CRA Risk Identification & Assessment Techniques 2

Question 1

Which risk identification technique relies on expert judgment and structured rounds of anonymous questionnaires to build consensus?

Accepted Answer

Delphi Technique

Answer

The Delphi Technique uses iterative rounds of anonymous expert questionnaires to reach consensus on risk identification without groupthink bias.

Question 2

A risk analyst discovers that a single supplier provides 80% of critical components. Which type of risk concentration is this an example of?

Accepted Answer

Concentration risk

Answer

Concentration risk arises when a large proportion of exposure is tied to a single entity, sector, or source, amplifying potential losses.

Question 3

In a risk heat map, a risk plotted in the upper-right quadrant indicates it is:

Accepted Answer

High likelihood and high impact

Answer

The upper-right quadrant of a heat map represents risks with both high likelihood and high impact, requiring immediate attention and mitigation.

Question 4

Which assessment approach assigns numerical probabilities and financial values to risk outcomes to derive an expected loss?

Accepted Answer

Quantitative risk assessment

Answer

Quantitative risk assessment uses numeric data, probability distributions, and financial modeling to calculate expected losses and value-at-risk metrics.

Question 5

The term 'inherent risk' refers to the level of risk that exists:

Accepted Answer

Before any controls or mitigations are applied

Answer

Inherent risk is the raw level of risk exposure that exists before any controls, mitigations, or risk responses are implemented.

(CRA) Certified Risk Analyst Practice Test

(CRA) Certified Risk Analyst Practice Test

CRA Risk Identification & Assessment Techniques 2