Final check — ISO 31000 Risk Management

Answer the 10 questions. You need 80% or more to pass. You can retry as many times as you like.

Question 1How does ISO 31000:2018 define risk?The probability of an accident occurringThe effect of uncertainty on objectivesAny hazard present in the workplaceThe financial cost of an incident

Question 2What kind of document is ISO 31000:2018?A certifiable requirements standardA national lawA guideline that cannot be certified toA software product

Question 3Which is the central purpose all 8 principles support?Passing the external auditCreating and protecting valueReducing insurance premiumsFilling out the risk register

Question 4What sits at the heart of the ISO 31000 framework (clause 5)?Leadership and commitmentThe 5×5 matrixThe internal audit scheduleThe procurement policy

Question 5What three steps make up risk assessment in the ISO 31000 process?Plan, Do, CheckIdentify, Analyse, EvaluateAvoid, Reduce, TransferRecord, Report, Review

Question 6Which two activities run continuously through the entire risk process?Communication & consultation, and monitoring & reviewHiring and firingBudgeting and invoicingMarketing and sales

Question 7On a 5×5 matrix, how is the risk level normally derived?Likelihood minus consequenceConsequence divided by likelihoodLikelihood multiplied by consequenceThe higher of likelihood or consequence

Question 8Which is NOT one of the four classic risk-treatment options?Avoid (terminate)Reduce (treat)Ignore permanentlyTransfer (share)

Question 9What is 'residual risk'?The risk before any controls are appliedThe risk remaining after treatment/controlsA risk that has already caused harmA risk that affects only finances

Question 10Which companion document provides risk assessment techniques used with ISO 31000?ISO 9001ISO 14001ISO 22000IEC 31010

Final check — ISO 31000 Risk Management

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