CPHRM CPHRM Enterprise Risk Management 1

Question 1

Which framework is most commonly referenced in healthcare enterprise risk management (ERM) programs in the US?

Accepted Answer

COSO ERM Framework

Answer

ISO 14001

Answer

PMBOK Guide

Answer

Six Sigma DMAIC

Question 2

In ERM, what does the term 'risk appetite' refer to?

Accepted Answer

The amount of risk an organization is willing to accept in pursuit of its objectives

Answer

The total cost of risk retained by an organization

Answer

The frequency of risk assessments conducted annually

Answer

The minimum threshold for reporting adverse events

Question 3

Which of the following best describes 'residual risk' in an ERM program?

Accepted Answer

Risk that remains after controls and mitigation strategies are applied

Answer

Risk identified but not yet assessed

Answer

Risk transferred entirely to a third party

Answer

Risk that only affects clinical departments

Question 4

A healthcare risk manager is creating a risk register. Which component is essential for each identified risk entry?

Accepted Answer

Likelihood, impact, and assigned owner

Answer

Employee names associated with the risk

Answer

Budget allocation per risk

Answer

Historical claims data only

Question 5

Which ERM risk response strategy involves shifting the financial consequence of a risk to a third party?

Accepted Answer

Risk transfer

Answer

Risk avoidance

Answer

Risk reduction

Answer

Risk acceptance

Question 6

In a healthcare ERM program, 'strategic risk' most likely includes which of the following?

Accepted Answer

A competitor opening a new facility in the service area

Answer

A nurse's failure to follow hand hygiene protocol

Answer

A slip-and-fall incident in the cafeteria

Answer

A billing error on a single claim