Change Management Risk Assessment & Management 2 — Questions and Answers
Question 1: During change planning, a risk is identified as having a high probability but low impact. What is the most appropriate response strategy?
- Avoid the risk by canceling the change
- Accept the risk and monitor it (Correct answer)
- Transfer the risk to a third party
- Escalate immediately to executive leadership
Correct answer: Accept the risk and monitor it
High probability, low impact risks are typically accepted and monitored since mitigation costs may outweigh the minor impact.
Question 2: Which risk register field captures the timeframe within which a risk is most likely to materialize?
- Risk owner
- Risk proximity (Correct answer)
- Risk category
- Residual risk score
Correct answer: Risk proximity
Risk proximity indicates when a risk is expected to occur, helping prioritize time-sensitive mitigation actions.
Question 3: A change manager notices that a previously closed risk has re-emerged due to a related system change. What should be done first?
- Reopen the risk entry and reassess its current score (Correct answer)
- Ignore it since the risk was already formally closed
- Create an entirely new project to handle it
- Transfer accountability to the IT department
Correct answer: Reopen the risk entry and reassess its current score
Re-emerged risks should be reopened in the risk register and reassessed to reflect current probability and impact.
Question 4: What does a 'risk appetite statement' communicate to a change team?
- The exact financial budget allocated for risk response
- The level of risk the organization is willing to accept in pursuit of its objectives (Correct answer)
- A list of all identified risks ranked by severity
- The regulatory penalties for failing to mitigate risks
Correct answer: The level of risk the organization is willing to accept in pursuit of its objectives
A risk appetite statement defines how much risk is acceptable, guiding decision-making throughout the change initiative.
Question 5: Which technique uses historical data from similar changes to estimate the likelihood of risk occurrence?
- Delphi technique
- Analogous risk assessment (Correct answer)
- Monte Carlo simulation
- SWOT analysis
Correct answer: Analogous risk assessment
Analogous risk assessment leverages lessons learned from past similar changes to forecast risk probability on current initiatives.
Question 6: A change introduces a new vendor dependency. Which risk category does this primarily fall under?
- Technical risk
- Third-party or supply chain risk (Correct answer)
- Regulatory risk
- Reputational risk
Correct answer: Third-party or supply chain risk
Adding a vendor dependency creates third-party or supply chain risk related to the vendor's reliability, security, and performance.
Question 7: When conducting a risk workshop, what is the primary benefit of using anonymous voting on risk scores?
- It speeds up the process by eliminating debate
- It reduces anchoring bias and groupthink in risk rating (Correct answer)
- It ensures the most senior person's view is captured accurately
- It eliminates the need for a facilitator
Correct answer: It reduces anchoring bias and groupthink in risk rating
Anonymous voting prevents dominant voices from anchoring the group and encourages honest, independent assessments of risk severity.
Change Management Risk Assessment & Management 2
During change planning, a risk is identified as having a high probability but low impact.
What is the most appropriate response strategy?