Risk Management Principles and Process Quiz Test your knowledge on risk management principles and processes with these essential questions covering risk identification, assessment, response, and monitoring.
#1
A process to eliminate all risks
A process to identify, assess, and mitigate risks
A process to ignore risks
A process to transfer all risks to a third party
#2
Risk Identification
Risk Response Planning
Risk Acceptance
Risk Ignorance
#3
To transfer all risks to a third party
To ignore risks
To eliminate all risks
To develop strategies to deal with identified risks
#4
Avoidance
Transference
Mitigation
Convenience
#5
To ignore risks
To transfer risks to a third party
To document how risks will be identified, assessed, and managed
To eliminate all risks
#6
A process of transferring risk to another party
A process of reducing the impact or likelihood of a risk
A process of ignoring risks
A process of accepting all identified risks
#7
A document used to track identified risks, their impacts, and responses
A tool for creating risks
A tool for ignoring risks
A document used to transfer all risks to a third party
#8
To identify risks
To prioritize risks based on their impact and likelihood
To transfer risks to a third party
To ignore risks
#9
Qualitative analysis focuses on numerical data, while quantitative analysis focuses on non-numerical data
Qualitative analysis uses subjective judgment, while quantitative analysis uses objective data
There is no difference between qualitative and quantitative risk analysis
Quantitative analysis is more time-consuming than qualitative analysis
#10
The level of risk an organization is willing to accept
The level of risk an organization is willing to transfer
The level of risk an organization is willing to ignore
The level of risk an organization is willing to eliminate
#11
Risk that remains after risk responses have been implemented
Risk that has been completely eliminated
Risk that has been transferred to another party
Risk that has been ignored
#12
Inherent risk is the risk after risk response, while residual risk is the risk before risk response
Inherent risk is the risk before risk response, while residual risk is the risk after risk response
There is no difference between inherent risk and residual risk
Inherent risk is always lower than residual risk
#13
There is no difference between a risk event and a risk factor
A risk event is a specific occurrence that may impact objectives, while a risk factor is an underlying cause or driver of risk
A risk event is less impactful than a risk factor
A risk event is always positive, while a risk factor is always negative
Sign In to view more questions.
Quiz Questions with Answers Forget wasting time on incorrect answers. We deliver the straight-up correct options, along with clear explanations that solidify your understanding.
Popular Quizzes in Risk Management Popular Quizzes in Business Type Subject mismatch Topic mismatch Unrelated quiz title Unrelated question Mistake in question statement Incorrect answer Other
Submit Cancel