104
Mastering Risk Assessment: Gauge Your Knowledge
Test your understanding of risk assessment methodologies with our engaging quiz designed for professionals and enthusiasts alike. Dive into core concepts, best practices, and historical incidents that shape the field of risk management.
- 26 challenging questions
- Explore Bow-Tie, FMEA, LOPA and more
- Assess your knowledge and improve your skills
Bow-Tie helps the decision makers visualize, understand and communicate risk to stakeholders on a complicated scale.
False
True
When defining the risk criteria and risk scoring system to be used, stakeholders should ignore the level of detail desired, and data and resources available
False
True
FMEA was developed in 1949 by the U.S. Department of Defense
True
False
It is not essential that an organization carefully select and/or develop its own risk criteria to reflect its values, goals, industry setting, and overall culture
False
True
LOPA is used qualitatively to review layers of protection between a hazard and a consequence, or semi-quantitatively to prioritize processes for further analysis.
True
Fales
Risk level scores produced can be linear or logarithmic based on the formula selected.
True
False
The purpose of ……………. Is to determine if current barriers are sufficient to achieve an acceptable risk level, and if not, what additional barriers are required
LOPA
FMEA
BOW TIE
HAZOP
Risk criteria should include a …
Risk scoring system
Risk factors
Defined scales of risk levels
A risk matrix for an organisation to measure risk
Risk assessment models and their matrices may be classified as ………
All the answers
Qualitative
Quantitative
Semi-quantitative
Several other risk factors can be added to further define risk such as ……
Exposure or frequency of exposure
Vulnerability
Failure detectability
Control reliability
………… is the process of comparing estimated risk levels with an established baseline
Risk Evaluation
Risk Identification
Risk Analysis
Risk Treatment
……………. Method provides a big picture view of a hazard scenario and its relationships between hazards and causes, barriers to prevent occurrence, and mitigating controls to reduce the impact should an event occur
BOW TIE
FMEA
LOPA
HAZOP
Risk criteria are not reference points against which the significance of risk are evaluated and measured.
True
False
FMEA uses a spreadsheet with columns to analyze individual process functions, potential failures, causes, effects of failure, and controls.
True
False
A quantitative risk assessment attempts to measure the risk by relating the probability of the risk occurring to the possible severity of the outcome and then giving the risk a numerical value.
False
True
Titanic disaster led to an investigation that transformed the ship building industry and almost created the risk analysis industry overnight.
True
False
The purpose of the risk assessment matrix is to provide “a method to categorize combinations of probability of occurrence and severity of harm, thus establishing risk levels.”
False
True
Risk are the potential of a substance, activity or process to cause harm. Hazards take many forms including, for example, chemicals, electricity and the use of a ladder.
False
True
…. Are the state or condition where a system fails to perform as expected or deviates from its design tolerances resulting in a potential for harm or a hazardous event.
Failure modes
Break down
Out of service
Deviation
If no person or no asset is exposed to the hazard then there is still a risk
True
False
Hazard identification cannot be used as a stand-alone technique or as an initial step in more detailed risk assessment methodologies
False
True
…….. Are the components of risk derived from an identified hazard that are estimated and measured to produce a risk score
Risk element
Risk factors
Risk data
Risk information
The most common hazard-based analysis technique used in operational risk management is the .....
Layer of Protection Analysis
Job Hazard Analysis
Hazard Operability Study
Failure Mode and Effect Analysis
If hazards, the source of risk, are not recognized and identified, risks cannot be assessed, reduced and managed
True
False
Risk should be evaluated for the worst conceivable case rather than worst credible risk
False
True
Risk analysis is the ………………. Of the risk assessment process
Second step
Third step
First step
Fourth step
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