Prepare for the Actual GAQM: ISO ISO-31000-CLA Exam Practice Materials Collection
GAQM: ISO Certified Official Practice Test ISO-31000-CLA - Feb-2024
GAQM ISO-31000-CLA (ISO 31000 - Certified Lead Risk Manager) certification exam is an excellent certification for professionals who are looking to enhance their skills in risk management. ISO 31000 - Certified Lead Risk Manager certification exam covers a range of topics related to risk management and is designed to test candidates on their knowledge and understanding of these areas. ISO 31000 - Certified Lead Risk Manager certification is recognized globally and is highly valued by employers in a range of industries.
GAQM ISO-31000-CLA (ISO 31000 - Certified Lead Risk Manager) Exam is a certification program designed for professionals who want to demonstrate their expertise in managing risks within their organizations. ISO-31000-CLA exam is based on the ISO 31000 risk management standard, which is an internationally recognized framework for managing risks in a systematic and structured way. ISO 31000 - Certified Lead Risk Manager certification program is ideal for individuals who are responsible for managing risks in their organizations, including risk managers, compliance officers, executives, and consultants.
NEW QUESTION # 32
Which of the following is a major challenge in implementing the ISO 31000:2018 risk management framework?
- A. Strategic framework boundaries
- B. Design framework boundaries
- C. Improvement framework boundaries
- D. Scoping framework boundaries
Answer: D
Explanation:
Explanation
Scoping framework boundaries is a major challenge in implementing the ISO 31000:2018 risk management framework. Scoping framework boundaries involves defining the scope of application of risk management within the organization's context, structure, and objectives.
NEW QUESTION # 33
__________ and___________ can result in artifacts and records.
- A. MOS, SMOS
- B. RBPS, RBDM
- C. DBMS, RDBMS
- D. TDMS, VSMS
Answer: C
Explanation:
Explanation
DBMS (Database Management System) and RDBMS (Relational Database Management System) can result in artifacts and records1. These systems are used to store, organize, and manipulate data that can be used for risk management purposes.
NEW QUESTION # 34
Transparency and inclusiveness are key ISO 31000:2018 attributes.
- A. True
- B. False
Answer: A
Explanation:
Explanation
Transparency and inclusiveness are key ISO 31000:2018 attributes. Transparency means that risk management activities are visible, understandable, and verifiable by relevant stakeholders. Inclusiveness means that appropriate stakeholders are involved in risk management decisions and actions.
NEW QUESTION # 35
Which type of risk management technique does insurance belongs to?
- A. Sharing
- B. Retention
- C. Reduction
Answer: A
Explanation:
Explanation
According to , page 16-17, insurance belongs to sharing technique which is "a way of transferring some or all financial consequences associated with a particular exposure". It involves paying a premium in exchange for compensation in case of loss.
NEW QUESTION # 36
Which element is often the biggest challenge in risk implementation?
- A. computation
- B. human
Answer: B
Explanation:
Explanation
Human element is often the biggest challenge in risk implementation. Human element involves overcoming resistance to change, engaging stakeholders, building trust and commitment, and fostering a positive risk culture.
NEW QUESTION # 37
Which teams are composed of cross functional subject matter experts, risk experts, and process owners?
- A. Project management teams
- B. Crisis Information teams
- C. Risk assessment teams
- D. Crisis management teams
Answer: C
Explanation:
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.
NEW QUESTION # 38
Who is expected to take a more focused oversight role with respect to risk management control and governance process?
- A. None of the above
- B. Internal auditors
- C. External auditors
- D. Audit committee
Answer: B
Explanation:
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.
NEW QUESTION # 39
An international bank has identified the risks associated with economic changes in the countries in which it operates. Which of the following correctly describes these risks?
- A. Internal - Infrastructure.
- B. External - Marketplace.
- C. External - Reputational.
Answer: B
Explanation:
Explanation
According to 1, page 15-16, external risks are "those arising from events outside the organization" and marketplace risks are "those arising from changes in market conditions such as customer demand, competition, regulation". Economic changes in different countries can affect the market conditions for an international bank's operations.
NEW QUESTION # 40
ISO uses the concept of uncertainty as the driver and rationale for risk management.
- A. True
- B. False
Answer: A
Explanation:
Explanation
ISO uses the concept of uncertainty as the driver and rationale for risk management. Uncertainty refers to the state of having incomplete knowledge or understanding about something that can affect an organization's objectives.
NEW QUESTION # 41
Relying on historic analysis when assessing potential risks and possible impacts implies that
- A. should adverse events occur, the impact can be accurately modelled.
- B. all significant risks can be confidently analysed.
- C. management believe that the future will behave much like the past.
Answer: C
Explanation:
Explanation
According to 1, page 19, historic analysis is "a method of risk identification based on past data". It assumes that past patterns and trends will continue in the future, which may not always be true.
NEW QUESTION # 42
Which of the following is the current trend in auditing, risk management and compliance?
- A. Providing assurance over threats
- B. Performing discrete audits in compliance with internal control
- C. Front office function providing leading indicators about risk
Answer: C
Explanation:
Explanation
According to 3, page 6, one of the current trends in auditing, risk management and compliance is "moving from a back-office function providing lagging indicators about risk (e.g., audit findings) to a front-office function providing leading indicators about risk (e.g., key risk indicators)".
NEW QUESTION # 43
Where does an internal auditor typically spend most of his time auditing today?
- A. Infrastructure
- B. Technology
- C. Process
- D. People
Answer: C
Explanation:
Explanation
According to , page 9, one of the current trends in auditing, risk management and compliance is "shifting from auditing people to auditing processes". This means that internal auditors focus more on how well an organization's processes are designed and implemented to achieve its objectives and manage its risks.
NEW QUESTION # 44
Which of the following statements about captive insurance companies are correct?
1. A captive cannot act as a reinsurer.
2. A captive can access reinsurance markets.
3. A captive can sometimes offer greater cover than is available in the insurance market.
4. A captive must be located in the same country as its parent company.
- A. 1 and 2.
- B. 2 and 3.
- C. 1 and 4.
Answer: B
Explanation:
Explanation
According to 3, a captive insurance company is "a wholly owned subsidiary insurer that provides risk mitigation services for its parent company or related entities". It can act as a reinsurer by accepting risks from other insurers or captives 1. It can also access reinsurance markets to transfer some of its own risks 1. It can sometimes offer greater cover than is available in the insurance market by tailoring its policies to suit its parent's needs 3. It does not have to be located in the same country as its parent company; in fact, many captives are domiciledoffshore for tax or regulatory reasons
NEW QUESTION # 45
How many risk management principles exists ISO 31000:2018?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: D
Explanation:
Explanation
There are nine risk management principles in ISO 31000:2018. These principles are:
* Integrated
* Structured and comprehensive
* Customized
* Inclusive
* Dynamic
* Best available information
* Human and cultural factors
* Continual improvement
NEW QUESTION # 46
Risk management as defined by OCEG GRC model is:
- A. Capability to proactively encourage and ensure compliance with established policies and boundaries
- B. Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives
- C. Capability to set and evaluate performance against objectives
Answer: B
Explanation:
Explanation
According to 1, OCEG GRC model is "a framework for integrating governance, risk management, compliance and ethics/culture into a single capability". It defines risk management as "the capability that enables an organization to understand how uncertainty affects its ability to achieve objectives" 2.
NEW QUESTION # 47
ISO 31000 is intended to be a family of standards relating to risk management codified by the ________.
- A. International Organization for Standardization
- B. OpenSource
- C. GlobalDocument
- D. OpenDocument
Answer: A
Explanation:
Explanation
According to 1, ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization (ISO). It provides principles and guidelines on managing risks that could affect organizations.
NEW QUESTION # 48
Uncertainties may involve: (Choose two)
- A. The processed to know upcoming security issues
- B. Appointing security analyst
- C. Differing abilities among risk analysts
- D. The process used to conduct the risk analysis
Answer: C,D
Explanation:
Explanation
Uncertainties may involve the process used to conduct the risk analysis and differing abilities among risk analysts. These are examples of factors that can affect the quality and reliability of risk assessment1.
NEW QUESTION # 49
Which of the following consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries?
- A. ISO 31000:2018
- B. ISO 9001:2015
- C. ISO 27001:2013
- D. ISO 14001:2018
Answer: A
Explanation:
Explanation
ISO 31000:2018 consists of risk management principles, framework, and process that have been adopted as a national risk management standard by more than 60 countries . It provides guidelines on managing any type of risk faced by organizations.
NEW QUESTION # 50
Risk management is systematic, structured, and timely.
- A. True
- B. False
Answer: A
Explanation:
Explanation
Risk management is systematic, structured, and timely4. Systematic means that risk management follows a logical and consistent approach. Structured means that risk management has clear steps, roles, and responsibilities. Timely means that risk management provides information in time for decision making.
NEW QUESTION # 51
Risk management processes, outcomes, and activities should be _________.
- A. traceable
- B. routable
- C. rectifiable
- D. executable
Answer: A
Explanation:
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.
NEW QUESTION # 52
Which of the following is described in terms of consequence and likelihood?
- A. Level of uncertainty
- B. Level of cohesiveness
- C. Level of risk
- D. Level of crisis
Answer: C
Explanation:
Explanation
Level of risk is described in terms of consequence and likelihood. Consequence means the outcome or impact of a risk event on objectives. Likelihood means how probable it is that a risk event will occur.
NEW QUESTION # 53
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