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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
A Risk Register is a living document, which is constantly updated during the project’s life cycle. It is an important part of project documentation and is used in the historical information used for future projects. The Register of Risks includes:
Correct
A Risk Register is a living document that is continuously updated over the life cycle of the project and is an significant part of the history of the project and is also included in the historical information used for future projects, it includes: list of threats, list of possible responses, root causes of threats and revised risk categories.
Incorrect
A Risk Register is a living document that is continuously updated over the life cycle of the project and is an significant part of the history of the project and is also included in the historical information used for future projects, it includes: list of threats, list of possible responses, root causes of threats and revised risk categories.
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Question 2 of 10
2. Question
Data for the identified risks are collated. The project manager must seek to determine the consistency of the data that will have to be analyzed to complete the qualitative risk analysis.
For each risk the project manager needs to assess in Risk Data Quality Assessment:Correct
For each potential, the potential data quality evaluation must be assessed by the project manager: the degree to which the danger is recognized, the evidence accessible, the accuracy and durability of the evidence and the consistency of the data.
Incorrect
For each potential, the potential data quality evaluation must be assessed by the project manager: the degree to which the danger is recognized, the evidence accessible, the accuracy and durability of the evidence and the consistency of the data.
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Question 3 of 10
3. Question
Quantitative risk analysis has the function of:
Correct
Identification of risk response that requires urgent attention, Identify the exposure of risk on the project, Identify the impact of risk on the objective of the project, Determine cost and schedule reserves that could be required if risk occurs and Identify risks requiring more attention.
Incorrect
Identification of risk response that requires urgent attention, Identify the exposure of risk on the project, Identify the impact of risk on the objective of the project, Determine cost and schedule reserves that could be required if risk occurs and Identify risks requiring more attention.
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Question 4 of 10
4. Question
The risk-control and monitoring mechanism offers assurance that effective risk management processes and procedures are well understood and strictly implemented. The method lets you decide if:
Correct
The treatment actions adopted resulted in what was actually planned.
All information on risk management procedures was appropriate.
Improved knowledge has been reached and used to identify what lessons could be learnt for risk measurements and management for future projects.Incorrect
The treatment actions adopted resulted in what was actually planned.
All information on risk management procedures was appropriate.
Improved knowledge has been reached and used to identify what lessons could be learnt for risk measurements and management for future projects. -
Question 5 of 10
5. Question
Danger management has the task of deciding if:
Correct
Risk responses have been implemented as planned.
Risk response actions are as effective as expected, or if new responses should be developed.
Project assumptions are still valid.
Risk exposure has changed from its prior state, with analysis of trends.
A risk trigger has occurred.
Proper policies and procedures are followed.
Risks have occurred or arisen that were not previously identified.Incorrect
Risk responses have been implemented as planned.
Risk response actions are as effective as expected, or if new responses should be developed.
Project assumptions are still valid.
Risk exposure has changed from its prior state, with analysis of trends.
A risk trigger has occurred.
Proper policies and procedures are followed.
Risks have occurred or arisen that were not previously identified. -
Question 6 of 10
6. Question
Risk evaluation is a term used to describe the entire process or system in which you are:
Correct
Identify hazards and risk factors that have the potential to cause harm (hazard identification).
Analyze and evaluate the risk associated with that hazard (risk analysis, and risk evaluation).
Determine appropriate ways to eliminate the hazard, or control the risk when the hazard cannot be eliminated (risk control).Incorrect
Identify hazards and risk factors that have the potential to cause harm (hazard identification).
Analyze and evaluate the risk associated with that hazard (risk analysis, and risk evaluation).
Determine appropriate ways to eliminate the hazard, or control the risk when the hazard cannot be eliminated (risk control). -
Question 7 of 10
7. Question
Risk assessments are very important as they form an integral part of an occupational health and safety management plan. They help to:
Correct
Create awareness of hazards and risk.
Identify who may be at risk (e.g., employees, cleaners, visitors, contractors, the public, etc.).
Determine whether a control program is required for a particular hazard.
Determine if existing control measures are adequate or if more should be done.
Prevent injuries or illnesses, especially when done at the design or planning stage.
Prioritize hazards and control measures.
Meet legal requirements where applicable.Incorrect
Create awareness of hazards and risk.
Identify who may be at risk (e.g., employees, cleaners, visitors, contractors, the public, etc.).
Determine whether a control program is required for a particular hazard.
Determine if existing control measures are adequate or if more should be done.
Prevent injuries or illnesses, especially when done at the design or planning stage.
Prioritize hazards and control measures.
Meet legal requirements where applicable. -
Question 8 of 10
8. Question
When will we carry out a risk assessment? There could be a number of reasons to need a risk assessment, including:
Correct
Before new processes or activities are introduced.
Before changes are introduced to existing processes or activities, including when products, machinery, tools, equipment change or new information concerning harm becomes available.
When hazards are identified.Incorrect
Before new processes or activities are introduced.
Before changes are introduced to existing processes or activities, including when products, machinery, tools, equipment change or new information concerning harm becomes available.
When hazards are identified. -
Question 9 of 10
9. Question
How do you plan a risk appraisal?
In general, it does not need to identify:Correct
In general, determine: What the scope of your risk assessment will be (e.g., be specific about what you are assessing such as the lifetime of the product, the physical area where the work activity takes place, or the types of hazards).
The resources needed (e.g., train a team of individuals to carry out the assessment, the types of information sources, etc.).
What type of risk analysis measures will be used (e.g., how exact the scale or parameters need to be in order to provide the most relevant evaluation).
Who are the stakeholders involved (e.g., manager, supervisors, workers, worker representatives, suppliers, etc.).
What relevant laws, regulations, codes, or standards may apply in your jurisdiction, as well as organizational policies and procedures.Incorrect
In general, determine: What the scope of your risk assessment will be (e.g., be specific about what you are assessing such as the lifetime of the product, the physical area where the work activity takes place, or the types of hazards).
The resources needed (e.g., train a team of individuals to carry out the assessment, the types of information sources, etc.).
What type of risk analysis measures will be used (e.g., how exact the scale or parameters need to be in order to provide the most relevant evaluation).
Who are the stakeholders involved (e.g., manager, supervisors, workers, worker representatives, suppliers, etc.).
What relevant laws, regulations, codes, or standards may apply in your jurisdiction, as well as organizational policies and procedures. -
Question 10 of 10
10. Question
What is updating and monitoring of the risk assessments important?
Correct
It is important to know if your risk assessment was complete and accurate. It is also essential to be sure that any changes in the workplace have not introduced new hazards or changed hazards that were once ranked as lower priority to a higher priority. It is good practice to review your assessment on a regular basis to make sure your control methods are effective.
Incorrect
It is important to know if your risk assessment was complete and accurate. It is also essential to be sure that any changes in the workplace have not introduced new hazards or changed hazards that were once ranked as lower priority to a higher priority. It is good practice to review your assessment on a regular basis to make sure your control methods are effective.