvantages of implementation

B. The option that eliminates the most risks regardless of feasibility

C. The potential benefits of the treatment only, ignoring costs or effort

D. The costs and required resources only, without considering other benefits of implementation

A. To avoid uncertainty in decision-making

B. To create and protect value

C. To eliminate all risks

D. To ensure compliance with all legal requirements

A. By delegating all risk responsibilities to operational managers

B. By avoiding formal documentation to maintain flexibility in risk management practices

C. By relying on external experts to handle all risk-related matters

D. By developing and communicating a clear policy that expresses the organization's objectives and commitment to risk management

A. Exploring multiple realistic future scenarios and their possible impacts

B. Ranking risks based solely on historical data

C. Analyzing past scenarios to avoid repetition

D. Predicting the most likely outcome

A. Yes, actions in the risk treatment plan should be prioritized based on processes carrying the highest level of risk.

B. No, all risks should be treated simultaneously to ensure consistency.

C. No, risk treatment plans should address low-impact risks first to build experience.

D. No, prioritization is not permitted under ISO 31000.

A. Reducing uncertainty by avoiding any form of change or innovation

B. Evaluating potential outcomes, stakeholder perspectives, future uncertainties, and the organization's tolerance for risk

C. Focusing primarily on cost reduction and short-term gains

D. Delegating all decisions to external experts

A. Internal policies and procedures

B. Key drivers and trends affecting the objectives of the organization

C. Standards, guidelines, and models adopted by the organization

D. Contractual relationships and commitments

A. A residual risk is accepted when treatment costs exceed potential benefits.

B. A risk is acceptable only when its residual level is higher than the target risk to allow flexibility in controls.

C. A residual risk is accepted when it is equal to or below the target risk.

D. The target risk must always be set at a low level to ensure that all residual risks are minimized.