CRMA - Certification in Risk Management Assurance Risk Management Frameworks Questions and Answers

Question 1

An organization is in the process of selecting a risk management framework.
Management wants a framework that is globally recognized, flexible, and provides high-level principles and guidelines rather than prescriptive requirements.
Which of the following frameworks would be most suitable for this organization?

Accepted Answer

ISO 31000

Answer

COBIT

Answer

Sarbanes-Oxley Act (SOX)

Answer

COSO Internal Control-Integrated Framework

Question 2

A CRMA is reviewing their organization's risk management framework, which is based on the COSO Enterprise Risk Management (ERM) Framework. The CRMA wants to ensure all key components are being addressed. Which of the following is one of the five interrelated components of the 2017 COSO ERM Framework?

Accepted Answer

Strategy & Objective-Setting

Answer

Risk Identification

Answer

Control Activities

Answer

Risk Assessment

Question 3

Which principle of risk management, according to ISO 31000, emphasizes that risk management should be an inseparable part of all organizational activities, including strategic planning and decision-making?

Accepted Answer

Integrated

Answer

Customized

Answer

Dynamic

Answer

Structured and Comprehensive

Question 4

A manufacturing company has recently implemented a risk management framework. To provide assurance, the internal audit activity is asked to evaluate its effectiveness. The audit reveals that while a comprehensive risk register exists, the framework is not tailored to the company's specific operational context and strategic objectives. This weakness primarily violates which core principle of ISO 31000?

Accepted Answer

Customized

Answer

Inclusive

Answer

Best available information

Answer

Continual improvement

Question 5

When comparing the COSO ERM framework with ISO 31000, a key distinction is that COSO ERM:

Accepted Answer

Places a stronger emphasis on internal controls, governance, and compliance.

Answer

Is less detailed and provides only high-level principles.

Answer

Is primarily focused on IT-related risks.

Answer

Is a certifiable standard for organizations.

Question 6

As part of providing assurance on the risk management process, a CRMA is assessing the organization's ability to anticipate and respond to changes in the business environment. This aligns with which of the following principles of an effective risk management framework under ISO 31000?

Accepted Answer

Dynamic

Answer

Structured and comprehensive

Answer

Inclusive

Answer

Integrated