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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
Danger detection is intended to:
Correct
The objective of risk identification is to identify and spot all possible risks, not to eliminate risks from consideration or to develop solutions for mitigating risks.
Incorrect
The objective of risk identification is to identify and spot all possible risks, not to eliminate risks from consideration or to develop solutions for mitigating risks.
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Question 2 of 10
2. Question
Some of the documents and resources which should be used when they are accessible for risk identification include:
Correct
Documents and tools that can be considered as they are accessible for risk assessment include project specifications and functional parameters, project timeline and priorities, project management plan, project development plan, project execution plan, project benefit estimate, project cost estimate.
Incorrect
Documents and tools that can be considered as they are accessible for risk assessment include project specifications and functional parameters, project timeline and priorities, project management plan, project development plan, project execution plan, project benefit estimate, project cost estimate.
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Question 3 of 10
3. Question
The process of risk detection needs to be replicated as these information sources shift, and new information becomes available.
There are several ways to approach defining threats. Choose the best one.Correct
Define all the essential tasks that the initiative needs to fulfill, or the goals it has to accomplish, in order to be deemed successful, and therefore define all the potential ways under which such tasks struggle.
Incorrect
Define all the essential tasks that the initiative needs to fulfill, or the goals it has to accomplish, in order to be deemed successful, and therefore define all the potential ways under which such tasks struggle.
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Question 4 of 10
4. Question
Low-impact, high-probability risks are those that are primarily due to concerns regarding a variety of factors that could be individually minor risks but that may be a major risk in the aggregate. Methods for dealing with such risks include:
Correct
Provision for appropriate possible scenarios (safety factors) in the planning and schedule work procedures and reform to minimize complexity is a low-impact, high-risk strategy.
Incorrect
Provision for appropriate possible scenarios (safety factors) in the planning and schedule work procedures and reform to minimize complexity is a low-impact, high-risk strategy.
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Question 5 of 10
5. Question
Since management resources are not limitless, one of the key uses of a good risk analysis is to decide where to allocate management resources and when to leave by itself. What of the preceding options is one way of showing in descending order the sources of uncertainty or effect? This method of presentation makes clear those activities which have the greatest impact on the date or cost of completion of the project and therefore require the greatest attention from the management.
Correct
Pareto diagrams are a way to display causes of confusion or effects in decreasing order. Such method of presentation makes clear certain tasks which have the greatest impact on the date or expense of completion of the project and thus need the greatest management consideration.
Incorrect
Pareto diagrams are a way to display causes of confusion or effects in decreasing order. Such method of presentation makes clear certain tasks which have the greatest impact on the date or expense of completion of the project and thus need the greatest management consideration.
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Question 6 of 10
6. Question
A failure in project risk management may be any major incident the sponsor doesn’t want to occur. The object of analysis of failure modes and effects is to:
Correct
The aim of evaluating failure modes and consequences is to recognize root or popular factors that could impact the whole project, which may, in turn, better control the resulting risk.
Incorrect
The aim of evaluating failure modes and consequences is to recognize root or popular factors that could impact the whole project, which may, in turn, better control the resulting risk.
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Question 7 of 10
7. Question
An example of an integrated qualitative risk management methodology is the Project Description Rating Index (PDRI). It is used to:
Correct
In front-end project preparation, the PDRI is used to help the project manager assess the complexity of the scope of the project, identify the risk factors and then establish mitigation plans.
Incorrect
In front-end project preparation, the PDRI is used to help the project manager assess the complexity of the scope of the project, identify the risk factors and then establish mitigation plans.
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Question 8 of 10
8. Question
Which of the following is a quantitative model that is usually either top-down or parametric and lacks adequate detail to validate bottom-up estimates of engineering or project networks? These approaches are empirical in that they do not depend on subjective distributions of probability elicited from (maybe biased) supporters of the project.
Correct
Multivariate regression models are typically either top-down or parametric and lack ample information to verify bottom-up infrastructure or project network forecasts.
Incorrect
Multivariate regression models are typically either top-down or parametric and lack ample information to verify bottom-up infrastructure or project network forecasts.
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Question 9 of 10
9. Question
Even if the likelihood of a particular risk can not be precisely calculated, which of the preceding analytical methods can be used to assess which variables have the greatest impact on the risk?
Correct
However where the likelihood of a given danger can not be accurately calculated, the sensitivity analysis will be used to assess which factors have the largest effect on the danger.
Incorrect
However where the likelihood of a given danger can not be accurately calculated, the sensitivity analysis will be used to assess which factors have the largest effect on the danger.
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Question 10 of 10
10. Question
As with all other computational methods for quantitative risk analysis, the method’s validity lies entirely in the probabilistic models ‘ validity. The simulation of Monte Carlo is very flexible, because it can be applied to almost every probabilistic model. Nevertheless, sometimes the validity of the findings may be questionable, due to the following factors:
Correct
Independent variables may not actually be independent; the number of iterations in the simulation may not be sufficient to generate statistically meaningful results; or the assumed distributions of probabilities for the independent variables are arbitrary and may be biased if given by the project proponents.
Incorrect
Independent variables may not actually be independent; the number of iterations in the simulation may not be sufficient to generate statistically meaningful results; or the assumed distributions of probabilities for the independent variables are arbitrary and may be biased if given by the project proponents.