A recent risk workshop has identified risk owners and responses for newly identified risk scenarios. Which of the following should be the risk practitioner's NEXT step?
Correct Answer: C
CRISC Exam Question 587
You work as a project manager for BlueWell Inc. You are involved with the project team on the different risk issues in your project. You are using the applications of IRGC model to facilitate the understanding and managing the rising of the overall risks that have impacts on the economy and society. One of your team members wants to know that what the need to use the IRGC is. What will be your reply?
Correct Answer: A
Section: Volume C Explanation: IRGC is aimed at building robust, integrative inter-disciplinary governance models for emerging and existing risks. The International Risk Governance Council (IRGC) is a self-governing organization whose principle is to facilitate the understanding and managing the rising overall risks that have impacts on the economy and society, human health and safety, the environment at large. IRGC's effort is to build and develop concepts of risk governance, predict main risk issues and present risk governance policy recommendations for the chief decision makers. IRGC mainly emphasizes on rising, universal risks for which governance deficits exist. Its goal is to present recommendations for how policy makers can correct them. IRGC models at constructing strong, integrative inter-disciplinary governance models for up-coming and existing risks. Incorrect Answers: B: As IRGC is aimed at building robust, integrative inter-disciplinary governance models for emerging and existing risks, so it is the best answer for this question. C, D: Risk governance addresses understanding of the secondary impacts of a risk, the development of resilience and the capacity of organizations and people to face unavoidable risks.
CRISC Exam Question 588
You are the risk official at Bluewell Inc. There are some risks that are posing threat on your enterprise. You are measuring exposure of those risk factors, which has the highest potential, by examining the extent to which the uncertainty of each element affects the object under consideration when all other uncertain elements are held at their baseline values. Which type of analysis you are performing?
Correct Answer: A
is incorrect. Fault tree analysis provides a systematic description of the combination of possible undesirable occurrences in a system. It does not measure the extent of uncertainty. Answer:C is incorrect. Cause-and-effect analysis involves the use of predictive or diagnostic analytical tool for exploring the root causes or factors that contribute to positive or negative effects or outcomes, and not the extent of uncertainty. Answer:D is incorrect. Scenario analysis provides ability to see a range of values across several scenarios to identify risk in specific situation. It provides ability to identify those inputs which will provide the greatest level of uncertainty. But it plays no role in determining the extent of uncertainty.
CRISC Exam Question 589
Which of the following is the MOST important aspect to ensure that an accurate risk register is maintained?
Correct Answer: A
Explanation/Reference: Explanation: A knowledge management platform with workflow and polling feature will automate the process of maintaining the risk registers. Hence this ensures that an accurate and updated risk register is maintained. Incorrect Answers: B: Audit personnel may not have the appropriate business knowledge in risk assessment, hence cannot properly identify risk. Regular audits may also cause hindrance to the business activities. C: Business process owners typically cannot effectively identify risk to their business processes. They may not have the ability to be unbiased and may not have the appropriate skills or tools for evaluating risks. D: Monitoring key risk indicators, and record the findings in the risk register will only provide insights to known and identified risk and will not account for obscure risk, i.e. , risk that has not been identified yet.
CRISC Exam Question 590
You are the project manager of a project in Bluewell Inc. You and your project team have identified several project risks, completed risk analysis, and are planning to apply most appropriate risk responses. Which of the following tools would you use to choose the appropriate risk response?
Correct Answer: C
is incorrect. Delphi technique is used for risk analysis, i.e., for identifying the most probable risks. Delphi is a group of experts who used to rate independently the business risk of an organization. Each expert analyzes the risk independently and then prioritizes the risk, and the result is combined into a consensus. Answer: A is incorrect. Project network diagrams help the project manager and stakeholders visualize the flow of the project work, but they are not used as a part of risk response planning. Answer: B is incorrect. Cause-and-effect analysis is used for exposing risk factors and not an effective one in risk response planning. This analysis involves the use of predictive or diagnostic analytical tool for exploring the root causes or factors that contribute to positive or negative effects or outcomes.
