This quiz works best with JavaScript enabled. Home > Risk Management > Enterprise Risk Management – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Enterprise Risk Management Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Making a Disaster Recovery Plan is a form of Risk Response: A) Reduce Likelihood. B) Reduce Impact. C) Transfer. D) Avoid. Show Answer Correct Answer: B) Reduce Impact. 2. ..... envisage Overall Objectives and Ensure the Implementation of Risk Management in Islamic Financial Institutions. A) Management. B) Risk management department. C) Board of director. D) Internal audit. Show Answer Correct Answer: C) Board of director. 3. Risk criteria should reflect A) Organizational values, goals, resources, consistent with policies. B) Profit and loss, value of cooperation, risk conditions. C) All true. D) All wrong. Show Answer Correct Answer: A) Organizational values, goals, resources, consistent with policies. 4. Risk Terminology with Regards to Eliminating the Risk Completely? A) Risk Avoidance. B) Risk Retention. C) Risk Reduction. D) Risk Transfer. Show Answer Correct Answer: A) Risk Avoidance. 5. How many ERM concepts are there A) 3. B) 4. C) 5. D) 6. Show Answer Correct Answer: A) 3. 6. Based on ISO:31000:2018, risk management objectives are implemented in organizations, namely A) Create value. B) Developing values. C) Leverage value. D) Create and protect value. Show Answer Correct Answer: D) Create and protect value. 7. What is enterprise risk management (ERM)? A) A process of evaluating internal controls to ensure operations are carried out efficiently and effectively. B) A process designed to identify material events that may affect the financial statements and to manage risk within the entity's risk appetite. C) A process, effected by an entity's board of directors, management, and other personnel designed to identify potential events that may affect the entity and to manage risk within its risk appetite. D) A process by which compliance with laws and regulations can be assessed. Show Answer Correct Answer: C) A process, effected by an entity's board of directors, management, and other personnel designed to identify potential events that may affect the entity and to manage risk within its risk appetite. 8. Providing guidance on the characteristics of effective and efficient risk management is the aim of..... A) Identify risks. B) Risk management principles. C) Risk analysis. D) Risk evaluation. Show Answer Correct Answer: B) Risk management principles. 9. What are the explicit aspects of risk that need to be considered in decision making? A) Strategic, operational and risk management aspects. B) Financial, social and political aspects. C) Gross loss, operational loss, and credit loss. D) VAR, limits and trading errors. Show Answer Correct Answer: A) Strategic, operational and risk management aspects. 10. The following are risk identification techniques, except..... A) Document review. B) Analisis stakeholder. C) Professional risk certification. D) Pencarian informasi. Show Answer Correct Answer: C) Professional risk certification. 11. The Risk Level we expect is called: A) Inherent Risk. B) Residual Risk. C) Expected Risk. D) Significant Risk. Show Answer Correct Answer: C) Expected Risk. 12. What are the goals of organizational risk management? A) To predict and manage risks. B) To create a risk-aware culture. C) To maximize organizational value. D) To develop risk management infrastructure. Show Answer Correct Answer: C) To maximize organizational value. 13. The following are processes in risk management, except..... A) Monitoring and survey. B) Scope, context and criteria. C) Risk management. D) Integration. Show Answer Correct Answer: D) Integration. 14. A strategy to avoid risk by not carrying out or continuing activities that could give rise to the risk is called a strategy..... A) Acceptance. B) Avoidance. C) Sharing/transfer. D) All wrong. Show Answer Correct Answer: B) Avoidance. 15. The Following is The External Factors Exposing Banks to Risk EXCEPT? A) Changes in Banking Regulation. B) Goverment's Monetary and Fiscal Policy. C) Political System. D) Bank's Effficiency. Show Answer Correct Answer: D) Bank's Effficiency. 16. The purpose of communication & consultation is to help stakeholders in A) Understand the risks. B) Understand the basis of decision making. C) Understand the reasons why certain actions are necessary. D) All are correct. Show Answer Correct Answer: D) All are correct. 17. What is the meaning of inclusive risk management principles? A) Only certain people are involved. B) All stakeholders are involved. C) All true. D) All wrong. Show Answer Correct Answer: B) All stakeholders are involved. 18. What is the purpose of soft infrastructure in risk management? A) To develop a risk-aware culture. B) To support risk management policies and procedures. C) To provide technological tools for risk analysis. D) To create a physical infrastructure for risk management. Show Answer Correct Answer: A) To develop a risk-aware culture. 19. How many ERM framework in coso? A) 3. B) 4. C) 5. D) 6. Show Answer Correct Answer: C) 5. 20. Which of the following answer is NOT refer to Risk Management Process (ISO31000, 2018)? A) Establishing the context. B) Risk identification. C) Risk analysis. D) Risk transfer. Show Answer Correct Answer: D) Risk transfer. Next →Related QuizzesEnterprise Risk Management Quiz 2Enterprise Risk Management Quiz 3Enterprise Risk Management Quiz 4Enterprise Risk Management Quiz 5Enterprise Risk Management Quiz 6Enterprise Risk Management Quiz 7Credit Risk Management QuizOperational Risk Management Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books