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CISI – Managing Operational Risk in Financial Institutions – Joshua – Quiz 5
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Question 1 of 10
1. Question
In conducting research to know if a hazard will cause harm or pose a risk, which of the following options should a risk manager look at (Select all that applies)
Correct
Each hazard should be studied to determine its’ level of risk. To research the hazard, you can look at:
⦁ Product information / manufacturer documentation.
⦁ Past experience (knowledge from workers, etc.).
⦁ Legislated requirements and/or applicable standards.
⦁ Industry codes of practice / best practices.
⦁ Health and safety material about the hazard such as safety data sheets (SDSs), research studies, or other manufacturer information.Incorrect
Each hazard should be studied to determine its’ level of risk. To research the hazard, you can look at:
⦁ Product information / manufacturer documentation.
⦁ Past experience (knowledge from workers, etc.).
⦁ Legislated requirements and/or applicable standards.
⦁ Industry codes of practice / best practices.
⦁ Health and safety material about the hazard such as safety data sheets (SDSs), research studies, or other manufacturer information. -
Question 2 of 10
2. Question
The following factors contribute to the level of risk except
Correct
Factors that contribute to the level of risk include the following
⦁ The work environment (layout, condition, etc.).
⦁ The systems of work being used.
⦁ The range of foreseeable conditions.
⦁ The way the source may cause harm (e.g., inhalation, ingestion, etc.).
⦁ How often and how much a person will be exposed.
⦁ The interaction, capability, skill, experience of workers who do the work.Incorrect
Factors that contribute to the level of risk include the following
⦁ The work environment (layout, condition, etc.).
⦁ The systems of work being used.
⦁ The range of foreseeable conditions.
⦁ The way the source may cause harm (e.g., inhalation, ingestion, etc.).
⦁ How often and how much a person will be exposed.
⦁ The interaction, capability, skill, experience of workers who do the work. -
Question 3 of 10
3. Question
The following are the methods of Hazard control except
Correct
Once you have established the priorities, the organization can decide on ways to control each specific hazard. Hazard control methods are often grouped into the following categories:
⦁ Elimination (including substitution).
⦁ Engineering controls.
⦁ Administrative controls.
⦁ Personal protective equipment.Incorrect
Once you have established the priorities, the organization can decide on ways to control each specific hazard. Hazard control methods are often grouped into the following categories:
⦁ Elimination (including substitution).
⦁ Engineering controls.
⦁ Administrative controls.
⦁ Personal protective equipment. -
Question 4 of 10
4. Question
In conducting a risk assessment, which of the following options below does the level of documentation or record keeping depend on
Correct
Keeping records of your assessment and any control actions taken is very important. You may be required to store assessments for a specific number of years. Check for local requirements in your jurisdiction. The level of documentation or record keeping will depend on:
⦁ Level of risk involved.
⦁ Legislated requirements.
⦁ Requirements of any management systems that may be in place.Incorrect
Keeping records of your assessment and any control actions taken is very important. You may be required to store assessments for a specific number of years. Check for local requirements in your jurisdiction. The level of documentation or record keeping will depend on:
⦁ Level of risk involved.
⦁ Legislated requirements.
⦁ Requirements of any management systems that may be in place. -
Question 5 of 10
5. Question
What are the two important benefits of the Enterprise Risk Management approach?
Correct
The two important benefits of ERM approach are
a)Enhanced decision making-An ERM approach allows an organization to systemically explore new opportunities for economic efficiencies while managing threats that stem from internal and external contexts.b)Improved risk communication-ERM also encourages an organization to widely communicate its risk management approach across all of its layers. This includes making all managers aware of the need to identify obstacles that could interfere with the achievement of the organization’s strategic goals.
Incorrect
The two important benefits of ERM approach are
a)Enhanced decision making-An ERM approach allows an organization to systemically explore new opportunities for economic efficiencies while managing threats that stem from internal and external contexts.b)Improved risk communication-ERM also encourages an organization to widely communicate its risk management approach across all of its layers. This includes making all managers aware of the need to identify obstacles that could interfere with the achievement of the organization’s strategic goals.
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Question 6 of 10
6. Question
The following are examples of internal drivers of an organization’s risk culture except
Correct
Examples of internal drivers of an organization’s risk culture are resource allocation, risk attitude, risk appetite, risk tolerance, employee records
Incorrect
Examples of internal drivers of an organization’s risk culture are resource allocation, risk attitude, risk appetite, risk tolerance, employee records
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Question 7 of 10
7. Question
The following are examples of external drivers of an organization’s risk culture except
Correct
Examples of external drivers of an organization’s risk culture are political, social, economic,and technological
Incorrect
Examples of external drivers of an organization’s risk culture are political, social, economic,and technological
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Question 8 of 10
8. Question
Identify two steps in the process of developing corporate policy (Select all that applies)
Correct
The two steps that are in the process of developing corporate policy (Select all that applies)
The three steps in the process of developing corporate policy include
a)Define the vision, mission, and core values
b)Articulate the strategy
c)Consider risks to the strategyIncorrect
The two steps that are in the process of developing corporate policy (Select all that applies)
The three steps in the process of developing corporate policy include
a)Define the vision, mission, and core values
b)Articulate the strategy
c)Consider risks to the strategy -
Question 9 of 10
9. Question
Checking the results to determine whether the plan is working as envisioned is called
Correct
Strategy evaluation-checking the results to determine whether the plan is working as envisioned
Incorrect
Strategy evaluation-checking the results to determine whether the plan is working as envisioned
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Question 10 of 10
10. Question
References, standards, measures or expectations used in judging the significance of a given risk in context with a strategic goal is called
Correct
Risk criteria are references, standards, measures or expectations used in judging the significance of a given risk in context with strategic goals
Incorrect
Risk criteria are references, standards, measures or expectations used in judging the significance of a given risk in context with strategic goals