From the three actions Tom Brown is undertaking, which is categorised as a pure risk?
Answer(s): C
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.
Hopkin states "most standard definitions of risk refer to risks being attached to corporate objectives". What is another important factor to consider when linking risk to an organisation?
Answer(s): A
According to 1, page 11, core processes are "the activities that an organization performs in order to deliver its products or services". They are essential for achieving the organization's objectives and creating value for its stakeholders. Therefore, core processes should be considered when linking risk to an organization.
Enterprise Risk Management (ERM) is considered to have a significant difference compared with traditional risk management approaches because ERM
Answer(s): B
According to 2, domain 1, ERM "is a coordinated set of activities and methods that is used by organizations to manage risks across the enterprise". It takes an integrated or holistic approach that considers all types of risks and their interrelationships across the organization's functions and levels.
As part of the ISO 31000 risk management process, `monitoring and review' is best thought of as which of the following?
According to 3, clause 6.5., monitoring and review "is intended as a feedback loop for checking whether any change has occurred either internally or externally that may affect performance against objectives". It helps to ensure that the risk management process remains relevant and effective over time.
An international bank has identified the risks associated with economic changes in the countries in which it operates. Which of the following correctly describes these risks?
According to 1, page 15-16, external risks are "those arising from events outside the organization" and marketplace risks are "those arising from changes in market conditions such as customer demand, competition, regulation". Economic changes in different countries can affect the market conditions for an international bank's operations.
Relying on historic analysis when assessing potential risks and possible impacts implies that
According to 1, page 19, historic analysis is "a method of risk identification based on past data". It assumes that past patterns and trends will continue in the future, which may not always be true.
Using the FIRM scorecard which of the following risks could a risk manager quantify?1. Loss of income.2. Financial gain.3. Reputational damage.
According to 2, FIRM scorecard is "a tool for measuring risk performance". It uses four dimensions:financial impact, internal processes, reputation and market position (FIRM). Loss of income and financial gain are examples of financial impact risks that can be quantified using monetary values or ratios. Reputational damage is an example of reputation risk that is more difficult to quantify using objective measures.
Which of the following statements about captive insurance companies are correct?1. A captive cannot act as a reinsurer.2. A captive can access reinsurance markets.3. A captive can sometimes offer greater cover than is available in the insurance market.4. A captive must be located in the same country as its parent company.
According to 3, a captive insurance company is "a wholly owned subsidiary insurer that provides risk mitigation services for its parent company or related entities". It can act as a reinsurer by accepting risks from other insurers or captives 1. It can also access reinsurance markets to transfer some of its own risks 1. It can sometimes offer greater cover than is available in the insurance market by tailoring its policies to suit its parent's needs 3. It does not have to be located in the same country as its parent company; in fact, many captives are domiciled offshore for tax or regulatory reasons 4.
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