WGU D373 WORKPLACE RISK MANAGEMENT EXAM
63 QUESTIONS WITH VERIFIED ANSWERS
2025/2026
-Developed by the International Organization of Standardization (ISO).
-Released in 2009, built on the earlier work of the COSO Enterprise Risk
Management-Integrated Framework.
-Proactive approach to risk management, applicable to a broad range of
organizations and organizational stakeholders.
-Helped shape organizational risk management programs. - CORRECT ANSWER
Standard 31000, Risk Management: Principles and Guidelines
-Developed by the Committee of Sponsoring Organizations of the Treadway
Commission.
-Created primarily for the needs of the financial industry.
-Enterprise risk management (ERM) that is more compliance-oriented and focused
on maximizing shareholders' equity.
-Helped shape organizational risk management programs. - CORRECT ANSWER
COSO Enterprise Risk Management (ERM)-Integrated Framework
COSO: having an adverse effect; commonly seen as something negative.
ISO: "the effect of uncertainty on objectives"; the potential of what could happen
- opportunities and threats, and positive or negative changes. - CORRECT ANSWER
Definitions of Risk
,The ability to not just withstand high-impact events or shocks, but it improve and
benefit from them. - CORRECT ANSWER Antifragility
-Have immediate, mid-range, and long-term effects.
-Goal is to anticipate, prioritize, and manage as many as reasonably possible.
-Should be considered in terms of a broad range of possible outcomes, unfolding
over time and in different configurations. - CORRECT ANSWER Risks
Coordinated activities to direct and control an organization with regard to risk.
-Strategies are designed to change the probability of a risk event occurring and/or
the degree of its impact. - CORRECT ANSWER ISO Definition: Risk Management
System for identifying, evaluating, and controlling actual and potential risks to an
organization, and which typically incorporate mitigation and/or response
strategies, including the use of insurance. - CORRECT ANSWER Risk Management
An action taken to manage a risk. - CORRECT ANSWER Risk Control
-Systematic approach to risk management aligns process with the organization's
strategy and objectives; moving past mere compliance.
-Leads to a more effective response to risk.
-Leads to a more consistent response to risk across the organization.
-Losses are reduced; resources are not wasted; opportunities are more readily
identified, seized, and enhanced.
, -Interrelationship and possible interaction of risks across the organization are
understood and managed.
-Builds an organization's resiliency to emerging risks. - CORRECT ANSWER Risk
Management: Benefits
-Structural: organizational structures where business lines are siloed tend to
respond to risk in an operational, rather than strategic manner. Overlook the
dependencies within the organization that can create risks.
-Cognitive: managing risk effectively and strategically requires imagination and
openness to change - what-if scenarios. Compliance is attractive because of its
relative clarity - if-then scenarios where risks are identified and responses defined.
-Cultural: barriers involve what types of mindsets are sought, instilled, and
rewarded; communicating the organization's position and appetite regarding risk.
Diverse cultural backgrounds within and organization shape shape employees'
beliefs and attitudes towards risk. - CORRECT ANSWER Risk Management: Barriers
-Known Knowns: events that are expected and involve little uncertainty.
-Known Unknowns: uncertainties we know exist, but we don't know much about
their probability or impact.
-Unknown Unknowns: risks we don't know exist.
"Black swan" theory: unknown unknowns that are extremely rare, have a major
impact, and in hindsight, are reasonably predictable.
63 QUESTIONS WITH VERIFIED ANSWERS
2025/2026
-Developed by the International Organization of Standardization (ISO).
-Released in 2009, built on the earlier work of the COSO Enterprise Risk
Management-Integrated Framework.
-Proactive approach to risk management, applicable to a broad range of
organizations and organizational stakeholders.
-Helped shape organizational risk management programs. - CORRECT ANSWER
Standard 31000, Risk Management: Principles and Guidelines
-Developed by the Committee of Sponsoring Organizations of the Treadway
Commission.
-Created primarily for the needs of the financial industry.
-Enterprise risk management (ERM) that is more compliance-oriented and focused
on maximizing shareholders' equity.
-Helped shape organizational risk management programs. - CORRECT ANSWER
COSO Enterprise Risk Management (ERM)-Integrated Framework
COSO: having an adverse effect; commonly seen as something negative.
ISO: "the effect of uncertainty on objectives"; the potential of what could happen
- opportunities and threats, and positive or negative changes. - CORRECT ANSWER
Definitions of Risk
,The ability to not just withstand high-impact events or shocks, but it improve and
benefit from them. - CORRECT ANSWER Antifragility
-Have immediate, mid-range, and long-term effects.
-Goal is to anticipate, prioritize, and manage as many as reasonably possible.
-Should be considered in terms of a broad range of possible outcomes, unfolding
over time and in different configurations. - CORRECT ANSWER Risks
Coordinated activities to direct and control an organization with regard to risk.
-Strategies are designed to change the probability of a risk event occurring and/or
the degree of its impact. - CORRECT ANSWER ISO Definition: Risk Management
System for identifying, evaluating, and controlling actual and potential risks to an
organization, and which typically incorporate mitigation and/or response
strategies, including the use of insurance. - CORRECT ANSWER Risk Management
An action taken to manage a risk. - CORRECT ANSWER Risk Control
-Systematic approach to risk management aligns process with the organization's
strategy and objectives; moving past mere compliance.
-Leads to a more effective response to risk.
-Leads to a more consistent response to risk across the organization.
-Losses are reduced; resources are not wasted; opportunities are more readily
identified, seized, and enhanced.
, -Interrelationship and possible interaction of risks across the organization are
understood and managed.
-Builds an organization's resiliency to emerging risks. - CORRECT ANSWER Risk
Management: Benefits
-Structural: organizational structures where business lines are siloed tend to
respond to risk in an operational, rather than strategic manner. Overlook the
dependencies within the organization that can create risks.
-Cognitive: managing risk effectively and strategically requires imagination and
openness to change - what-if scenarios. Compliance is attractive because of its
relative clarity - if-then scenarios where risks are identified and responses defined.
-Cultural: barriers involve what types of mindsets are sought, instilled, and
rewarded; communicating the organization's position and appetite regarding risk.
Diverse cultural backgrounds within and organization shape shape employees'
beliefs and attitudes towards risk. - CORRECT ANSWER Risk Management: Barriers
-Known Knowns: events that are expected and involve little uncertainty.
-Known Unknowns: uncertainties we know exist, but we don't know much about
their probability or impact.
-Unknown Unknowns: risks we don't know exist.
"Black swan" theory: unknown unknowns that are extremely rare, have a major
impact, and in hindsight, are reasonably predictable.
