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Free ISO 31000 Lead Risk Manager Exam Questions and Answers
Last updated: March 31, 2025
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ISO 31000 Lead Risk Manager
#Question
How can a risk manager ensure the effectiveness of risk response strategies?
A.
Assuming success
B.
Ignoring feedback
C.
Regular reviews
D.
Limited reporting
Correct Answer:
C
Regularly reviewing risk response strategies is crucial for ensuring their effectiveness and making adjustments as needed based on evolving conditions.
#Question
Which activity is essential during the initial stages of project planning?
A.
Resource allocation
B.
Stakeholder engagement
C.
Budgeting
D.
Risk identification
Correct Answer:
D
Risk identification during the initial stages of project planning is essential to foresee potential issues and integrate risk management into project goals.
#Question
What should organizations do if risks change rapidly?
A.
Report to media
B.
Do nothing
C.
Accept all risks
D.
Update risk management systems
Correct Answer:
D
Organizations should update their risk management systems to reflect rapidly changing risks, ensuring ongoing effectiveness in managing current exposures.
#Question
What is essential for creating a successful risk management team?
A.
Unclear responsibilities
B.
Limited resources
C.
High turnover
D.
Specialized knowledge
Correct Answer:
D
Specialized knowledge is essential for creating a successful risk management team, enabling informed decision-making and effective risk intervention strategies.
#Question
An organization has a solid risk management plan but experiences recurring issues. What could be the cause?
A.
Strong leadership
B.
Excessive documentation
C.
Unnecessary complexity
D.
Poor implementation
Correct Answer:
D
Poor implementation of the risk management plan may lead to recurring issues despite having a solid framework in place for managing risks effectively.
#Question
What should an organization do if risks are identified as high-priority during an assessment?
A.
Ignore risks
B.
Increase budgets
C.
Develop immediate action plans
D.
Conduct further assessments
Correct Answer:
C
Developing immediate action plans for high-priority risks ensures they are addressed in a timely and effective manner to minimize their potential impact.
#Question
Which principle is essential in risk assessment?
A.
Bureaucracy
B.
Systematic approach
C.
Elasticity
D.
Complexity
Correct Answer:
B
A systematic approach is essential in risk assessment, ensuring that risks are identified and analyzed consistently and thoroughly.
ISO 31000 Lead Risk Manager
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