Provide GAQM ISO-31000-CLA Practice Test Engine for Preparation [Q40-Q58]

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Provide GAQM ISO-31000-CLA Practice Test Engine for Preparation

Detailed New ISO-31000-CLA Exam Questions for Concept Clearance

GAQM ISO-31000-CLA (ISO 31000 – Certified Lead Risk Manager) Certification Exam is a globally recognized certification that validates a candidate’s expertise in managing and leading risk management processes within an organization. ISO 31000 – Certified Lead Risk Manager certification is based on the ISO 31000 standard, which is a globally recognized framework for risk management. By earning this certification, individuals demonstrate their ability to identify, assess, and manage risks in a structured and systematic way, which is essential for ensuring the success and sustainability of any organization.

Q40. Relying on historic analysis when assessing potential risks and possible impacts implies that

should adverse events occur, the impact can be accurately modelled.

all significant risks can be confidently analysed.

management believe that the future will behave much like the past.

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.

Q41. Which of the following are measured extensively throughout the organization and into the supply chain?

KPI’s and KRI’s

API’s and SKD’s

PDA’s and PBA’s

CMP’s and CAD’s

Explanation
KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) are measured extensively throughout the organization and into the supply chain1. These indicators help to monitor and evaluate the performance and effectiveness of risk management.

Q42. Which of the is a set of systematic, deliberate, and actionable steps to manage risk?

Security

Control

Process

Vision

Explanation
Control is not a set of systematic, deliberate, and actionable steps to manage risk, but rather a measure or action that modifies risk1. Process is a set of systematic, deliberate, and actionable steps to manage risk2.
Process involves establishing context, identifying risks, analyzing risks, evaluating risks, and treating risks.

Q43. 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.

Q44. 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.

Q45. Which type of risk management technique does insurance belongs to?

Sharing

Reduction

Retention

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.

Q46. Uncertainty leads to a changing context

True

False

Explanation
Uncertainty leads to a changing context . This means that uncertainty creates variability in outcomes and expectations, which may affect the objectives and scope of risk management.

Q47. Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?

External

Technological

Local

Internal

Explanation
According to ISO31000 (2018), clause 5., establishing the context involves defining “the external and internal parameters to be taken into account when managing risk”. The internal context includes “information systems, information flows and decision-making processes” among other factors.

Q48. What does the probability of occurrence multiplied by the impact of the event, equals to

Risk Tangent

Risk Scale

Risk Level

Risk Magnitude

Explanation
According to , page 13-14, probability multiplied by impact equals risk magnitude which is “a measure that reflects both likelihood and consequences”. It can be used as an indicator for prioritizing risks.

Q49. Which of the following is a process with inputs, activities, and outcomes?

Risk management

Quality management

Financial management

Relations management

Q50. Which of the following are two ISO 31000:2018 risk management principles? (Choose two)

Integrated

Customized

Functional

Statistical

Design

Strategy

Explanation
Integrated and customized are two of the nine risk management principles in ISO 31000:20181. Integrated means that risk management is an integral part of all organizational activities. Customized means that risk management is aligned with the organization’s external and internal context and risk profile.

Q51. Which of the following step is a critical part of risk assurance?

Evaluation Context

Establishing Context

Communication and Consultations

Monitoring and Review

Explanation
Monitoring and review is a critical part of risk assurance . This step involves checking whether the risk management framework, policy, and plan are implemented, whether they remain suitable, and whether they need improvement.

Q52. Risk management is a strategic management process.

True

False

Explanation
Risk management is a strategic management process . Risk management helps organizations to align their objectives, strategies, and actions with their external and internal environment.

Q53. Which step is the risk process steps to manage, control, or remediate risk?

Risk avoidance

Risk identification

Risk evaluation

Risk treatment

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.

Q54. Which risk is sometimes called ‘retained risk.’?

Residual risk

Conceptualize risk

Analytical risk

Procedural risk

Explanation
According to ISO/IEC Guide73 (2009), clause B., residual risk is “the level of remaining after controls have been applied”. It is sometimes called ‘retained risk’ because it represents the amount of risk that an organization decides to accept or retain after implementing its mitigation strategies 3.

Q55. New definition of risk under ISO 31000 and 31010 is:

Danger that injury, damage, or loss will occur

Possibility of investment loss

Probability of loss to an insurer

Probability of an event that will have an impact on objectives

Explanation
According to ISO/IEC Guide73 (2009), clause 1., risk is defined as “the effect of uncertainty on objectives”.
This definition applies to both ISO/IEC Guide73 (2009) and ISO31000 (2018), which are standards for risk management terminology and principles respectively.

Q56. Treatment plan becomes a living document of defining the direction of the risk treatment and being able to monitor progress against the plan.

True

False

Explanation
Treatment plan becomes a living document of defining the direction of the risk treatment andbeing able to monitor progress against the plan3. Treatment plan helps to ensure that risk treatment actions are aligned with the changing context, objectives, and stakeholder expectations.

Q57. 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?

ISO 9001:2015

ISO 27001:2013

ISO 31000:2018

ISO 14001:2018

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.

Q58. Which of the following tools are used Risk managers for communication between stakeholders and interested parties?

Database

Records

Bio-data

Resume

Explanation
Records are one of the tools used by risk managers for communication between stakeholdersand interested parties2. Records help to share information, insights, recommendations, and decisions related to risk management.

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GAQM ISO-31000-CLA (ISO 31000 – Certified Lead Risk Manager) Exam is an internationally recognized certification that proves your expertise in managing risks. It is designed for professionals who are involved in risk management and want to demonstrate their skills in this field. ISO 31000 – Certified Lead Risk Manager certification is based on ISO 31000, the international standard for risk management, and is recognized as a benchmark for best practices in risk management.

ISO-31000-CLA 2024 Training With 102 QA’s: https://www.dumpstests.com/ISO-31000-CLA-latest-test-dumps.html

Provide GAQM ISO-31000-CLA Practice Test Engine for Preparation [Q40-Q58]

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