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1-Company G is a manufacturer of high profile golf equipment. The risk management professional for Company G is concerned about loss of business related to product design. Failing to respond to changing customer demand and preferences in the design of golf clubs could cost Company G significant market share. Categorized according to the quadrants of risk, this exposure to loss is classified as

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An operational risk.

A hazard risk.

A strategic risk.

A financial risk.

none

1-Risk can be classified as diversifiable or nondiversifiable. Which one of the following statements is true with respect to this type of risk classification?

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Private insurance tends to concentrate on nondiversifiable risks; government insurance is often suitable for diversifiable risks.

Systemic risks are generally diversifiable.

Inflation unemployment and natural disasters such as hurricanes are examples of diversifiable risk.

Diversifiable risks tend not to be correlated so they can be managed through diversification or spread of risk.

none

1-Risk is a term that is regularly used and that is generally understood in context. As used in this discussion, which one of the following is one of the two elements within the definition of risk?

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Uncertainty of outcome

Probability of financial loss

Opportunity for profit

Likelihood of injury or damage to property

none

1-Jean is the Risk Manager for a Fortune 1000 company. Her CFO has tasked her to analyze vulnerabilities in the firm's supply chain. The adequacy of suppliers to meet an organization's needs would be an example of which one of the following types of risk

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(0/0)

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Operational risk.

Operating risk.

Financial risk.

Strategic risk.

none

1-Which one of the following is measurable and quantifies risk?

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Uncertainty

Feasibility

Probability

Possibility

none

1-Risk involves the possibility of a negative outcome. Possibility means

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The likelihood of an event occurring.

That an outcome is unavoidable.

An identified and predictable outcome.

That an outcome may or may not occur.

none

1-One of the elements of risk is uncertainty. Which one of the following best describes the type of uncertainty that risk involves?

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Uncertainty as to whether a negative outcome is possible

Uncertainty as to whether insurance is available

Uncertainty as to the type and timing of the outcome

Uncertainty as to how to manage potential losses

none

1-Probabilities are stated as a decimal figure, a percentage, or a

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Dollar amount.

Stated constant.

Credibility factor.

Fraction.

none

1-To understand risk, one needs to know the probability of an outcome or event occurring. Which one of the following statements is correct with respect to probability?

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It identifies what can be lost when a negative outcome occurs.

It verifies that risk is present but does not quantify it.

It is typically expressed verbally rather than numerically.

It can be used to decide which activities to undertake.

none

1-In the context of risk, the chance of being injured while driving to and from work, loading a truck at work, moving furniture at home, or falling in an icy parking lot at the mall are all examples of

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(0/0)

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Probabilities.

Possibilities.

Uncertainties.

Losses.

none

1-Which one of the following best describes the categories of risk included in the enterprise risk management model?

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Pure dynamic objective and subjective

Primary secondary and tertiary

Domestic national international

Operational strategic financial and hazard

none

1-Risk can be classified as pure or speculative. Which one of the following is the best example of a speculative risk?

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Investing in shares of stock

Acquiring a new television

Purchasing an insurance policy

Buying a new personal vehicle

none

1-One enterprise risk management (ERM) approach to categorizing risks involves dividing risks into four risk quadrants. The risks categorized as hazard risks are

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(0/0)

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Speculative risks that fall outside the operational risk category.

Traditionally managed by risk management professionals.

Fundamental to an organization's existence and business plans.

Traditionally handled by the treasury function.

none

1-A new computer chip that could position a company for explosive growth is an example of

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(0/0)

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Operational risk.

Tactical risk.

Strategic planning.

Strategic risk.

none

1-The statement "There is a 5 percent chance that John will be injured in an automobile accident while driving to work tomorrow." is an example of

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Indentifying hazards.

Verifying risk.

Quantifying risk.

Quantifying loss exposures.