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GAQM ISO 31000 - Certified Lead Risk Manager Sample Questions (Q98-Q103):

NEW QUESTION # 98
__________ and___________ can result in artifacts and records.

  • A. TDMS, VSMS
  • B. DBMS, RDBMS
  • C. MOS, SMOS
  • D. RBPS, RBDM

Answer: B Explanation:
Explanation
DBMS (Database Management System) and RDBMS (Relational Database Management System) can result in artifacts and records1. These systems are used to store, organize, and manipulate data that can be used for risk management purposes.
NEW QUESTION # 99
How does a pure risk differ from a speculative risk?

  • A. A pure risk only leads to the possibility of a loss, whereas a speculative risk may lead to a gain.
  • B. A pure risk is not subject to regulatory control but a speculative risk always is.
  • C. A pure risk always has an environmental cause whereas a speculative risk always involves human error.
  • D. A pure risk can be measured in probability terms whereas a speculative risk cannot.

Answer: A Explanation:
Explanation
A pure risk only leads to the possibility of a loss, whereas a speculative risk may lead to a gain12. For example, entering into a contract to purchase a new factory is a speculative risk, as it could result in either profit or loss depending on market conditions.
NEW QUESTION # 100
Which of the following documents information are relevant to the organization's risk management framework, process, and system?

  • A. Visualizing and conceptualizing
  • B. Rationalizing and reporting
  • C. Recording and reporting
  • D. Reporting and auditing

Answer: C Explanation:
Explanation
Recording and reporting documents information that are relevant to the organization's riskmanagement framework, process, and system2. These activities help to provide evidence, feedback, learning, and improvement for risk management.
NEW QUESTION # 101
Which type of risk framework is expected to improve efficiency by aligning strategy, processes, technology and people?

  • A. Governance, risk and compliance.
  • B. Corporate, governance and control.
  • C. Supervision, audit and compliance
  • D. Controls, risk and supervision.

Answer: A Explanation:
Explanation
A governance, risk and compliance (GRC) framework is expected to improve efficiency by aligning strategy, processes, technology and people. GRC aims to integrate these elements to achieve organisational objectives while managing risks and complying with regulations.
NEW QUESTION # 102
From the three actions Tom Brown is undertaking, which is categorised as a pure risk?

  • A. Buying 100 lottery tickets
  • B. Going horse riding without wearing a riding helmet.
  • C. Selling his house even though he receives less than he paid for it because he thinks prices will fall further.

Answer: B Explanation:
Explanation
According to 1, page 9, pure risk is "a situation where there are only two possible outcomes: loss or no loss".
Buying lottery tickets and selling a house are examples of speculative risk, where there is a possibility of gain or loss. Going horse riding without a helmet is an example of pure risk, where there is only a possibility of loss (injury) or no loss.
NEW QUESTION # 103
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