CCM Risk Management and Compliance

Question 1

What is the main objective of risk management in a commercial setting?

Accepted Answer

To identify and control potential threats

Answer

To increase product pricing

Answer

To improve marketing efforts

Answer

To enhance team motivation

Question 2

Which of the following is an example of a compliance risk?

Accepted Answer

Non-adherence to regulatory requirements

Answer

Fluctuations in raw material prices

Answer

Delays from suppliers

Answer

Sudden increase in employee turnover

Question 3

What is the function of a risk register?

Accepted Answer

Document and monitor project risks

Answer

Track employee vacations

Answer

Record sales performance

Answer

Manage customer complaints

Question 4

Which strategy best reduces the likelihood of contract risk?

Accepted Answer

Clarifying terms and responsibilities

Answer

Delaying contract execution

Answer

Avoiding written agreements

Answer

Using ambiguous language

Question 5

Why are internal audits important for compliance?

Accepted Answer

To ensure compliance and process integrity

Answer

To replace external audits

Answer

To evaluate marketing success

Answer

To review staff bonuses

Question 6

Which role does a compliance officer typically perform?

Accepted Answer

Ensures adherence to regulations and policies

Answer

Negotiates supplier contracts

Answer

Leads product development

Answer

Manages IT infrastructure