MR Risk Assessment and Management 3

Question 1

In a risk heat map, what do the axes typically represent?

Accepted Answer

Likelihood and impact

Answer

A risk heat map plots risks on a matrix with likelihood (probability) on one axis and impact (consequence) on the other to prioritize treatment.

Question 2

Which clause of ISO 9001:2015 specifically addresses actions to address risks and opportunities?

Accepted Answer

Clause 6

Answer

ISO 9001:2015 Clause 6 (Planning) requires organizations to determine risks and opportunities and plan actions to address them.

Question 3

What is the purpose of a risk appetite statement in an organization?

Accepted Answer

To define how much risk the organization is willing to accept in pursuit of its objectives

Answer

A risk appetite statement communicates the level and type of risk an organization is willing to take to achieve its strategic objectives.

Question 4

A 'bowtie' risk analysis diagram visually represents:

Accepted Answer

Causes leading to a hazard event and the consequences flowing from it

Answer

A bowtie diagram maps threat causes (left side) through a central hazard event and shows the consequences (right side), with controls on both sides.

Question 5

In risk management, 'inherent risk' refers to:

Accepted Answer

Risk that exists before any controls are applied

Answer

Inherent risk is the level of risk in a process or activity before any controls or mitigating actions have been put in place.

(MR) Management Representative Certification Practice Test