CRE Risk Assessment and Mitigation 2 — Questions and Answers
Question 1: In a risk matrix, a hazard rated 'Catastrophic' severity and 'Remote' probability is typically classified as:
- Acceptable risk
- Unacceptable risk
- Medium risk requiring ALARP review (Correct answer)
- Negligible risk
Correct answer: Medium risk requiring ALARP review
Catastrophic severity combined with remote probability typically falls in a medium or ALARP zone requiring further review before acceptance.
Question 2: The primary purpose of a Fault Hazard Analysis (FHA) is to:
- Quantify component failure rates
- Identify hazardous conditions resulting from system or component failures (Correct answer)
- Determine maintenance intervals
- Rank corrective actions by cost
Correct answer: Identify hazardous conditions resulting from system or component failures
FHA systematically identifies hazardous conditions that arise when system elements fail, forming the basis for further safety analysis.
Question 3: Which risk mitigation strategy involves transferring financial consequences of a risk to a third party?
- Risk avoidance
- Risk reduction
- Risk acceptance
- Risk transfer (Correct answer)
Correct answer: Risk transfer
Risk transfer shifts the financial burden of a risk event to another party, such as through insurance or contractual agreements.
Question 4: A Preliminary Hazard Analysis (PHA) is best performed:
- After system design is complete
- During early concept or design phases (Correct answer)
- Only during operational testing
- After an incident has occurred
Correct answer: During early concept or design phases
PHA is conducted early in the system life cycle to identify hazards before design decisions become costly to change.
Question 5: In quantitative risk assessment, 'risk' is most precisely defined as:
- The probability of failure
- The severity of consequences
- The product of probability and consequence severity (Correct answer)
- The number of identified hazards
Correct answer: The product of probability and consequence severity
Quantitative risk is formally defined as the product of failure probability and the magnitude of the resulting consequences.
Question 6: Which of the following best describes the ALARP principle?
- All risks must be reduced to zero
- Risks should be reduced to as low as reasonably practicable given cost-benefit analysis (Correct answer)
- Only catastrophic risks require mitigation
- Risk reduction stops once regulatory limits are met
Correct answer: Risks should be reduced to as low as reasonably practicable given cost-benefit analysis
ALARP (As Low As Reasonably Practicable) requires risk reduction until further reduction would be grossly disproportionate to the benefit gained.
Question 7: A risk register is used primarily to:
- Calculate exact failure probabilities
- Document, track, and manage identified risks throughout a project (Correct answer)
- Replace FMEA in simple systems
- Determine warranty periods
Correct answer: Document, track, and manage identified risks throughout a project
A risk register is a living document that records identified risks, their assessments, mitigation actions, and ownership for ongoing management.
CRE Risk Assessment and Mitigation 2
In a risk matrix, a hazard rated 'Catastrophic' severity and 'Remote' probability is typically classified as: