• CIMA P3 Dumps

CIMA P3 Dumps

Risk Management

    EXAM CODE : P3

    UPDATION DATE : 2023-03-30

    TOTAL QUESTIONS : 339

    UPDATES : UPTO 3 MONTHS

    GUARANTEE : 100% PASSING GUARANTEE

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Sample Questions

Question 1



Which ONE of the following correctly describes risk categorisation/classification?
(i) Interest rate risk and foreign exchange risk are externally driven whilst risks related to suppliers,
M&As and cash flows are internally driven.
(ii) Risks related to R&D and regulatory authorities are externally driven whilst risks involved with
intellectual capital and changes in customer preferences are internally driven.
(iii) Risks related to natural events are externally driven whilst those related to accounting control and
IT systems are internally driven.

A. (i) and (iii) only. 
B. (ii) only. 
C. (iii) only. 
D. None of the above. 

ANSWER : C

Question 2

Which TWO of the following shows incorrect classification of risks?

A. Abnormal wastes arising during production due to low quality stuff or lower grade labor being used is an example of operational risk
B. Malfunctioning of an IT system and hence the leak of confidential data is a strategic risk
C. Risks related to consumer rights protection and improved health and safety would be classified as strategic risks.
D. A company’s driver committing a breach of law (e.g. speeding or parking in an inappropriate place) would be classified as a hazard risk.

ANSWER : B,D

Question 3

Which ONE of the following correctly describes the three lines of defence in relation to assurance mapping? 

A. ‘Management controls’ are the first line of defence, followed by ‘operational controls’, and the third line of defence is ‘independent assurance’.
B. ‘Operational controls’ are the first line of defence, followed by ‘management controls’, and ‘independent assurance’ is a  third line of defence.
C. The correct sequence for the three lines of defence is: ‘independent assurance’, ‘operational controls’ and, finally, ‘management controls’.
D. None of the above correctly describes the three lines of defence. 

ANSWER : B

Question 4

Which ONE of the following is correct? 

A. Risk and uncertainty are two different but related words and can be used interchangeably. The only difference between them is that risk refers to more severe cases. 
B. There is an inherent relation between risk and reward, suggesting that risky ventures would be expected to yield higher gains and low-risk ventures, lower gains. 
C. Understanding and assessing risks involves quantifying them, usually with the aid of sensitivity analysis and statistical techniques such as simulation to ensure the outcome is always as per expectations or better

ANSWER : B

Question 5

Which ONE of the following is FALSE? 

A. Risk quantification helps in understanding and assessing the nature and severity of risks. Using probabilities gives an idea regarding the chances of arising losses.
B. Risk rating is a simple technique that can be based on probability, e.g. there is a 70% chance of risk materializing. 
C. Expected values are defined by CIMA official terminology as: ’means of calculating the average outcome by assigning probabilities to different outcomes’.

ANSWER : C

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