CRA Risk Mitigation Strategies & Decision-Making

Question 1

What is risk mitigation?

Accepted Answer

Reducing risk impact or likelihood

Answer

Accepting all risks

Answer

Avoiding all business activity

Answer

Increasing profits

Question 2

What is the purpose of a contingency plan?

Accepted Answer

To respond to risk events quickly

Answer

To increase meetings

Answer

To delay action

Answer

To outsource tasks

Question 3

Which is a proactive risk mitigation strategy?

Accepted Answer

Avoidance

Answer

Risk acceptance

Answer

Postponement

Answer

Rejection

Question 4

What tool helps prioritize risk mitigation efforts?

Accepted Answer

Risk matrix

Answer

Project schedule

Answer

Budget report

Answer

Gantt chart

Question 5

What is risk transference?

Accepted Answer

Outsourcing or insuring against the risk

Answer

Accepting the risk fully

Answer

Avoiding the risk

Answer

Ignoring the risk

Question 6

Why is decision-making critical in risk management?

Accepted Answer

To choose effective risk responses

Answer

To prolong planning stages

Answer

To increase documentation

Answer

To reduce teamwork

Question 7

Which method supports data-driven decision-making?

Accepted Answer

SWOT analysis

Answer

Brainstorming

Answer

Role play

Answer

Status meeting

Question 8

What is the benefit of monitoring risks continuously?

Accepted Answer

Enables timely updates to strategies

Answer

Increases paperwork

Answer

Delays response

Answer

Creates more meetings

Question 9

Which role does communication play in risk mitigation?

Accepted Answer

Aligns teams on mitigation strategies

Answer

Spreads confusion

Answer

Reduces documentation

Answer

Slows decision-making