Section: Volume C
Explanation:
The organizational levels of the COSO ERM framework describe the subsidiary, business unit, division, and entity-levels of aspects of risk solutions.
Incorrect Answers:
B: Risk components includes Internal Environment, Objectives settings, Event identification, Risk assessment, Risk response, Control activities, Information and communication, and monitoring.
C: Strategic objectives includes strategic, operational, reporting, and compliance risks; and not entity-based risks.
D: This is not a valid answer.

Explanation/Reference:
Explanation:
Sammy She certainly can create an assessment for a risk event for time cost, and scope. It is probable that a risk event may have an effect on just one or more objectives so an assessment of the objective is acceptable.
Incorrect Answers:
A: Just because Sammy is the project manager, it is not necessary that she is right.
C: Harry is incorrect as there are multiple approaches to risk assessment for a project D: Harry's reasoning is flawed as each objective can be reviewed for the risk's impact rather than the total project.

Section: Volume D
Explanation/Reference:

Section: Volume A
Explanation:
Risk mitigation implies a reduction in the probability and/or impact of an adverse risk event to be within acceptable threshold limits. Taking early actions to reduce the probability and/or impact of a risk occurring on the project is often more effective than trying to repair the damage after the risk has occurred.
Incorrect Answers:
B: Avoidance changes the project plan to avoid the risk altogether.
C: Transference requires shifting some or all of the negative impacts of a threat, along with the ownership of the response, to a third party. Transferring the risk simply gives another party the responsibility for its management-it does not eliminate it.
Transferring the liability for a risk is most effective in dealing with financial risk exposure. Risk transference nearly always involves payment of a risk premium to the party taking on the risk.
D: Enhancing is actually a positive risk response. This strategy is used to increase the probability and/or the positive impact of an opportunity. Identifying and maximizing the key drivers of these positive-impact risks may increase the probability of their occurrence.