IRM International Certificate Practice Questions - IRM International Certificate in Enterprise Risk Management (Module 1 MCQ Exam) Exam - IRM International Certificate Practice Questions - IRM International Certificate in Enterprise Risk Management (Module 1 MCQ Exam) Exam

Question 1

According to ISO 31000:2018, which of the following best describes 'risk'?

The effect of uncertainty on objectives The probability that a hazard will cause harm to an organisation Any event that could lead to a financial loss A negative deviation from expected outcomes

Correct Answer:

The effect of uncertainty on objectives

Question 2

Which of the following correctly distinguishes risk from uncertainty?

Risk involves known probabilities; uncertainty involves unknown probabilities Risk is always negative; uncertainty is always positive Risk applies only to financial matters; uncertainty applies to all business decisions Risk is managed by insurance; uncertainty is managed by diversification

Correct Answer:

Risk involves known probabilities; uncertainty involves unknown probabilities

Question 3

An organisation classifies its risks as strategic, operational, financial, and hazard/reputational. Which classification model is this most consistent with?

A risk universe or risk taxonomy approach COSO ERM 2017 objective categories ISO 31000:2018 risk treatment categories The Three Lines Model assurance mapping

Correct Answer:

A risk universe or risk taxonomy approach

Question 4

ISO 31000:2018 is best described as which of the following?

A principles-based guidance standard for risk management applicable to any organisation A certifiable international standard with mandatory compliance requirements A sector-specific standard developed for financial services organisations A prescriptive framework defining the exact risk management processes organisations must follow

Correct Answer:

A principles-based guidance standard for risk management applicable to any organisation

Question 5

COSO ERM 2017 organises its framework around five components. Which of the following is the FIRST component in the COSO ERM 2017 structure?

Governance and Culture Risk Assessment Strategy and Objective-Setting Information, Communication, and Reporting

Correct Answer:

Governance and Culture

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About this Exam

Prepare with the IRM International Certificate Practice Questions - IRM International Certificate in Enterprise Risk Management (Module 1 MCQ Exam) Exam practice quiz. This question bank includes 100 questions covering risk, organisation, management, risks, and board. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IRM International Certificate Practice Questions - IRM International Certificate in Enterprise Risk Management (Module 1 MCQ Exam) Exam

This practice set contains 100 questions from the matching question bank and focuses on risk, organisation, management, risks, and board. 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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IRM International Certificate Practice Questions - IRM International Certificate in Enterprise Risk Management (Module 1 MCQ Exam) Exam

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