Put your knowledge to the test by having a go at our challenging Risk Management test. All of these questions are all related to the subject area. Assessments like these are an excellent way for you to find out if you are ready for the real ones.

 

Risk Management test multiple choice questions 

Question 1
The document you use to capture all known risks is called a;

A.     Risk Log
B.     Risk List
C.     Risk Manager
D.     Risk Register

 

Question 2
You must have a written record of your risk assessment if you employ how many people?

A.     5
B.     10
C.     20
D.     25

 

Question 3
What is Risk Management?

A.     Holding monthly meetings to discuss risks to the business.
B.     Making sure that a business’s premises cannot be broken into.
C.     The process of taking steps to minimise or completely eliminate the likely hood of certain events happening by reducing and managing risks.
D.     Asking individual staff members what they think the biggest risks are.

 

Question 4
How many steps are in the Risk Management Process?

A.     Seven
B.     Five
C.     Nine
D.     Three

 

Question 5
What are the main steps in the Risk Management Process?

A.     Identify the risk, analyse the risk, prioritize the risk, treat the risk and then monitor the risk.
B.     Identify the risk and then monitor the risk.
C.     Research potential risks, report the risks to company directors and then treat the risks.
D.     None of the above.

 

Question 6
What is a Deliberate Risk Assessment Worksheet (DRAW)?

A.     A sheet that simply lists in alphabetical order all the potential risks to a business.
B.     A worksheet that provides a starting point to logically track the process of hazards and risks.
C.     A worksheet that gives details of all the people involved in a risk assessment project.
D.     A sheet listing the company’s Health & Safety rules and regulations

 

Question 7
What is Qualitative Risk Analysis?

A.     Having a team brain storming session with colleagues where all likely risks are listed for future action.
B.     Having a monthly meeting with senior managers of relevant departments to discuss potential risks relevant to them.
C.     Analysing the practicalities of an evacuation plan for everyone in a building in the event of an emergency.
D.     The process of identifying and prioritizing risks for further action by assessing how likely they are to happen, and the potential impacts if they do.

 

Question 8
When do you carry out Risk Identification?

A.     At the very start of a project.
B.     In the project planning phase.
C.     During the whole lifetime of a project.
D.     At the end of a project.

 

Question 9
Who should be involved in the Risk Management of a project?

A.     As many stakeholders as possible.
B.     Project team members only.
C.     Only Senior Project Managers.
D.     Everyone except the client.

 

Question 10
In the Risk Register you notice a critical risk you anticipate next week, what do you do?

A.     As everyone in the project team has access to the Risk Register, you assume others will be aware and so do nothing.
B.     You contact and remind the relevant and responsible person of the anticipated risk.
C.     You put it in your diary to keep an eye out for it next week.
D.     Call the CEO and inform them.

 

Question 11
There is a risk management theory that a run of 1,000 similar occurrences is more accurate than one based upon 100 occurrences, what is this theory called? 

A.     First law of probability
B.     First law of prediction
C.     Law of large numbers
D.     Law of risk management

 

Question 12
What is assessing risks in terms of probability and magnitude of impact called?

A.     Risk assessment
B.     Risk identification
C.     Risk avoidance
D.     Risk management

 

Question 13
What is the process for determining the types of risks to which a company is exposed called?

A.     Risk assumption
B.     Risk transference
C.     Risk identification
D.     Risk mitigation

 

Question 14
In a company who is ultimately responsible for managing it’s information security risks?

A.     Information Owner
B.     Chief Executive Officer
C.     IT Manager
D.     Local authorities

 

Question 15
You need to share the results of your Risk Assessment findings with your employees.

A.     True
B.     False

 

 

Answers

1.  D
2.  A
3.  C
4.  B
5.  B
6.  B
7.  D
8.  C
9.  A
10.  B
11.  C
12.  A
13.  C
14.  B
15.  A – True

 

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