FREE CRM Risk Identification & Evaluation Questions and Answers

Question 1

Which of the following best describes risk identification?

Accepted Answer

Determining potential events that may impact objectives.

Answer

Evaluating how likely a risk is to occur.

Answer

Documenting controls currently in place.

Answer

Calculating financial impact of a hazard.

Question 2

What is a risk register used for?

Accepted Answer

To track and document identified risks.

Answer

To record financial statements.

Answer

To manage human resources.

Answer

To maintain equipment logs.

Question 3

Which technique is commonly used during the risk identification phase?

Accepted Answer

Brainstorming.

Answer

Control charting.

Answer

Benchmarking.

Answer

Critical path analysis.

Question 4

What is the primary goal of risk evaluation?

Accepted Answer

To prioritize risks based on impact and likelihood.

Answer

To eliminate all risks.

Answer

To assign risk owners.

Answer

To create contingency plans.

Question 5

In risk evaluation, what does 'likelihood' refer to?

Accepted Answer

The probability that a risk event will occur.

Answer

The severity of a risk's impact.

Answer

How much a risk will cost.

Answer

The risk owner's preferences.

Question 6

What is a 'low likelihood, high impact' risk typically considered?

Accepted Answer

A strategic risk.

Answer

A trivial issue.

Answer

A minor concern.

Answer

A residual hazard.

Question 7

Which tool helps visualize the probability and impact of risks?

Accepted Answer

Risk matrix.

Answer

Flowchart.

Answer

Gantt chart.

Answer

SWOT analysis.

Question 8

Which source is typically used to identify risks?

Accepted Answer

Past project records.

Answer

Stakeholder feedback.

Answer

Personal opinions.

Answer

Market advertisements.

Question 9

What role does documentation play in risk identification?

Accepted Answer

It ensures risks are recorded and traceable.

Answer

It replaces analysis.

Answer

It delays the process.

Answer

It minimizes audit requirements.