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Free CRA — Chartered Risk Analyst Exam Questions and Answers
Last updated: February 19, 2025
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CRA — Chartered Risk Analyst
#Question
What is the primary benefit of conducting regular risk assessments?
A.
Reduces stakeholder engagement
B.
Discourages innovation
C.
Increases bureaucracy
D.
Identifies new risks
Correct Answer:
D
Regular risk assessments help identify new and evolving risks that may impact the organization.
#Question
Which method is effective for assessing reputational risks in an organization?
A.
Stakeholder surveys
B.
SWOT analysis
C.
Benchmarking
D.
PEST analysis
Correct Answer:
A
Stakeholder surveys help gather insights on public perception and potential reputational risks.
#Question
In risk management, what does risk transfer involve?
A.
Sharing risk with another party
B.
Eliminating risk
C.
Ignoring risk
D.
Accepting risk
Correct Answer:
A
Risk transfer involves shifting the financial burden of a risk to another party, often through insurance.
#Question
What is the role of an internal audit in risk management?
A.
Ensuring compliance
B.
Eliminating competition
C.
Preventing all risks
D.
Overseeing external vendors
Correct Answer:
A
The internal audit function is crucial for ensuring compliance with regulatory requirements and organizational policies.
#Question
What kind of analysis is essential for identifying and mitigating operational risks?
A.
Historical analysis
B.
Financial analysis
C.
Quantitative analysis
D.
Qualitative analysis
Correct Answer:
C
Quantitative analysis is critical for identifying and measuring operational risks effectively.
#Question
What does "risk appetite" dictate within an organization?
A.
The details of risk transfer agreements
B.
The maximum profit targets
C.
The level of risk tolerated in pursuit of objectives
D.
The number of risks to be ignored
Correct Answer:
C
Risk appetite defines the level of risk that an organization is willing to tolerate to achieve its objectives.
#Question
When assessing financial risks, which of the following should be prioritized?
A.
Internal performance
B.
Market conditions
C.
Cost of capital
D.
Stakeholder opinions
Correct Answer:
B
Market conditions significantly impact financial risks and should be prioritized in assessments.
CRA — Chartered Risk Analyst
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FAQ
Q1: What are AAFM India Certification Exams? A: AAFM (American Academy of Financial Management) India Certification Exams are professional examinations that validate expertise in financial planning, wealth management, risk management, and related financial disciplines.
Q2: Why should I pursue AAFM India Certification? A: AAFM India Certification enhances your professional credibility, showcasing your skills and knowledge in financial management, which can lead to better job opportunities, higher salaries, and career advancement.
Q3: What are the benefits of AAFM India Certification? A: Benefits include recognition as a certified financial expert, improved job performance, access to exclusive resources, and the ability to stay current with the latest financial strategies and practices.
Q4: Who should take AAFM India Certification Exams? A: Financial professionals, wealth managers, risk managers, investment advisors, and anyone involved in financial planning or management should consider these certifications to validate their expertise and advance their careers.
Q5: What types of AAFM India Certification Exams are available? A: AAFM India offers various certification paths such as Chartered Wealth Manager (CWM), Chartered Financial Goal Planner (CFGP), and Chartered Risk Analyst (CRA), each tailored to specific roles and expertise levels.
Q6: How do I prepare for AAFM India Certification Exams? A: Preparation can include official AAFM India training programs, study guides, practice exams, and hands-on experience in financial management and planning.
Q7: Where can I take AAFM India Certification Exams? A: AAFM India Certification Exams can be taken at authorized testing centers across India, providing flexibility to fit your schedule and location.
Q8: How do AAFM India Certifications impact my career? A: AAFM India Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in the financial industry.
Q9: Are there any prerequisites for AAFM India Certification Exams? A: Some exams may have prerequisites, such as foundational knowledge or prior certifications. Check the specific requirements for each certification path on the AAFM India website.
Q10: How often do I need to recertify for AAFM India Certifications? A: AAFM India Certifications typically require recertification every two to three years to ensure that certified professionals stay updated with the latest financial trends and practices.
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