Welcome to your Operations Risk Management Module
1. What is the key benefit of conducting risk assessments regularly?
2. How can organizations address operational risks associated with technological advancements?
3. Which of the following is an example of an internal operational risk?
4. Why is it essential to identify and assess operational risks?
5. What does the acronym "KRIs" stand for in the context of risk management?
6. Which approach involves transferring operational risk to an external party?
7. Which risk response strategy involves outsourcing certain business functions to specialized third-party vendors?
8. Why is it essential to establish clear roles and responsibilities for risk management within an organization?
9. Which factor can contribute to operational risk arising from human errors?
10. Which risk response strategy involves reducing the impact of a potential risk event?
11. What is the primary goal of risk reporting in operational risk management?
12. Which risk response strategy involves using financial instruments to hedge against potential risks?
13. What is a "single point of failure" in operations risk management?
14. Which operational risk category includes risks arising from changes in economic conditions?
15. Which operational risk category includes risks arising from inadequate or failed internal processes?
16. What is a "risk appetite" in the context of operational risk management?
17. Which regulatory body is often involved in overseeing operational risk management in financial institutions?
18. What is the main goal of stress testing in operational risk management?
19. What is the role of employee training and awareness programs in operational risk management?
20. What is the primary purpose of business continuity planning?
21. What is the primary purpose of conducting scenario analysis in operations risk management?
22. Which department is responsible for overseeing operational risk management within an organization?
23. What is a "risk register" in the context of operational risk management?
24. What is a common method for mitigating operational risks related to technology and data storage?
25. Which operational risk category includes risks arising from changes in laws and regulations?
26. What is a "risk control self-assessment" (RCSA) in the context of operational risk management?
27. How can organizations encourage a strong risk culture among employees?
28. Which operational risk category involves risks related to an organization's reputation and public image?
29. Which type of risk assessment involves using historical data to predict future risk events?
30. How can organizations improve their operational risk management over time?
31. Which risk response strategy involves holding a reserve fund to cover potential losses?
32. Which of the following is a component of a robust operational risk management framework?
33. How can organizations prepare for potential operational risks proactively?
34. Which risk response strategy involves accepting the potential risk without taking any specific action?
35. Which risk response strategy involves avoiding activities that expose the organization to potential risks?
36. What is the role of a Chief Risk Officer (CRO) in an organization?
37. What is a "business impact event" in business continuity planning?
38. Which risk response strategy involves reducing the probability of a risk event occurring?
39. What is the purpose of a "risk committee" within an organization?
40. What is a "business impact analysis" in the context of business continuity planning?
41. What is the "loss severity" in the context of operational risk?
42. Which operational risk category involves risks related to the organization's internal culture and behavior?
43. How can organizations enhance their operational risk management practices?
44. Which risk response strategy involves sharing the potential risk with another party, typically through insurance?
45. What is the purpose of conducting risk assessments in operations management?
46. How can organizations assess the effectiveness of their operational risk management practices?
47. How can organizations foster a culture of continuous improvement in operational risk management?
48. Which of the following is an example of an external operational risk?
49. How can organizations monitor and track operational risks effectively?
50. What is the primary objective of operations risk management?
