CRA Risk Identification Principles 2

Question 1

Which risk identification technique involves systematically examining each component of a system to determine how it could fail and the consequences of that failure?

Accepted Answer

Failure Mode and Effects Analysis (FMEA)

Answer

FMEA systematically analyzes each component to identify potential failure modes and their effects on the overall system.

Question 2

In risk identification, what does the term 'velocity' refer to?

Accepted Answer

The speed at which a risk can impact the organization after it materializes

Answer

Risk velocity describes how quickly a risk can affect the organization once it has been triggered, influencing response time requirements.

Question 3

A risk architect is reviewing an organization's supply chain. Which approach best identifies risks that span multiple vendors and interdependencies?

Accepted Answer

End-to-end process mapping with cross-vendor dependency identification

Answer

End-to-end process mapping reveals interdependencies and cascading risks across multiple vendors that isolated reviews would miss.

Question 4

Which of the following best describes a 'risk trigger' in the identification process?

Accepted Answer

An early warning indicator that signals a risk event may be imminent

Answer

A risk trigger is an early warning sign or condition that indicates a risk event is likely to occur, enabling proactive response.

Question 5

When using structured interviews for risk identification, what is the PRIMARY advantage over group workshops?

Accepted Answer

Interviews allow individuals to express concerns without group influence or anchoring bias

Answer

One-on-one interviews prevent groupthink and anchoring bias, allowing interviewees to freely share risks they might suppress in a group setting.

(CRA) Certified Risk Architect Practice Test

(CRA) Certified Risk Architect Practice Test

CRA Risk Identification Principles 2