[UPDATED 2023] Free GAQM ISO-31000-CLA Exam Questions Self-Assess Preparation [Q21-Q36]

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[UPDATED 2023] Free GAQM ISO-31000-CLA Exam Questions Self-Assess Preparation

ISO-31000-CLA Free Sample Questions to Practice One Year Update

NO.21 Which teams are composed of cross functional subject matter experts, risk experts, and process owners?

Risk assessment teams

Crisis Information teams

Project management teams

Crisis management teams

Explanation
Risk assessment teams are composed of cross functional subject matter experts, risk experts, and process owners. Risk assessment teams conduct risk assessments for specific areas or projects within the organization.

NO.22 A train has crashed and is badly damaged. There have been numerous claims from injured passengers as well as a loss of revenue for the train operator. This is an example of

risk aggregation.

risk categorisation.

risk probability.

risk severity.

Explanation
A train crash and its consequences is an example of risk aggregation, which is the combined effect of multiple risks on an organisation’s objectives3. Risk aggregation can result in losses that are greater than the sum of individual losses.

NO.23 Records and reports provide a continuing account of the risk management system.

True

False

Explanation
Records and reports provide a continuing account of the risk management system2. They help to monitor and review the performance and effectiveness of risk management.

NO.24 Which type of risk presents only the chance of loss or no loss?

Hazard risk

Operational risk

Financial risk

Strategic risk

Explanation
According to , page 8, hazard risk is “the traditional pure risk that only has a downside”. It is usually associated with natural disasters, accidents, lawsuits or other events that cause harm or damage.

NO.25 Due to the nature of crises, the management of a Crisis Management Team (CMT) usually requires which type of decision making structure?

Centralized

Networked

Bottom-up

Consensus-based

Explanation
According to , page 17, a crisis management team (CMT) is “a group of senior managers who have been delegated authority by an organization’s executive leadership team to make decisions during a crisis”. A centralized decision making structure allows for faster and more coordinated responses in an emergency situation.

NO.26 Which of the following is a process with inputs, activities, and outcomes?

Supply chain management

Financial management

Quality management

Risk management

Explanation
Risk management is a process with inputs, activities, and outcomes1. The inputs are the organization’s context and risk criteria. The activities are risk identification, analysis, evaluation, and treatment. The outcomes are improved decision making, performance, and resilience.

NO.27 Which of the following significant risks of reporting are outside the risk appetite of the organization and can impact compliance, which may also be reportable to regulatory agencies? (Choose two)

External

Vision

Internal

Dynamic

Functional

Explanation
External and internal risks are significant risks of reporting that are outside the risk appetite of the organization and can impact compliance, which may also be reportable to regulatory agencies1. These risks may arise from external factors such as market changes, natural disasters, or cyberattacks, or internal factors such as human errors, fraud, or system failures.

NO.28 How does a pure risk differ from a speculative risk?

A pure risk always has an environmental cause whereas a speculative risk always involves human error.

A pure risk can be measured in probability terms whereas a speculative risk cannot.

A pure risk is not subject to regulatory control but a speculative risk always is.

A pure risk only leads to the possibility of a loss, whereas a speculative risk may lead to a gain.

Explanation
A pure risk only leads to the possibility of a loss, whereas a speculative risk may lead to a gain12. For example, entering into a contract to purchase a new factory is a speculative risk, as it could result in either profit or loss depending on market conditions.

NO.29 ISO 31000:2018 currently has a tactical and process focus.

True

False

Explanation
The ISO 31000:2018 standard provides a framework for risk management, with a focus on the strategic and integrated aspects of risk management. It outlines principles, a framework, and a process for managing risk in organizations of all kinds. The focus of the standard is on aligningrisk management with the organization’s context, objectives, and strategy, and on integrating risk management into all aspects of an organization’s governance, culture, and performance.

NO.30 __________ means doing something according to a plan or method.

Systematic

Comprehensive

Formal

Informal

Explanation
Systematic means doing something according to a plan or method. Systematic implies orderliness, consistency, and rigor in applying risk management.

NO.31 Who is expected to take a more focused oversight role with respect to risk management control and governance process?

Internal auditors

External auditors

Audit committee

None of the above

Explanation
According to 3, page 7, one of the current trends in auditing, risk management and compliance is “increasing expectations for internal auditors to take a more focused oversight role with respect to enterprise-wide governance processes”. Internal auditors can provide independent assurance on how well an organization manages its risks using various tools such as audits, reviews, assessments and evaluations.

NO.32 The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations.

True

False

Explanation
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations4.
This is part of establishing the context for risk management, which involves defining the scope, objectives, criteria, roles and responsibilities for risk management.

NO.33 The risk management landscape has changed dramatically in recent history because of changes in all but which of the above?

Technology

Globalization

Global warming

Finance

Explanation
According to , page 3, some of the drivers for change in risk management landscape include technology (such as digitalization, automation, artificial intelligence), globalization (such as increased interdependence, complexity and diversity), finance (such as financial crises, regulations, standards) but not global warming.

NO.34 A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools. What is the best approach for them to take to define the context?

Discuss the role of girls and how they are viewed by community members.

Define gender equality in the school environment.

Review the roles of the humanitarian principles in relation to education.

Identify any increase of risk with the introduction of a female empowerment project.

Explanation
According to , page 9, defining the context involves “understanding what influences people’s perception and tolerance of risks”. Discussing how girls are viewed by community members can help identify potential sources of resistance, conflict or violence that may affect the project’s objectives and outcomes.

NO.35 Risk management processes, outcomes, and activities should be _________.

routable

executable

traceable

rectifiable

Explanation
Risk management processes, outcomes, and activities should be traceable . This means that there should be a clear record of how risks were identified, analyzed, evaluated, treated, monitored, reviewed, and communicated.

NO.36 After validating the training curricula, a risk management professional

develops training.

develops and schedules training.

matches training to audience.

schedules and conducts training.

Explanation
According to , page 23, after validating the training curricula, a risk management professional schedules and conducts training sessions based on the target audience’s needs and availability.

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GAQM ISO-31000-CLA (ISO 31000 – Certified Lead Risk Manager) Exam is a globally recognized certification program designed for professionals who aim to become proficient in managing risks in different organizations. This certification exam is offered by the Global Association for Quality Management (GAQM), which is a leading provider of globally recognized certification programs for professionals in different industries. The ISO-31000-CLA exam is specifically designed to assess the knowledge and skills of professionals in managing risks, as well as their ability to design and implement risk management strategies effectively.

Real exam questions are provided for GAQM: ISO tests, which can make sure you 100% pass: https://www.dumpleader.com/ISO-31000-CLA_exam.html

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