Challenge yourself

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

Which of the following is one of the main features of the UK Corporate Governance Code?

Leadership

Profitability

Internal audit

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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