Exin MORF Management of Risk Foundation Exam Practice Test

Lack of a high-risk appetite at senior management level

Lack of an appropriate response to a risk in an activity's risk register

Lack of an assigned risk owner

Lack of policies, processes, strategies and plans

Probabilistic risk models

Summary risk profiles

Risk breakdown structure

Decision trees

Gateway reviews

Benchmarking

Risk questionnaires

Brainstorming

Likelihood of the risk occurring

Potential trigger point for a risk

Impact of the risk on an activity

Risk remaining after implementing a risk response

Review how well risk management practices have been embedded

Examine future developments that may affect an organization's level of exposure to risk

Provide a snapshot of the current status of identified risks

Identify individuals or groups of individuals that have an interest in an organizations planned activity

Specify risk tolerance levels

Define the amount of risk that should be taken for the organization

Develop risk improvement plans

Review progress to develop the risk management policy

Probability of a secondary risk occurring

Effect on objectives if a risk occurs after implementing risk response actions

Chance of a risk occurring before risk response actions commence

Proximity of a risk before risk response actions are completed

Strategic

Programme

Operational

Project

Identifies changes to the organization's market

Identifies how past events could become sources of risk

Describes how corporate governance will affect the risk management process

Understand the maximum amount of risk that should be taken

Guidance for the design of a risk management approach

Design for an organization's corporate governance policy

Criteria used to measure the development of risk management

Inputs, outputs, tasks and techniques needed to implement risk management

Changes to customer requirements for business products

Interdependences between business change initiatives

Ability of the infrastructure to meet the required level of service

Operational activities that may affect the organizational reputation

A framework of mature practices for appraising an organization's risk management competency

A tool for checking the health of current risk management

An assessment of an organization's risk management practice

A self-assessment check that the principles have been applied well

Business continuity management

Safety and security

Health and safety

Financial risk management

Approve assessments of risk probability, impact and proximity

Specify the required budget to fund risks

Document the importance of risk management towards achieving organizational objectives

Agree the timing of risk progress reports for an activity

Senior team

Audit committee

Risk owner

Team

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

Carry out an action to make the uncertain situation certain

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

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

Identifying key performance indicators

Developing a risk communications plan

Implementing the steps in the risk management process

Involving stakeholders in risk identification

An uncertain event that may occur in the future

An outcome perceived as negative by one or more stakeholders

An intangible artefact produced as a result of a planned activity

A relevant event that has happened requiring management action

Risk improvement plan

Monetary benefit measurement

Risk management health check

Early warning indicators

An uncertain event that could have a negative impact on objectives

An uncertain event that could have a favourable impact on objectives

An event that has occurred resulting in a negative impact on objectives

An event that has occurred resulting in a favourable impact on objectives

A risk is impacting objectives now, an issue may have an impact on objectives

A risk has a negative impact on objectives, an issue has a positive impact on objectives

A risk can impact on all activities, an issue impacts on project deliverables only

A risk may have an impact on objectives, an issue is impacting objectives now