MORF - Management of Risk Foundation
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What may be recorded in the risk register during the 'identify - risks' step?
A risk description expressed as a cause, event and effect
Which step has a goal of checking the success of risk responses?
Which is NOT a reason for carrying out an `M_o_R health check?
Provide a snapshot of the current status of identified risks
What M_o_R principle states that managing risks is most effective when staff members are rewarded for proactive risk management behaviour?
Creates a supportive culture
Which is a responsibility of the M_o_R senior team role?
Maintain ownership of the risk management policy
Which is identified by the use of the 'PESTLE' analysis technique?
Factors that may impact the activity
Which is a use of a risk management maturity model?
Enabling organizations to benchmark their current risk management capability
What risk management specialism is focused on ensuring an organization keeps operating following an incident?
Business continuity management
Which is recorded in the risk register in the 'identify - risks' step?
Description of the risk
Which is identified by use of the 'SWOT analysis' technique?
Factors that may impact the objectives of an activity
What is a threat?
An uncertain event that could have a negative impact on objectives
Which statement describes the 'avoid a threat' risk response option?
Remove the cause of the threat
Identify the missing words in the following sentence. Actions to [ ? ] are the source of secondary risks.
tackle risks to an organizational activity
Which is a purpose of using a risk maturity model?
Identify where the application of risk management within an organization can be improved
Which is used to review how well an organization has embedded M_o_R?
Risk management health check
Which technique can be used to clarify potential sources of risks across an activity?
Risk breakdown structure
Which document describes how risk management activities will support the achievement of corporate objectives throughout an organization?
Risk management policy
Which is a responsibility of the senior team role?
Document the importance of risk management towards achieving organizational objectives
Which is NOT a use of the 'horizon scanning' technique?
Conducting a wide scan of the current external environment
Which is a common barrier to implementing the risk management process?
Lack of policies, processes, strategies and plans
What step is used to determine the likelihood of a risk occurring?
Assess - estimate
Which is NOT a recommended risk response option for an 'opportunity'?
Which perspective would the 'fits the context' principle be applied to in order to identify laws that impact core business activities?
Which information from the risk register is used during the 'assess - evaluate' step to calculate the total risk exposure of an activity?
Estimated likelihood of the risks occurring
Identify the missing words in the following sentence. The lack of [ ? ] is a common barrier to implementing the risk management process.
clear guidance for managers and staff
What is a 'central risk function'?
A group with formal responsibility for supporting strategic risk management
Which effect on the organization's objectives could the PESTLE analysis technique help to identify
Current external factors
Which is a goal of the 'plan' process step?
Choose appropriate actions to deal with risks
Which BEST describes an area of uncertainty at the strategic perspective?
Stakeholder opinions of operational activities that may affect the organizational reputation
Which is a purpose for carrying out an 'M_o_R health check'?
Review how well risk management practices have been embedded
What is the purpose of using an M_o_R'health check'?
Examine an organization's current risk management practices to identify areas for improvement
Which BEST describes the 'reduce the threat' risk response option?
Performing an action to minimise the chance of a risk impacting objectives
Which describes the threat response option 'accept the risk'?
Take no action except monitor the risk to ensure it remains tolerable
Which activity is focused on when the 'aligns with objectives' principle is applied to the project perspective?
Delivering defined business change products within budget and on time
What is an opportunity?
An uncertain event that could have a favourable impact on objectives or benefits
What is the goal of the 'assess - estimate' step?
Determine the risks with the greatest effect on an activities objectives
Which is a purpose of the risk management process guide?
Explain how the risk management steps will be carried out across the organization
Identify the missing word in the following sentence. Applying the 'aligns with objectives' principle at the [ ? ] perspective ensures risk management is responsive to changes to objectives that meet shareholder needs, reputation and demand for services.
What M_o_R principle recommends the sharing of experiences across the organization to help senior management decision making?
Facilitates continual improvement
Which is a goal of the 'assess - evaluate' step?
Calculate the total risk exposure to the activity
Which defines an'MoR health check'?
A tool to identify how the application of M_o_R might be improved
What document provides a record of the risks identified for a particular activity?
Which is used in the calculation of 'inherent' risk exposure?
Probability of a risk before risk response actions are implemented
Which is a method for obtaining senior management commitment and support for understanding and managing risk?
Ensuring the risk management function has a direct reporting line to a senior executive
How is the risk progress report used in the 'implement' step?
Identify the status against the activity's stated measures for risk management
Which is used to determine 'inherent' risk exposure?
Effect on objectives if a risk occurs before starting to tackle risks
What document separately describes the steps required to implement risk management within an organization?
Risk management process guide
Identify the missing words in the following sentence. The primary outcome of the [ ? ] principle is that the identification of risks is thorough.
Which is NOT a use of the 'SWOT analysis' technique?
Identify long-term developments that could affect the organization's objectives
What provides a comparison of completed risk response actions with planned outcomes?
Risk progress report