CRMA Risk Management Frameworks 3

Question 1

ISO 31000:2018 defines risk as:

Accepted Answer

The effect of uncertainty on objectives

Answer

ISO 31000:2018 defines risk as 'the effect of uncertainty on objectives,' which encompasses both negative and positive effects.

Question 2

Which statement best describes a key structural difference between ISO 31000 and COSO ERM?

Accepted Answer

ISO 31000 is a principles-based guidance document; COSO ERM provides a more detailed component-and-principle structure

Answer

ISO 31000 is a high-level principles-based guide applicable to any organization, while COSO ERM provides a more structured component-and-principle architecture primarily oriented toward enterprise-level governance.

Question 3

ISO 31000:2018 identifies which of the following as the first step in the risk management process?

Accepted Answer

Scope, context, and criteria establishment

Answer

Establishing the scope, context, and criteria is the first step in the ISO 31000 risk management process, providing the basis for all subsequent steps.

Question 4

The NIST Risk Management Framework (RMF) was originally developed primarily for which sector?

Accepted Answer

Federal information systems

Answer

NIST RMF was developed by the National Institute of Standards and Technology to manage cybersecurity and privacy risk in U.S. federal information systems.

Question 5

A risk maturity model typically measures an organization's ERM capabilities across how many levels?

Accepted Answer

Five

Answer

Most risk maturity models (such as RIMS Risk Maturity Model) use five levels ranging from ad hoc/initial to optimized/advanced.

(CRMA) Certification in Risk Management Assurance Practice Test

(CRMA) Certification in Risk Management Assurance Practice Test

CRMA Risk Management Frameworks 3