CIMA P3 Risk Management Practice Questions - CIMA Strategic Level P3 Risk Management Exam - CIMA P3 Risk Management Practice Questions - CIMA Strategic Level P3 Risk Management Exam

Question 1

In enterprise risk management (ERM), what most clearly distinguishes the ERM approach from traditional 'silo' risk management?

ERM manages risks in an integrated, organisation-wide portfolio aligned to strategy ERM only considers financial and insurable risks ERM transfers all risk to third parties ERM eliminates the need for internal audit

Correct Answer:

ERM manages risks in an integrated, organisation-wide portfolio aligned to strategy

Question 2

Under the COSO Enterprise Risk Management framework (2017), 'Enterprise Risk Management — Integrating with Strategy and Performance', what are the five interrelated components?

Identify; Assess; Respond; Monitor; Disclose Governance & Culture; Strategy & Objective-Setting; Performance; Review & Revision; Information, Communication & Reporting Control Environment; Risk Assessment; Control Activities; Information; Monitoring Plan; Do; Check; Act; Report

Correct Answer:

Governance & Culture; Strategy & Objective-Setting; Performance; Review & Revision; Information, Communication & Reporting

Question 3

A company defines the amount and type of risk it is willing to accept in pursuit of its objectives. This concept is best described as the organisation's:

Residual risk Risk capacity Risk appetite Risk register

Correct Answer:

Risk appetite

Question 4

The 'TARA' framework classifies risk responses. What does each letter represent?

Transfer, Accept, Reduce, Adjust Treat, Assess, Report, Audit Treat, Avoid, Reduce, Accept Transfer, Avoid, Reduce, Accept

Correct Answer:

Transfer, Avoid, Reduce, Accept

Question 5

On a likelihood/impact risk map, which combination would normally indicate a risk that should be AVOIDED or the activity exited entirely?

High likelihood, high impact Low likelihood, low impact Low likelihood, high impact High likelihood, low impact

Correct Answer:

High likelihood, high impact

Question 1

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Prepare with the CIMA P3 Risk Management Practice Questions - CIMA Strategic Level P3 Risk Management Exam practice quiz. This question bank includes 100 questions covering risk, management, strategic, organisation, and internal. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CIMA P3 Risk Management Practice Questions - CIMA Strategic Level P3 Risk Management Exam

This practice set contains 100 questions from the matching question bank and focuses on risk, management, strategic, organisation, and internal. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CIMA P3 Risk Management Practice Questions - CIMA Strategic Level P3 Risk Management Exam

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