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Question # 4

Where does an internal auditor typically spend most of his time auditing today? 

A.

People

B.

Process

C.

Technology

D.

Infrastructure

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Question # 5

Which management ensures that value is created by identifying opportunities for investment, mergers, or acquisition.

A.

Risk

B.

Quality

C.

Crisis

D.

Safety

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Question # 6

Which of the following is a process with inputs, activities, and outcomes?

A.

Supply chain management

B.

Financial management

C.

Quality management

D.

Risk management

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Question # 7

Which of the following are Critical Elements of a Risk Management Framework? (choose four)

A.

Architect the system

B.

Design the system

C.

Strategize the system

D.

Implement the system

E.

Assure the system

F.

Organize the system

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Question # 8

Which of the following statements about captive insurance companies are correct?

1. A captive cannot act as a reinsurer. 

2. A captive can access reinsurance markets. 

3. A captive can sometimes offer greater cover than is available in the insurance market. 

4. A captive must be located in the same country as its parent company.

A.

1 and 4.

B.

1 and 2.

C.

2 and 3.

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Question # 9

Risk management takes human and cultural factors into account.

A.

True

B.

False

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Question # 10

The Chief Risk Officer within a large manufacturing organisation has been asked by the Board of Directors to provide an example of a pure risk. A suitable example would be

A.

a fire occurring in a new manufacturing process line.

B.

entering into a contract to purchase a new factory.

C.

making a strategic decision that affects the long-term future of the organisation.

D.

the purchase of a currency derivative.

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Question # 11

Records and reports provide a continuing account of the risk management system.

A.

True

B.

False

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Question # 12

What is the role of risk management in the strategic planning process?

A.

Challenge the decisions made.

B.

Develop risk treatment plans.

C.

Draft the decisions to be made.

D.

Identify threats and opportunities.

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Question # 13

A program officer and a security manager are planning a focus group discussion with community members on potential risks related to projects on female empowerment in local secondary schools. What is the best approach for them to take to define the context?

A.

Identify any increase of risk with the introduction of a female empowerment project.

B.

Review the roles of the humanitarian principles in relation to education.

C.

Define gender equality in the school environment.

D.

Discuss the role of girls and how they are viewed by community members.

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Question # 14

Which of the following are two ISO 31000:2018 risk management principles? (Choose two)

A.

Integrated

B.

Customized

C.

Functional

D.

Statistical

E.

Design

F.

Strategy

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Question # 15

A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?

A.

Decreased risk avoidance.

B.

Decreased risk tolerance.

C.

Increased risk elimination.

D.

Increased risk retention.

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