MORF Practice Exam Questions with Answers Management of Risk Foundation Certification

Ensure the availability of staff to implement the risk management strategy

Validate assessment of individual risks

Develop plans to improve risk management

Advise the senior team that the correct risk management roles exist

Amount of risk the organization, or subset of it, is willing to accept

Maximum amount of risk that an organization can bear

Combined effect of risks to a set of objectives

System by which organizations are directed and controlled

Senior manager

Manager

Assurance

Risk specialist

Corporate governance

Internal controls

Embedding and reviewing

Contingency planning

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

Strategic

Enterprise

Programme

Operational

Define risk tolerance thresholds

Prepares risk workshop materials

Defines how much risk should be taken

Ensures a risk review process is in operation

Describe risks faced by the organization that may prevent an activity from succeeding

Define an activity's key performance indicators

Obtain information about the external and internal factors that may affect the planned activity

Understand a stakeholder's view of an activity's risk profile

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

Manage

Assess

Embed

Control

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

Risk response plan

Risk progress report

Risk register

Risk management strategy

Lessons learned from completed activities

Responses to risks

Assessed probability of risks

Description of the risk

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

Activity plans are agreed before the activity commences

Staff members are better prepared to respond to incidents

Removes the organization's need to take risks

Guarantees business benefits will be delivered

Explain the actions required to implement risk management

Define the Specific risk management activities that will be performed for an activity

Describe how risk management practices will be implemented throughout an organization

Record information about threats and opportunities for an organizational activity