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Take our enterprise risk management quiz to get 10% off the IRM and Solvay Brussels School's Executive Education Programme in Enterprise Risk Management
What is 'risk culture' in an organisation?
The employee handbook
A set of values and approaches to risk
Risk appetite
What is the accepted international risk management standard?
ISO31000
ISO21101
ISO21500
Typically, the third line of defence is what?
The legal advisors
The risk management function
Internal audit
What are the two key metrics in project risk?
Number of staff and cost
Delivery against specification and timeframe
Delivery against timeframe and budget
Which is categorized as a pure risk?
Buying 100 lottery tickets
Selling a house despite receiving less than you paid for it because you think prices will fall further
Going horse riding without wearing a riding helmet
Which of the following correctly describes economic risks?
Internal – Infrastructure
External – Reputational
External – Marketplace
Relying on historic analysis when assessing potential risks and possible impacts implies that
management believe that the future will behave much like the past
should adverse events occur, the impact can be accurately modelled
significant risks have all been seen before
Enterprise Risk Management (ERM) is considered to have a significant difference compared with traditional risk management approaches because ERM
ensures that an organization’s objectives will be achieved
takes an integrated or holistic approach
addresses strategic, tactical and operational risk management
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