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The ISO 31000 standard provides a framework for risk management that is applicable to all types of organizations, regardless of their industry or size. The standard emphasizes the importance of a systematic and proactive approach to risk management, which includes identifying, assessing, and treating risks. The GAQM ISO-31000-CLA Exam covers topics such as establishing risk management policies and procedures, developing risk management strategies, implementing risk management processes, and monitoring and reviewing risk management activities. Passing ISO-31000-CLA exam demonstrates that a professional has the knowledge and skills to effectively lead and manage risk management processes in accordance with the ISO 31000 standard.
GAQM ISO-31000-CLA (ISO 31000 - Certified Lead Risk Manager) Certification Exam is a globally recognized certification exam that evaluates an individual's knowledge and understanding of risk management principles and practices. ISO-31000-CLA exam is designed for professionals who are responsible for managing risks in their organization, including risk managers, business owners, executives, and consultants. ISO 31000 - Certified Lead Risk Manager certification is widely recognized by employers and industry experts, indicating a high level of expertise in risk management.
GAQM ISO-31000-CLA (ISO 31000 - Certified Lead Risk Manager) Certification Exam is one of the sought-after certifications for professionals who are involved in risk management. ISO 31000 - Certified Lead Risk Manager certification exam is designed to validate the knowledge and skills of individuals in managing risks in an organization. ISO-31000-CLA exam covers various aspects of risk management, including identifying, assessing, treating, monitoring, and communicating risks to stakeholders.
NEW QUESTION # 21
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations.
- A. True
- B. False
Answer: A
Explanation:
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.
NEW QUESTION # 22
Which management ensures that value is created by identifying opportunities for investment, mergers, or acquisition.
- A. Quality
- B. Risk
- C. Safety
- D. Crisis
Answer: B
Explanation:
Explanation
Risk management ensures that value is created by identifying opportunities for investment, mergers, or acquisition. Risk management helps to assess the potential benefits, costs, and risks of different options and make informed decisions.
NEW QUESTION # 23
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 set and evaluate performance against objectives
- C. Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives
Answer: C
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 # 24
The risk management landscape has changed dramatically in recent history because of changes in all but which of the above?
- A. Global warming
- B. Technology
- C. Globalization
- D. Finance
Answer: A
Explanation:
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.
NEW QUESTION # 25
Which management can be used in varied and complex settings?
- A. Quality
- B. Risk
- C. Safety
- D. Crisis
Answer: B
Explanation:
Explanation
Risk management can be used in varied and complex settings . Risk management can help organizations deal with uncertainty and complexity in any type of activity, industry, or sector.
NEW QUESTION # 26
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. External - Marketplace.
- B. External - Reputational.
- C. Internal - Infrastructure.
Answer: A
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 # 27
Which of the following statements does not apply to ISO 31000?
- A. It can be used by any organization regardless of its size, activity or sector
- B. It can be used for certification purposes
- C. It is the first standard issued by ISO for risk management
Answer: B
Explanation:
Explanation
According to ISO31000 (2018), clause 1., it is "not intended for certification purposes". It provides guidance on how organizations can manage their risks effectively using a systematic approach based on principles, framework and process 3.
NEW QUESTION # 28
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?
- A. Decreased risk tolerance.
- B. Increased risk retention.
- C. Decreased risk avoidance.
- D. Increased risk elimination.
Answer: B
Explanation:
Explanation
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. This is most likely to indicate increased risk retention, which means accepting more responsibility for potential losses5. This could be done to reduce insurance premiums or increase control over claims.
NEW QUESTION # 29
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
- A. risk probability.
- B. risk aggregation.
- C. risk categorisation.
- D. risk severity.
Answer: B
Explanation:
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.
NEW QUESTION # 30
Due to the nature of crises, the management of a Crisis Management Team (CMT) usually requires which type of decision making structure?
- A. Networked
- B. Bottom-up
- C. Centralized
- D. Consensus-based
Answer: C
Explanation:
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.
NEW QUESTION # 31
What is typically the day-to-day responsibility of a Chief Risk Officer within a large organisation?
- A. Producing policies on compliance matters
- B. Ensuring that all key risks are adequately managed and reported.
- C. Providing assurance that individual risk management processes are effective.
- D. Preparing and maintaining individual insurance arrangements
Answer: B
Explanation:
Explanation
The day-to-day responsibility of a Chief Risk Officer within a large organisation is to ensure that all key risks are adequately managed and reported4. This involves overseeing the implementation of risk management policies, processes and systems across the organisation.
NEW QUESTION # 32
What could a financial organisation make primary use of, to assess whether its risk management systems are likely to fail?
- A. Key control indicators.
- B. Silo-based risk management.
- C. Physical inspections.
- D. Key risk indicators.
Answer: D
Explanation:
Explanation
Key risk indicators are metrics that provide information about potential changes in the level of risk exposure3.
They can help an organisation monitor and manage its risks more effectively. Key control indicators are metrics that measure the performance of internal controls4.
NEW QUESTION # 33
Risk management processes, outcomes, and activities should be _________.
- A. executable
- B. rectifiable
- C. traceable
- D. routable
Answer: C
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 # 34
Which of the following is a process with inputs, activities, and outcomes?
- A. Financial management
- B. Supply chain management
- C. Quality management
- D. Risk management
Answer: D
Explanation:
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.
NEW QUESTION # 35
Risk management takes human and cultural factors into account.
- A. True
- B. False
Answer: A
Explanation:
Explanation
Risk management takes human and cultural factors into account . Human factors include perception, judgment, behavior, and communication that influence risk management. Cultural factors include values, beliefs, norms, and expectations that shape the organization's risk culture.
NEW QUESTION # 36
Which of the following statement about operations risk management is incorrect?
- A. Dynamic, iterative and responsive to change
- B. Transparent and inclusive
- C. Capable of continual improvement and enhancement
- D. Disregarding human factors
Answer: D
Explanation:
Explanation
According to ISO31000 (2018), clause 4., one of the principles of effective risk management is "taking human and cultural factors into account". This means that risk management should consider how people's behaviors, perceptions, values and attitudes influence or are influenced by risk .
NEW QUESTION # 37
Which risk identification involves creating alternative ways to achieve an objective?
- A. Scenario Based
- B. Objectives-Based
Answer: A
Explanation:
Explanation
According to , page 11, scenario based risk identification involves "creating different scenarios based on varying assumptions about how events might unfold". This can help explore alternative ways to achieve an objective under different circumstances.
NEW QUESTION # 38
Which of the following are ISO 31000:2009 Enhanced Risk Management attributes? (Choose two)
- A. Decision making involves risk
- B. Full accountability for risk controls and treatment
- C. Solution offering
- D. Crisis management and process attributes
Answer: A,B
Explanation:
Explanation
Full accountability for risk controls and treatment and decision making involves risk are two of the enhanced risk management attributes according to ISO 31000:20091. These attributes indicate that risk management is integrated into governance and decision-making processes.
NEW QUESTION # 39
Who is expected to take a more focused oversight role with respect to risk management control and governance process?
- A. External auditors
- B. Internal auditors
- C. Audit committee
- D. None of the above
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 # 40
Which step is the risk process steps to manage, control, or remediate risk?
- A. Risk identification
- B. Risk treatment
- C. Risk evaluation
- D. Risk avoidance
Answer: B
Explanation:
Explanation
Risk treatment is the risk process step to manage, control, or remediate risk1. Risk treatment involves selecting and implementing options to modify or control risks.
NEW QUESTION # 41
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