CRMA - Certification in Risk Management Assurance Risk Identification and Analysis Questions and Answers

Question 1

An internal audit engagement identified a recurring operational failure in the procurement department, leading to significant project delays.
The audit team wants to move beyond identifying the immediate cause and understand the fundamental systemic issues that allowed the failure to occur.
Which of the following risk analysis techniques is MOST appropriate for this purpose?

Accepted Answer

Root cause analysis (RCA)

Answer

SWOT analysis

Answer

Risk heat mapping

Answer

Scenario analysis

Question 2

A CRMA is reviewing the organization's risk management process. A key document centralizes information by listing identified risks, their potential impact and likelihood, assigned owners, and planned responses. This document is best known as a:

Accepted Answer

Risk register

Answer

Risk appetite statement

Answer

Control self-assessment

Answer

Business continuity plan

Question 3

During a risk analysis workshop, a team assesses various risks by assigning descriptive ratings such as 'High,' 'Medium,' or 'Low' to their likelihood and impact, without using specific numerical values or financial data. This method of risk analysis is best described as:

Accepted Answer

Qualitative

Answer

Quantitative

Answer

Stochastic

Answer

Deterministic

Question 4

A CRMA is assessing the organization's ability to prioritize risks effectively. The team has analyzed risks based on impact and likelihood, but the CRMA suggests also considering the speed at which a risk could affect the organization after it occurs. This additional dimension is known as:

Accepted Answer

Risk velocity

Answer

Risk aggregation

Answer

Risk tolerance

Answer

Risk correlation

Question 5

A company is planning to launch a new product line in an emerging market with high uncertainty and regulatory ambiguity. To identify a broad range of potential strategic risks and opportunities, which risk identification technique would be most effective?

Accepted Answer

Brainstorming workshops with a diverse group of stakeholders

Answer

Checklists based on past projects

Answer

Trend analysis of financial data

Answer

Interviews with key department heads

Question 6

When reviewing a company's risk register, a CRMA notes several entries. Which of the following elements is LEAST likely to be a standard component of a well-documented risk within the register?

Accepted Answer

The name of the individual who first identified the risk

Answer

A description of the risk event

Answer

The designated risk owner responsible for monitoring

Answer

An assessment of the risk's inherent impact and likelihood