Risk Identification & Assessment Techniques Flashcards
7 cards from real CRA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Identification & Assessment Techniques flashcards as text
Which risk identification technique relies on expert judgment and structured rounds of anonymous questionnaires to build consensus?
Answer: Delphi Technique
The Delphi Technique uses iterative rounds of anonymous expert questionnaires to reach consensus on risk identification without groupthink bias.
A risk analyst discovers that a single supplier provides 80% of critical components. Which type of risk concentration is this an example of?
Answer: Concentration risk
Concentration risk arises when a large proportion of exposure is tied to a single entity, sector, or source, amplifying potential losses.
In a risk heat map, a risk plotted in the upper-right quadrant indicates it is:
Answer: High likelihood and high impact
The upper-right quadrant of a heat map represents risks with both high likelihood and high impact, requiring immediate attention and mitigation.
Which assessment approach assigns numerical probabilities and financial values to risk outcomes to derive an expected loss?
Answer: Quantitative risk assessment
Quantitative risk assessment uses numeric data, probability distributions, and financial modeling to calculate expected losses and value-at-risk metrics.
The term 'inherent risk' refers to the level of risk that exists:
Answer: Before any controls or mitigations are applied
Inherent risk is the raw level of risk exposure that exists before any controls, mitigations, or risk responses are implemented.
During a facilitated risk workshop, participants generate risks by asking 'What could go wrong if this assumption is false?' This technique is known as:
Answer: Assumption analysis
Assumption analysis systematically challenges project or process assumptions to surface risks that arise if those assumptions prove incorrect.
Which qualitative scale best represents ordinal risk ratings used in risk assessment matrices?
Answer: Very Low, Low, Medium, High, Very High
Ordinal scales like Very Low through Very High represent ranked categories without implying equal intervals, which is standard in qualitative risk matrices.