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Management of Risk Foundation Questions and Answers

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Question 1

Which risk response option 'takes the chance' that the risk will occur, with its full impact if it did?

Options:

A.

Accept the risk

B.

Transfer the risk

C.

Share the risk

D.

Prepare contingent plans

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Question 2

Which describes the risk response option 'share the risk'?

Options:

A.

Perform an action to minimise the impact of the risk should it occur

B.

Carry out an action to make the uncertain situation certain

C.

Obtain an insurance policy to cover the impact should the risk occur

D.

Partake in a pain/gain contract with another party for the specified risk

Question 3

Which BEST describes the 'reduce the threat' risk response option?

Options:

A.

Changing the planned tasks in an activity

B.

Performing an action to minimise the chance of a risk impacting objectives

C.

Monitoring a risk to ensure it remains within acceptable tolerance

D.

Partaking in a pain/gain contract with another party for a specified risk

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