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Relying on historic analysis when assessing potential risks and possible impacts implies that 

A.

should adverse events occur, the impact can be accurately modelled. 

B.

all significant risks can be confidently analysed.

C.

management believe that the future will behave much like the past.

Enhanced risk management emphasizes the continual improvement of risk management capabilities.

A.

True

B.

False

Causes of risk include all the following except:

A.

Health, safety and environment

B.

Finance

C.

Insurance

D.

Chemical breakdown

Risk management is a strategic management process.

A.

True

B.

False

 The organization’s resources and internal support are ________ the risk management strategy.

A.

adjustable to match

B.

inputs in the development of

C.

metrics used to measure the value of

D.

outcomes of the development of 

A train has crashed and is badly damaged. There have been numerous claims from injured passengers as well as a loss of revenue for the train operator. This is an example of

A.

risk aggregation.

B.

risk categorisation.

C.

risk probability.

D.

risk severity.

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.

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

Which step is the risk process steps to manage, control, or remediate risk?

A.

Risk avoidance

B.

Risk identification

C.

Risk evaluation

D.

Risk treatment

When defining the success measures for the organization’s risk strategy, the risk management professional will include which of the following steps?

A.

A review of the goals and objectives of the risk strategy

B.

 A selection of appropriate media for communicating the risk strategy

C.

An analysis of the organization’s total cost of insurable risk

D.

The development of timelines for implementing the risk strategy