Explain the Concept of Risk Management in the Context of a Digital Organization (11.1, 11.2, 11.3 Including Subsections for All, Risk Management Practice 2.1 & 2.4 Including All Subsections) ITIL-4-STRATEGIC-LEADER-MODULES Practice Questions (Page 3)

Questions 11–15

1. 11foundation · easy

   In the context of ITIL 4, what does the term 'risk' refer to?

   • AThe effect of uncertainty on objectives
   • BA possible event that could cause harm or loss
   • CThe probability of a project failing
   • DThe likelihood of a cyberattack occurring
   Reveal Solution Discussion Select an answer first
2. 12application · medium

   A retail bank is launching a new mobile app that allows customers to open accounts remotely. The risk team has identified that the identity verification process may be vulnerable to fraud. They are now evaluating the likelihood and impact of this risk to decide on the appropriate response. What should the risk team do next?

   • APerform a qualitative risk analysis to estimate the likelihood and impact of the fraud risk.
   • BDocument the risk in the risk register and move on to the next identified risk.
   • CTransfer the risk to a third-party fraud detection service without further analysis.
   • DImmediately implement additional identity verification controls to eliminate the risk.
   Reveal Solution Discussion Select an answer first
4. 13foundation · easy

   Who is ultimately accountable for risk management in an organization?

   • AAll employees equally
   • BThe board of directors or senior leadership
   • CThe chief information officer (CIO)
   • DThe risk management team
   Reveal Solution Discussion Select an answer first
5. 14foundation · easy

   Why is effective communication important in risk management?

   • AIt replaces the need for risk assessment
   • BIt helps stakeholders understand risks and make informed decisions
   • CIt ensures that all risks are eliminated
   • DIt is only required for external reporting
   Reveal Solution Discussion Select an answer first
6. 15foundation · easy

   Which tool is commonly used to visualize the likelihood and impact of risks?

   • ASWOT analysis
   • BRisk register
   • CProbability and impact matrix
   • DChecklist
   Reveal Solution Discussion Select an answer first