CRMA Risk Identification and Analysis 2

Question 1

Which risk identification technique involves systematically examining each component of a process to determine what could go wrong at each step?

Accepted Answer

Failure Mode and Effects Analysis (FMEA)

Answer

FMEA examines each process component to identify potential failure modes, their effects, and severity.

Question 2

A risk owner is best described as the individual who:

Accepted Answer

Has accountability for monitoring and responding to a specific risk

Answer

A risk owner is the person accountable for monitoring a specific risk and ensuring appropriate responses are implemented.

Question 3

In risk analysis, 'velocity' refers to:

Accepted Answer

How quickly a risk event could impact the organization once triggered

Answer

Velocity (or speed of onset) measures how quickly a risk materializes and affects the organization after it is triggered.

Question 4

Which of the following best describes a 'bow-tie' risk analysis model?

Accepted Answer

A diagram showing causes on the left, the risk event in the center, and consequences on the right

Answer

The bow-tie model visually connects threat causes (left side) through a hazard/risk event to consequences (right side), with controls on both sides.

Question 5

When using scenario analysis for risk identification, the primary benefit is:

Accepted Answer

Exploring plausible future states to uncover risks that may not be apparent in current operations

Answer

Scenario analysis helps organizations anticipate risks by examining hypothetical but plausible future situations.

(CRMA) Certification in Risk Management Assurance Practice Test