CPG Risk Assessment & Mitigation

Question 1

What is the first step in risk assessment for Certified Petroleum Geologist professionals?

Accepted Answer

Identifying potential hazards and vulnerabilities in the specific context

Answer

Implementing controls immediately

Answer

Purchasing comprehensive insurance

Answer

Delegating risk management to others

Question 2

How should CPG professionals prioritize identified risks?

Accepted Answer

Based on likelihood of occurrence combined with potential impact severity

Answer

Alphabetically by category

Answer

By cost to mitigate only

Answer

In the order they were discovered

Question 3

What distinguishes risk mitigation from risk avoidance in Certified Petroleum Geologist practice?

Accepted Answer

Mitigation reduces impact or likelihood while avoidance eliminates the activity entirely

Answer

They are identical concepts

Answer

Mitigation is always preferred

Answer

Avoidance is never appropriate

Question 4

Why is documentation important in CPG risk management?

Accepted Answer

It creates an audit trail and demonstrates due diligence

Answer

It is optional administrative work

Answer

It only benefits legal teams during litigation

Answer

It slows down critical operations

Question 5

What is a risk register used for in Certified Petroleum Geologist practice?

Accepted Answer

Tracking identified risks with their status, controls, and owners

Answer

Recording employee attendance

Answer

Filing regulatory complaints

Answer

Managing project budgets

Question 6

How often should risk assessments be reviewed in CPG practice?

Accepted Answer

At regular intervals and whenever significant changes occur

Answer

Only after an incident occurs

Answer

Once at project initiation only

Answer

Every five years at minimum