Which of the following is the PRIMARY purpose of creating and documenting control procedures?

• A.To establish and maintain a control inventory
• B.To facilitate ongoing audit and control testing
• C.To increase the likelihood of effective control operation
• D.To help manage risk to acceptable tolerance levels

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An identified high probability risk scenario involving a critical, proprietary business function has an annualized cost of control higher than the annual loss expectancy. Which of the following is the BEST risk response?

• A.Avoid
• B.Transfer
• C.Accept
• D.Mitigate

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An interruption in business productivity is considered as which of the following risks?

• A.Reporting risk
• B.Operational risk
• C.Legal risk
• D.Strategic risk
• E.Explanation:
  Operation risks encompass any potential interruption in business. Operational risks are those risk that are associated with the day-to-day operations of the enterprise. They are generally more detailed as compared to strategic risks. It is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Some sub-categories of operational risks include: Organizational or management related risks Information security risks Production, process, and productivity risks Profitability operational risks Business interruption risks Project activity risks Contract and product liability riss Incidents and crisis Illegal or malicious acts

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You work as a project manager for BlueWell Inc. You have declined a proposed change request because of the risk associated with the proposed change request. Where should the declined change request be documented and stored?

• A.Change request log
• B.Project archives
• C.Lessons learned
• D.Project document updates

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The only output of qualitative risk analysis is risk register updates. When the project manager updates the risk register he will need to include several pieces of information including all of the following except for which one?

• A.Trends in qualitative risk analysis
• B.Risk probability-impact matrix
• C.Risks grouped by categories
• D.Watchlist of low-priority risks

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