CIA Part 1 Unit 4 Risk Management Exam
Questions and answers 2025
Risk ,- ,CORRECT ,ANSWER-Possibility ,of ,an ,event ,occurring ,that ,will ,have ,an
,impact ,on ,achievement ,of ,objectives. ,Impact ,v. ,Likelihood
Risk ,Management ,- ,CORRECT ,ANSWER-A ,process ,to ,identify, ,assess, ,manage,
,and ,control ,potential ,events ,or ,situations ,to ,provide ,reasonable ,assurance
,regarding ,achievement ,of ,objectives.
Risk ,Management ,Process ,(5) ,- ,CORRECT ,ANSWER-(1) ,Identification ,of ,context
(2) ,Risk ,Identification
(3) ,Risk ,Assessment ,& ,Prioritization
(4) ,Risk ,Response
(5) ,Risk ,Monitoring
Step ,1 ,- ,Identification ,of ,Context ,- ,CORRECT ,ANSWER-Contexts ,can ,include
,laws, ,regs, ,capital ,projects, ,business ,processes, ,technology, ,market ,risk, ,and
,organizations.
Step ,2 ,- ,Risk ,Identification ,- ,CORRECT ,ANSWER-Should ,be ,performed ,at ,every
,level ,of ,the ,entity. ,Consider ,past ,events ,and ,future ,possibilities. ,Event
,Inventories, ,questionnaires/surveys, ,leading ,event ,indicators/triggers, ,facilitated
,workshops, ,interviews, ,process ,flow ,analysis, ,loss ,event ,data ,methodologies.
Brainstorming, ,SWOT, ,Scenario ,analysis
, Step ,3 ,- ,Risk ,Assessment ,and ,Prioritization ,- ,CORRECT ,ANSWER-Assess
,significance, ,likelihood, ,means ,of ,managing ,risk.
Qualitative ,- ,Risk ,ranking, ,heat ,maps, ,matrix
Quantitative ,- ,Probability ,models, ,how ,it ,would ,affect ,earnings
Step ,4 ,- ,Risk ,Response ,- ,CORRECT ,ANSWER-How ,organization ,elects ,to
,manage ,individual ,risks.
Controls ,- ,CORRECT ,ANSWER-Actions ,taken ,by ,management ,to ,manage ,risk
,and ,ensure ,risk ,responses ,are ,carried ,out.
Residual ,Risk ,- ,CORRECT ,ANSWER-Risk ,that ,remains ,after ,responses ,are
,executed
Step ,5 ,- ,Risk ,Monitoring ,- ,CORRECT ,ANSWER-Track ,identified ,risks, ,evaluate
,current ,response ,plans, ,monitor ,residual ,risks, ,identify ,new ,risks.
Who ,has ,oversight ,of ,risk ,management? ,- ,CORRECT ,ANSWER-The ,board
Who ,ensures ,risk ,management ,processes ,are ,functioning? ,- ,CORRECT
,ANSWER-Management
Who ,examines, ,evaluates, ,reports ,or ,recommends ,improvements ,for ,risk
,management? ,- ,CORRECT ,ANSWER-Internal ,audit ,activity
Regarding ,Risk ,Management, ,CAE ,and ,IA's ,should ,(5) ,- ,CORRECT ,ANSWER-(1)
,Obtain ,a ,clear ,understanding ,of ,the ,org's ,risk ,situation
(2) ,Consider ,RM ,frameworks ,and ,models
(3) ,Consider ,characteristics ,of ,the ,organization
(4) ,Review ,the ,maturity ,of ,the ,org's ,RM
(5) ,Have ,an ,established ,process ,for ,planning, ,auditing ,and ,reporting ,RM ,issues
Maturity ,levels ,for ,risk ,management ,(5) ,- ,CORRECT ,ANSWER-1 ,Initial
2 ,Repeatable
3 ,Defined
4 ,Managed
5 ,Optimized
Questions and answers 2025
Risk ,- ,CORRECT ,ANSWER-Possibility ,of ,an ,event ,occurring ,that ,will ,have ,an
,impact ,on ,achievement ,of ,objectives. ,Impact ,v. ,Likelihood
Risk ,Management ,- ,CORRECT ,ANSWER-A ,process ,to ,identify, ,assess, ,manage,
,and ,control ,potential ,events ,or ,situations ,to ,provide ,reasonable ,assurance
,regarding ,achievement ,of ,objectives.
Risk ,Management ,Process ,(5) ,- ,CORRECT ,ANSWER-(1) ,Identification ,of ,context
(2) ,Risk ,Identification
(3) ,Risk ,Assessment ,& ,Prioritization
(4) ,Risk ,Response
(5) ,Risk ,Monitoring
Step ,1 ,- ,Identification ,of ,Context ,- ,CORRECT ,ANSWER-Contexts ,can ,include
,laws, ,regs, ,capital ,projects, ,business ,processes, ,technology, ,market ,risk, ,and
,organizations.
Step ,2 ,- ,Risk ,Identification ,- ,CORRECT ,ANSWER-Should ,be ,performed ,at ,every
,level ,of ,the ,entity. ,Consider ,past ,events ,and ,future ,possibilities. ,Event
,Inventories, ,questionnaires/surveys, ,leading ,event ,indicators/triggers, ,facilitated
,workshops, ,interviews, ,process ,flow ,analysis, ,loss ,event ,data ,methodologies.
Brainstorming, ,SWOT, ,Scenario ,analysis
, Step ,3 ,- ,Risk ,Assessment ,and ,Prioritization ,- ,CORRECT ,ANSWER-Assess
,significance, ,likelihood, ,means ,of ,managing ,risk.
Qualitative ,- ,Risk ,ranking, ,heat ,maps, ,matrix
Quantitative ,- ,Probability ,models, ,how ,it ,would ,affect ,earnings
Step ,4 ,- ,Risk ,Response ,- ,CORRECT ,ANSWER-How ,organization ,elects ,to
,manage ,individual ,risks.
Controls ,- ,CORRECT ,ANSWER-Actions ,taken ,by ,management ,to ,manage ,risk
,and ,ensure ,risk ,responses ,are ,carried ,out.
Residual ,Risk ,- ,CORRECT ,ANSWER-Risk ,that ,remains ,after ,responses ,are
,executed
Step ,5 ,- ,Risk ,Monitoring ,- ,CORRECT ,ANSWER-Track ,identified ,risks, ,evaluate
,current ,response ,plans, ,monitor ,residual ,risks, ,identify ,new ,risks.
Who ,has ,oversight ,of ,risk ,management? ,- ,CORRECT ,ANSWER-The ,board
Who ,ensures ,risk ,management ,processes ,are ,functioning? ,- ,CORRECT
,ANSWER-Management
Who ,examines, ,evaluates, ,reports ,or ,recommends ,improvements ,for ,risk
,management? ,- ,CORRECT ,ANSWER-Internal ,audit ,activity
Regarding ,Risk ,Management, ,CAE ,and ,IA's ,should ,(5) ,- ,CORRECT ,ANSWER-(1)
,Obtain ,a ,clear ,understanding ,of ,the ,org's ,risk ,situation
(2) ,Consider ,RM ,frameworks ,and ,models
(3) ,Consider ,characteristics ,of ,the ,organization
(4) ,Review ,the ,maturity ,of ,the ,org's ,RM
(5) ,Have ,an ,established ,process ,for ,planning, ,auditing ,and ,reporting ,RM ,issues
Maturity ,levels ,for ,risk ,management ,(5) ,- ,CORRECT ,ANSWER-1 ,Initial
2 ,Repeatable
3 ,Defined
4 ,Managed
5 ,Optimized
