Current ISO-31000-CLA Exam Dumps [2023] Complete GAQM Exam Smoothly
ISO-31000-CLA Premium PDF & Test Engine Files with 102 Questions & Answers
The ISO-31000-CLA certification is based on the ISO 31000 standard, which is a widely recognized international standard for risk management. This standard provides a framework for identifying, analyzing, evaluating, and managing risks in organizations. ISO 31000 - Certified Lead Risk Manager certification exam evaluates the candidate's understanding of the ISO 31000 standard and their ability to apply it in real-world scenarios.
GAQM ISO-31000-CLA certification exam covers a range of topics related to risk management, including risk identification, risk assessment, risk treatment, risk communication, and risk monitoring and review. ISO-31000-CLA exam is designed to test candidates on their understanding of these areas and their ability to apply this knowledge to real-world situations. ISO 31000 - Certified Lead Risk Manager certification exam is ideal for professionals who are working in risk management roles or who are looking to transition into a risk management role.
NEW QUESTION # 23
Which of the following is a process with inputs, activities, and outcomes?
- A. Quality management
- B. Financial management
- C. Supply chain 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 # 24
Which management is core to governance and compliance?
- A. Fillet
- B. Quality
- C. Risk
- D. Crisis
Answer: C
Explanation:
Explanation
Risk management is core to governance and compliance . Risk management helps to ensure that organizational objectives are achieved in a lawful, ethical, and transparent manner.
NEW QUESTION # 25
Which of the following is an important aspect with stakeholders, customers, and interested parties is the essential element for maintaining the relevance of enhanced risk management within the structure of a changing context?
- A. Session Storming
- B. Communication
- C. Interviews
- D. Brainstorming
Answer: B
Explanation:
Explanation
Communication with stakeholders, customers, and interested parties is an essential element for maintaining the relevance of enhanced risk management within the structure of a changing context3. Communication helps to establish trust, transparency, accountability, and feedback mechanisms for risk management.
NEW QUESTION # 26
ISO 31000:2018 currently has a tactical and process focus.
- A. True
- B. False
Answer: B
Explanation:
Explanation
The ISO 31000:2018 standard provides a framework for risk management, with a focus on the strategic and integrated aspects of risk management. It outlines principles, a framework, and a process for managing risk in organizations of all kinds. The focus of the standard is on aligningrisk management with the organization's context, objectives, and strategy, and on integrating risk management into all aspects of an organization's governance, culture, and performance.
NEW QUESTION # 27
Who serves as the principal adviser to the CEO, business unit heads, and critical function heads on risk matter?
- A. Risk Owner (RO)
- B. Chief Risk Officer (CRO)
- C. Chief Information Officer (CIO)
- D. Quality Auditor (QA)
Answer: B
Explanation:
Explanation
Chief Risk Officer (CRO) serves as the principal adviser to the CEO, business unit heads, and critical function heads on risk matter. CRO leads the development and implementation of the organization's risk management framework and process.
NEW QUESTION # 28
Treatment plan becomes a living document of defining the direction of the risk treatment and being able to monitor progress against the plan.
- A. False
- B. True
Answer: B
Explanation:
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.
NEW QUESTION # 29
From the three actions Tom Brown is undertaking, which is categorised as a pure risk?
- A. Going horse riding without wearing a riding helmet.
- B. Selling his house even though he receives less than he paid for it because he thinks prices will fall further.
- C. Buying 100 lottery tickets
Answer: A
Explanation:
Explanation
According to 1, page 9, pure risk is "a situation where there are only two possible outcomes: loss or no loss".
Buying lottery tickets and selling a house are examples of speculative risk, where there is a possibility of gain or loss. Going horse riding without a helmet is an example of pure risk, where there is only a possibility of loss (injury) or no loss.
NEW QUESTION # 30
Uncertainty leads to a changing context
- A. False
- B. True
Answer: B
Explanation:
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.
NEW QUESTION # 31
Which of the following documents information are relevant to the organization's risk management framework, process, and system?
- A. Reporting and auditing
- B. Visualizing and conceptualizing
- C. Rationalizing and reporting
- D. Recording and reporting
Answer: D
Explanation:
Explanation
Recording and reporting documents information that are relevant to the organization's riskmanagement framework, process, and system2. These activities help to provide evidence, feedback, learning, and improvement for risk management.
NEW QUESTION # 32
Which type of risk presents only the chance of loss or no loss?
- A. Financial risk
- B. Strategic risk
- C. Operational risk
- D. Hazard risk
Answer: D
Explanation:
Explanation
According to , page 8, hazard risk is "the traditional pure risk that only has a downside". It is usually associated with natural disasters, accidents, lawsuits or other events that cause harm or damage.
NEW QUESTION # 33
ISO 31000:2018 risk management process is ______________
- A. descriptive
- B. visionitive
- C. cursive
- D. prescriptive
Answer: A
Explanation:
Explanation
ISO 31000:2018 risk management process is descriptive . This means that it provides guidance on what should be done for effective risk management, but not how it should be done. The process can be customized to any organization and its context.
NEW QUESTION # 34
The Chief Risk Officer chairs the ERM/RM steering committee.
- A. False
- B. True
Answer: B
Explanation:
Explanation
The Chief Risk Officer chairs the ERM/RM steering committee. The ERM/RM steering committee oversees the organization's risk management activities and provides guidance and support to senior management.
NEW QUESTION # 35
Within an organisation, when attempting to manage and control risk, the organisation should be aware that
- A. uncertainty need not be considered.
- B. consideration of risk perception is not required.
- C. consideration should be given to internal controls only.
- D. uncertainty must be taken into account
Answer: D
Explanation:
Explanation
Within an organisation, when attempting to manage and control risk, uncertainty must be taken into account4
. Uncertainty refers to "the state, even partial, of deficiency of information related to understanding or knowledge of an event" 4 and it influences both risks and opportunities.
NEW QUESTION # 36
Which management ensures that value is created by identifying opportunities for investment, mergers, or acquisition.
- A. Safety
- B. Quality
- C. Risk
- D. Crisis
Answer: C
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 # 37
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. Decreased risk avoidance.
- C. Increased risk retention.
- D. Increased risk elimination.
Answer: C
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 # 38
Which risk identification involves creating alternative ways to achieve an objective?
- A. Objectives-Based
- B. Scenario Based
Answer: B
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 # 39
What is typically the day-to-day responsibility of a Chief Risk Officer within a large organisation?
- A. Preparing and maintaining individual insurance arrangements
- B. Providing assurance that individual risk management processes are effective.
- C. Producing policies on compliance matters
- D. Ensuring that all key risks are adequately managed and reported.
Answer: D
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 # 40
Enhanced risk management emphasizes the continual improvement of risk management capabilities.
- A. False
- B. True
Answer: B
Explanation:
Explanation
Enhanced risk management emphasizes the continual improvement of risk management capabilities1. This means that risk management is regularly reviewed and updated to ensure its relevance, adequacy, and effectiveness.
NEW QUESTION # 41
Which of the following statement about operations risk management is incorrect?
- A. Capable of continual improvement and enhancement
- B. Dynamic, iterative and responsive to change
- C. Disregarding human factors
- D. Transparent and inclusive
Answer: C
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 # 42
Which of the following tools are used Risk managers for communication between stakeholders and interested parties?
- A. Resume
- B. Bio-data
- C. Database
- D. Records
Answer: D
Explanation:
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.
NEW QUESTION # 43
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 27001:2013
- B. ISO 14001:2018
- C. ISO 9001:2015
- D. ISO 31000:2018
Answer: D
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 # 44
Which ISO Standard is used for hazard identification and risk assessment?
- A. ISO 18776
- B. ISO 16776
- C. ISO 17776
- D. ISO 15776
Answer: C
NEW QUESTION # 45
Which of the following is becoming the basis for all decision making?
- A. Marketing management
- B. Quality management
- C. Risk management
- D. Crisis management
Answer: C
Explanation:
Explanation
Risk management is becoming the basis for all decision making2. Risk management helps organizations to identify opportunities and threats, evaluate alternatives, and make informed choices.
NEW QUESTION # 46
Hopkin states "most standard definitions of risk refer to risks being attached to corporate objectives". What is another important factor to consider when linking risk to an organisation?
- A. Risk correlation.
- B. Core processes.
- C. Hazard management.
Answer: B
Explanation:
Explanation
According to 1, page 11, core processes are "the activities that an organization performs in order to deliver its products or services". They are essential for achieving the organization's objectives and creating value for its stakeholders. Therefore, core processes should be considered when linking risk to an organization.
NEW QUESTION # 47
Which of the following step is a critical part of risk assurance?
- A. Establishing Context
- B. Evaluation Context
- C. Monitoring and Review
- D. Communication and Consultations
Answer: C
Explanation:
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.
NEW QUESTION # 48
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