CGEIT Practice Test

Management has asked you to perform a risk audit and report back on the results.
Bonny, a project team member asks you what a risk audit is. What do you tell Bonny?

A.

A risk audit is a review of the effectiveness of the risk responses in dealing with
identified risks and their root causes, as well as the effectiveness of the risk management
process.

B.

A risk audit is a review of all the risks that have yet to occur and what their probability of
happening are.

C.

A risk audit is an audit of all the risks that have occurred in the project and what their
true impact on cost and time has been.

D.

A risk audit is a review of all the risk probability and impact for the risks, which are still
present in the project but which have not yet occurred.

Which of the following frameworks defines ERM as a process, effected by an entity's board
of directors, management, and other personnel, applied in strategy setting and across the
enterprise?

A.

COBIT

B.

COSO ERM framework

C.

Casualty Actuarial Society framework

D.

Val IT

Fred is the project manager of the PKL project. He is working with his project team to
complete the quantitative risk analysis process as a part of risk management planning.
Fred understands that once the quantitative risk analysis process is complete, the process
will need to be completed again in at least two other times in the project. When will the
quantitative risk analysis process need to be repeated?

A.

Quantitative risk analysis process will be completed again after the risk response
planning and as a part of monitoring and controlling.

B.

Quantitative risk analysis process will be completed again after the plan risk response
planning and as part of procurement.

C.

Quantitative risk analysis process will be completed again after new risks are identified
and as pa of monitoring and controlling.

D.

Quantitative risk analysis process will be completed again after the cost management
planning an as a part of monitoring and controlling.

Benchmarking is a continuous process that can be time consuming to do correctly.
Which of the following guidelines for performing benchmarking identifies the critical
processes and creates measurement techniques to grade the process?

A.

Research

B.

Adapt

C.

Plan

D.

Improve

Fill in the blank with an appropriate word.
________is also referred to as corporate governance, and covers issues such as board
structures, roles and executive remuneration.