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The ISO 31000 - Certified Lead Risk Manager certification is ideal for professionals who want to advance their careers in the field of risk management. By obtaining this certification, candidates can differentiate themselves from their peers and enhance their credibility in the industry. This certification is highly valued by employers and can lead to better job opportunities, higher salaries, and increased job security.

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GAQM ISO 31000 - Certified Lead Risk Manager Sample Questions (Q41-Q46):

NEW QUESTION # 41
Records and reports provide a continuing account of the risk management system.

A. True
B. False

Answer: A

Explanation:
Explanation
Records and reports provide a continuing account of the risk management system2. They help to monitor and review the performance and effectiveness of risk management.

NEW QUESTION # 42
ISO 31000:2018 currently has a tactical and process focus.

A. True
B. False

Answer: B

Explanation:
Explanation
The ISO 31000:2018 standard provides a framework for risk management, with a focus on the strategic and integrated aspects of risk management. It outlines principles, a framework, and a process for managing risk in organizations of all kinds. The focus of the standard is on aligningrisk management with the organization's context, objectives, and strategy, and on integrating risk management into all aspects of an organization's governance, culture, and performance.

NEW QUESTION # 43
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. What is this most likely to indicate?

A. Increased risk elimination.
B. Decreased risk tolerance.
C. Increased risk retention.
D. Decreased risk avoidance.

Answer: C

Explanation:
Explanation
A large manufacturing organisation has renewed an insurance policy and has accepted a significant increase in the policy deductible. This is most likely to indicate increased risk retention, which means accepting more responsibility for potential losses5. This could be done to reduce insurance premiums or increase control over claims.

NEW QUESTION # 44
Which of the following is a major challenge in implementing the ISO 31000:2018 risk management framework?

A. Strategic framework boundaries
B. Design framework boundaries
C. Improvement framework boundaries
D. Scoping framework boundaries

Answer: D

Explanation:
Explanation
Scoping framework boundaries is a major challenge in implementing the ISO 31000:2018 risk management framework. Scoping framework boundaries involves defining the scope of application of risk management within the organization's context, structure, and objectives.

NEW QUESTION # 45
Organizational information systems, information flows, and formal and informal decision-making processes are all a part of establishing which type of context in regard to the organization?

A. Internal
B. External
C. Technological
D. Local

Answer: A

Explanation:
Explanation
According to ISO31000 (2018), clause 5., establishing the context involves defining "the external and internal parameters to be taken into account when managing risk". The internal context includes "information systems, information flows and decision-making processes" among other factors.

NEW QUESTION # 46
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