The Risk Management Process
37 practice questions with explanations — 15 free to try
PassNova has 37 M_o_R Foundation practice questions on The Risk Management Process, each with a clear explanation. A 15-question taster is free with no sign-up; the full bank is part of PassNova Premium. Updated for 2026.
The Risk Management Process: example questions & answers
3 worked examples with answers and explanations below. Try 15 M_o_R Foundation questions free in the browser; the full 37-question The Risk Management Process bank is part of PassNova Premium.
The first step of the M_o_R risk management process is 'Identify'. It is divided into two activities. What are they?
- AIdentify the costs and Identify the expected benefits
- BIdentify the risk owners and Identify the risk actionees
- CIdentify the threats and Identify the assurance providers
- DIdentify the context and Identify the risks✓
Answer: The Identify step comprises 'Identify the context' (understanding objectives and scope) followed by 'Identify the risks' (finding the threats and opportunities).
What is the main purpose of the 'Identify the context' activity in the M_o_R process?
- ATo choose the cheapest available response for each risk before any assessment of probability or impact is made
- BTo close down risks that are no longer relevant and archive the register entries that relate to them
- CTo assign monetary values to every risk
- DTo understand the objectives, scope and environment so that risk management is properly focused✓
Answer: 'Identify the context' establishes the objectives, scope, assumptions and environment for the activity, ensuring the rest of the process is relevant and appropriately targeted.
In the M_o_R process, the 'Assess' step is made up of which two activities?
- AIdentify and Communicate
- BEstimate and Evaluate✓
- CRespond and Review
- DPlan and Implement
Answer: The Assess step consists of 'Estimate' (assessing individual risks for probability, impact and proximity) and 'Evaluate' (understanding the combined effect of risks on objectives).