MR Risk Assessment and Management 2

Question 1

Which risk treatment option involves sharing the financial consequences of a risk with a third party, such as through insurance?

Accepted Answer

Risk transfer

Answer

Risk transfer shifts the financial burden of a risk to another party, commonly achieved through insurance or contractual agreements.

Question 2

In ISO 31000, what is the term for the combination of the probability of an event and its consequence?

Accepted Answer

Risk

Answer

ISO 31000 defines risk as the effect of uncertainty on objectives, often expressed as a combination of probability and consequence.

Question 3

A risk owner is primarily responsible for:

Accepted Answer

Ensuring appropriate controls are implemented for assigned risks

Answer

A risk owner is accountable for ensuring that appropriate risk controls and treatment measures are implemented and maintained for their assigned risks.

Question 4

What does FMEA stand for in the context of risk analysis?

Accepted Answer

Failure Mode and Effects Analysis

Answer

FMEA (Failure Mode and Effects Analysis) is a systematic technique for identifying potential failures in a product or process and analyzing their effects.

Question 5

Which of the following best describes 'residual risk'?

Accepted Answer

Risk remaining after controls have been applied

Answer

Residual risk is the level of risk that remains after risk treatment or control measures have been implemented.

(MR) Management Representative Certification Practice Test

(MR) Management Representative Certification Practice Test

MR Risk Assessment and Management 2