M_o_R® Foundation Exam Simulator

Description

M_o_R® Foundation Exam Simulator

About these mock exams:

A bank of 300 questions

Containing helpful explanations for each question

Fully compatible with the latest version of M_o_R

Developed by Project Management Expert Eng. Abayzeed Elsmani

300 Questions!

This package contains 300 root questions, Therefore, when you take the exam multiple times, you will always see slightly different questions, and will be forced to pay attention to the details, which is very useful for your real exam.

Syllabus

The M_o_R exam questions have the following main categories:

Introduction & Glossary

Principles

Approach

Process

Embedding & Review

Perspectives

Common Techniques

Risk Specialisms

Each area has a certain number of questions in the exam. The exam simulator uses the same categories, and the same number of questions in each category. At the end of each simulated exam, you will receive a breakdown of your score in each area, so that you can know which areas are causing you trouble and learn more about them.

According to AXELOS, the following is the detailed syllabus for the exam:

Introduction & Glossary

Know facts, terms and concepts relating to M_o_R. Specifically to recall definitions of:

Risk management terms used in the M_o_R framework:

Risk

Issue

Threat

Opportunity

Corporate governance terms used in the M_o_R framework:

Risk exposure

Risk management

Corporate governance

Know facts, terms and concepts relating to the M_o_R approach, perspectives and the actions needed for effective risk management implementation. Specifically to recall:

The main elements of the M_o_R framework:

Principles

Approach

Process

Embedding and reviewing

The actions needed for effective risk management (identify, assess, control (plan and implement))

The four perspectives and their relationship with long-term, medium-term and short-term goals

Understand how the M_o_R framework is used. Specifically to identify:

The purpose of each of the elements of the M_o_R framework

How decisions about risk vary depending on whether the organizational objectives are:

Long-term

Medium-term

Short-tem

How risk management supports better decision-making

How effective risk management is likely to improve performance against objectives

How legislation and increased focus on formal risk management influences the drivers for an increased focus on risk management, corporate governance and internal control.

The benefits of risk management

The difference between a risk and an issue

Principles

Know the facts, terms and concepts relating to the M_o_R principles. Specifically to recall:

That the principles are informed by corporate governance principles and ISO31000:2009

Definitions of the terms describing the amount of risk an organization is willing to take:

Risk capacity

Risk appetite

Risk tolerance

Definition of terms used to support decision making:

Key performance indicator (KPI)

Early warning indicator (EWI)

The eight M_o_R principles:

The seven principles that enable risk management

The principle that results from implementing risk management well

Understand how the M_o_R principles are used and the main mechanisms (e.g., appetite, capacity, tolerance, EWI, KPI, etc.) that support them. Specifically to identify:

The purpose of each of the eight M_o_R principles:

Aligns with objectives

Fits the context

Engages stakeholders

Provides clear guidance

Informs decision-making

Facilitates continual improvement

Creates a supportive culture

Achieves measurable value.

The outcome from satisfying each of the principles

Aligns with objectives

Fits the context

Engages stakeholders

Provides clear guidance

Informs decision-making

Facilitates continual improvement

Creates a supportive culture

Achieves measurable value

How the principles support corporate governance and internal control:

Aligns with objectives.

Fits the context

Engages stakeholders

Provides clear guidance

Informs decision-making

Facilitates continual improvement

Creates a supportive culture

Achieves measurable value

The link between risk tolerance and escalation

Approach

Know the facts, terms and concepts relating to the M_o_R approach. Specifically to recall:

The three documents that make up the central approach documents:

Risk management policy

Risk management process guide

Risk management strategy

Understand the contents of the nine M_o_R approach documents, how they relate to the principles and how they are applied throughout the M_o_R framework. Specifically to identify:

The purpose of each of the M_o_R documents

Risk management policy

Risk management process guide

Risk management strategy

Risk Register

Issue Register

Risk improvement plan

Risk communications plan

Risk response plan

Risk progress report

The concepts supporting the contents of the risk management policy:

The amount of risk an organisation can bear

The amount of risk an organisation is willing to accept

Risk tolerance thresholds – the levels of risk exposure which when exceeded will trigger an escalation

Procedures for escalation and delegation between the different perspectives

The concepts supporting the contents of the risk management process guide:

The roles and responsibilities for the process, management structure of risk management, risk management tools and reviews and audits of the process

The tools and techniques used to support the risk management process steps

The templates, their purpose and locations

The concepts supporting the contents of the risk management strategy:

Scales for estimating probability and impact

Risk categories

Risk appetite for the activity

Risk tolerance thresholds for the activity

Reporting lines, owners of contingent plans, duties of the risk manager and primary participants in the risk management process

The components of the risk register:

Risk description

Risk category

Probability

Impact

Proximity

Risk status

Risk response actions

In a risk description, the difference between cause, event and effect

The relationship between the nine M_o_R approach documents

Process

Know the facts, terms and concepts of the M_o_R process. Specifically to recall:

That risk management is an iterative process

Definitions of the terms used in the process steps and sub-steps:

Probability (inherent and residual)

Impact (inherent and residual)

Proximity

The steps in the M_o_R process

The primary steps in the M_o_R process

The sub-steps in the Identify and Assess steps

The sequence of the steps

The common terminology used to describe each step:

Goals

Inputs

Outputs

Techniques

Tasks

The common process barriers to success to implementing the risk management process

Understand how the M_o_R process is used to identify, assess and control risk. Specifically to identify:

The goal of the:

Identify – Context step

Identify - Risks step

Assess - Estimate step

Assess – Evaluate step

Plan step

Implement step

Which of the nine M_o_R framework documents are developed, used or updated in the:

Identify – Context step

Identify - Risks step

Assess - Estimate step

Assess – Evaluate step

Plan step

Implement step

The difference between inherent, secondary and residual risks

The difference and relationship between risk owner and risk actionee

Embedding & Review

Know the facts, terms and concepts relating to Embedding and reviewing of risk management into the culture of an organization. Specifically to recall definitions of terms used in Embedding and reviewing the implementation of risk management:

Risk management health check

Risk management maturity model

Understand the need for integrating risk management into the culture of an organization. Specifically to identify:

The purpose of embedding and reviewing risk management

The purpose of a risk management health check

The purpose of a risk management maturity model

Ways to measure value in implementing risk management

Ways to:

Overcome barriers

Obtain and develop senior management commitment and support

Build and develop a risk-aware organizational culture

Opportunities and trigger points to emphasize support and commitment to risk management and establish a continual cycle of review and improvement.

The similarities and differences between a risk management health check and a risk management maturity model

Perspectives

Know the facts, terms and concepts of the M_o_R perspectives. Specifically to recall definitions of terms used in the perspectives:

Contingency

Enterprise Risk Management (ERM)

Central Risk Function

Understand how the M_o_R perspectives are used. Specifically to identify:

The purpose of each perspective

How the principle ‘aligns with objectives’ is applied and the focus of concern for each perspective:

Strategic

Programme

Project

Operational

How the principle ’fits the context’ is applied and the typical areas of uncertainty for each perspective:

Strategic

Programme

Project

Operational

How the principle ‘engages stakeholders’ is applied and the likely stakeholder groups at each perspective:

Strategic

Programme

Project

Operational

How the principle ‘provides clear guidance’ is applied to each perspective:

Strategic

Programme

Project

Operational

The risk management responsibilities of the senior team

Writes and owns the risk management policy

Defines the overall risk appetite

Reviews the risk management strategy

The risk management responsibilities of the senior manager appointed to represent the senior team:

Ensures appropriate governance and internal controls are in place

Defines and monitors risk tolerances

Ensures adequate resources are available to implement the risk management strategy

The risk management responsibilities of the manager:

Ensures that risk registers, risk reviews and escalation process are in place

Validates risk assessments

The risk management responsibilities of assurance:

Assures the senior team that risk accountabilities exist

Assures compliance with internal controls

Makes formal assessments of management of risk implementation

The risk management responsibilities of the risk specialist:

Carries out ongoing management of risk maturity assessments

Prepares risk management strategies

Develops plans to improve management of risk

Develops management of risk guidance and training

The risk management responsibilities of the team:

Participates in identification, assessment, planning and management of threats and opportunities

Escalates risk as necessary as defined by the risk management policy

Common Techniques

Know the facts, terms and concepts of the M_o_R techniques. Specifically to recall definitions of the terms used in the:

Risk description technique:

Cause

Event

Effect

Risk response planning technique:

Avoid a threat

Exploit an opportunity

Reduce a threat

Enhance an opportunity

Transfer the risk

Share the risk

Accept the risk

Prepare contingent plans

Understand how the M_o_R techniques are used. Specifically to identify:

How the PESTLE analysis, SWOT analysis and horizon scanning techniques are used for understanding the context of an organizational activity

The relationships between a stakeholder analysis, an influence/interest matrix and a RACI diagram and how they are used for understanding stakeholders’ interests

How a probability impact grid and a summary risk profile are used for visualizing the total risk to an activity

How the checklist, prompt list, risk breakdown structure and a cause and effect diagram assist in identifying risks

How the avoid and reduce responses are used to respond to threats

How the exploiting and enhancing responses are used to respond to opportunities

How the ‘transfer the risk’, ‘share the risk’ and ‘accept the risk’ are used to respond to risks

The relationship between ‘prepare contingent plans' and the ‘reduce the threat’ / ‘enhance the opportunity' plan responses

How the probability assessment, impact assessment, proximity assessment and expected value assessment techniques are used for risk estimation

Risk Specialisms

Know the facts, terms and concepts of the M_o_R risk specialisms. Specifically to recall:

The types of risk specialisms:

Business continuity management

Incident and crisis management

Health and safety management

Security risk management

Financial risk management

Environmental risk management

Reputational risk management

Contract risk management

That specialisms have developed as organizations have applied particular approaches to managing specific types of risks

Understand how the M_o_R risk specialisms are used. Specifically to identify:

The purpose and scope of each risk management specialism as listed in RS0101

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