GAQM ISO-31000-CLA Dumps Questions [2024] Pass for ISO-31000-CLA Exam [Q21-Q40]

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GAQM ISO-31000-CLA Dumps Questions [2024] Pass for ISO-31000-CLA Exam

Updated GAQM Study Guide ISO-31000-CLA Dumps Questions

To earn the ISO-31000-CLA certification, candidates must pass an online exam that consists of 150 multiple-choice questions. ISO-31000-CLA exam is designed to test the candidate’s knowledge and understanding of the ISO 31000 standard and their ability to apply the standard in real-world situations. ISO-31000-CLA exam is timed and lasts for three hours. Candidates who pass the exam will receive a certificate that is valid for three years, after which they will be required to renew their certification.

Q21. Who is expected to take a more focused oversight role with respect to risk management control and governance process?

Internal auditors

External auditors

Audit committee

None of the above

Explanation
According to 3, page 7, one of the current trends in auditing, risk management and compliance is “increasing expectations for internal auditors to take a more focused oversight role with respect to enterprise-wide governance processes”. Internal auditors can provide independent assurance on how well an organization manages its risks using various tools such as audits, reviews, assessments and evaluations.

Q22. Which of the following is considered a risk analysis technique?

Budget allocation

Consensus building

Insurance placement

Monte Carlo simulation

Explanation
Monte Carlo simulation is a risk analysis technique that uses random variables to model uncertainty and generate possible outcomes2. This helps to assess the probability and impact of different scenarios.

Q23. Which element is often the biggest challenge in risk implementation?

human

computation

Explanation
Human element is often the biggest challenge in risk implementation. Human element involves overcoming resistance to change, engaging stakeholders, building trust and commitment, and fostering a positive risk culture.

Q24. Understanding the potential causes of risk events will primarily help an organisation to

comply with corporate governance standards.

eliminate all risks

improve internal audit procedures.

reduce the frequency of loss.

Explanation
Understanding the potential causes of risk events will primarily help an organisation to reduce the frequency of loss. This is because identifying and analysing the sources and drivers of risks can enable an organisation to implement preventive or mitigating measures.

Q25. Which two of the following are types Integrated Processes? (Choose two)

People processes

Soft processes

Hard process

Quality analysis

Explanation
People processes and hard processes are two types of integrated processes3. People processes involve human factors such as culture, values, ethics, and behavior that influence risk management. Hard processes involve technical aspects such as methods, tools, techniques, and systems that support risk management.

Q26. The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations.

True

False

Explanation
The ISO 31000:2018 process can be used to identify stakeholder risk requirements, needs, and expectations4.
This is part of establishing the context for risk management, which involves defining the scope, objectives, criteria, roles and responsibilities for risk management.

Q27. After validating the training curricula, a risk management professional

develops training.

develops and schedules training.

matches training to audience.

schedules and conducts training.

Explanation
According to , page 23, after validating the training curricula, a risk management professional schedules and conducts training sessions based on the target audience’s needs and availability.

Q28. A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?

Decreased risk avoidance.

Decreased risk tolerance.

Increased risk elimination.

Increased risk retention.

Explanation
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. This is most likely to indicate increased risk retention, which means accepting more responsibility for potential losses5. This could be done to reduce insurance premiums or increase control over claims.

Q29. Which of the following is a process with inputs, activities, and outcomes?

Supply chain management

Financial management

Risk management

Quality management

Explanation
Risk management is a process with inputs, activities, and outcomes1. The inputs are the organization’s context and risk criteria. The activities are risk identification, analysis, evaluation, and treatment. The outcomes are improved decision making, performance, and resilience.

Q30. Uncertainties may involve: (Choose two)

The process used to conduct the risk analysis

The processed to know upcoming security issues

Differing abilities among risk analysts

Appointing security analyst

Explanation
Uncertainties may involve the process used to conduct the risk analysis and differing abilities among risk analysts. These are examples of factors that can affect the quality and reliability of risk assessment1.

Q31. Records and reports provide a continuing account of the risk management system.

True

False

Explanation
Records and reports provide a continuing account of the risk management system2. They help to monitor and review the performance and effectiveness of risk management.

Q32. Inclusiveness is another critical attribute of good risk management.

True

False

Explanation
Inclusiveness is another critical attribute of good risk management. Inclusiveness helps to ensure that different perspectives, knowledge, and values are considered in risk management.

Q33. Which plan provides a roadmap on how the treatment options will be deployed?

Vison

Static

Fixed

Treatment

Explanation
Treatment plan provides a roadmap on how the treatment options will be deployed3. Treatment plan helps to define the objectives, scope, responsibilities, resources, timeframe, and monitoring mechanisms for implementing risk treatment actions.

Q34. Which of the following statements about captive insurance companies are correct?
1. A captive cannot act as a reinsurer.
2. A captive can access reinsurance markets.
3. A captive can sometimes offer greater cover than is available in the insurance market.
4. A captive must be located in the same country as its parent company.

1 and 4.

1 and 2.

2 and 3.

Explanation
According to 3, a captive insurance company is “a wholly owned subsidiary insurer that provides risk mitigation services for its parent company or related entities”. It can act as a reinsurer by accepting risks from other insurers or captives 1. It can also access reinsurance markets to transfer some of its own risks 1. It can sometimes offer greater cover than is available in the insurance market by tailoring its policies to suit its parent’s needs 3. It does not have to be located in the same country as its parent company; in fact, many captives are domiciledoffshore for tax or regulatory reasons

Q35. What could a financial organisation make primary use of, to assess whether its risk management systems are likely to fail?

Key control indicators.

Key risk indicators.

Silo-based risk management.

Physical inspections.

Explanation
Key risk indicators are metrics that provide information about potential changes in the level of risk exposure3.
They can help an organisation monitor and manage its risks more effectively. Key control indicators are metrics that measure the performance of internal controls4.

Q36. A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools. What is the best approach for them to take to define the context?

Identify any increase of risk with the introduction of a female empowerment project.

Review the roles of the humanitarian principles in relation to education.

Define gender equality in the school environment.

Discuss the role of girls and how they are viewed by community members.

Explanation
According to , page 9, defining the context involves “understanding what influences people’s perception and tolerance of risks”. Discussing how girls are viewed by community members can help identify potential sources of resistance, conflict or violence that may affect the project’s objectives and outcomes.

Q37. ISO 31000 is intended to be a family of standards relating to risk management codified by the ________.

OpenDocument

International Organization for Standardization

OpenSource

GlobalDocument

Explanation
According to 1, ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization (ISO). It provides principles and guidelines on managing risks that could affect organizations.

Q38. Risk management is tailored.

True

False

Explanation
Risk management is tailored4. Tailored means that risk management takes into account the specific needs, objectives, and characteristics of each organization and its context.

Q39. Risk management is a strategic management process.

True

False

Explanation
Risk management is a strategic management process . Risk management helps organizations to align their objectives, strategies, and actions with their external and internal environment.

Q40. Enterprise Risk Management (ERM) is considered to have a significant difference compared with traditional risk management approaches because ERM

ensures that an organisation’s objectives will be achieved.

takes an integrated or holistic approach.

addresses strategic, tactical and operational risk management.

Explanation
According to 2, domain 1, ERM “is a coordinated set of activities and methods that is used by organizations to manage risks across the enterprise”. It takes an integrated or holistic approach that considers all types of risks and their interrelationships across the organization’s functions and levels.

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GAQM ISO-31000-CLA Dumps Questions [2024] Pass for ISO-31000-CLA Exam [Q21-Q40]

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