An agriculture government agency faces different challenges with farmers and landlords In implementing its ambitious growth strategy. The agency decided to establish an enterprise risk management unit to identify risks, analyze risks, and provide a handbook showing how to handle the surrounding uncertainty.
What should the risk management expert recommend the agency do first to identify risks and develop the handbook?

• A. Hire an agriculture expert who can develop the required handbook and discuss it with the agriculture minister.
• B. Follow standard risk Identification tools dedicated for agriculture and tailor them to the environment.
• C. Prepare a list of the key resources that will be used to compile a risk management plan.
• D. Conduct meetings, facilitated workshops, and interviews with stakeholders to identify potential risks.

A new risk manager has been hired on a project and meets with the project director. The project director supplies the project ' s risk register and asks the risk manager for an analysis of its effectiveness.
What two actions should the risk manager do next? (Choose two.)

• A. Check to ensure that the risk is supported by a Monte Carlo simul-ation.
• B. Check to ensure that the risks are gathered using Delphi technique.
• C. Check to ensure that risk origin, triggering event, and ownership is identified.
• D. Check to ensure the risk meeting agenda and supporting documents are distributed.
• E. Check for risk classification and that probability and impact are identified.

A risk manager is preparing risk reports to be included in the monthly status report for project executives.
How should the risk manager present the information?

• A. The format established in the risk management plan
• B. Earned value management (EVM) variance metrics
• C. An itemized list of remaining risks and their scores
• D. A risk burndown chart showing remaining risks

A risk manager is conducting a qualitative risk analysis for a renewable energy project that faces tight deadlines. The team identifies risks such as weather unpredictability, material cost fluctuations, and potential regulatory delays. While some members advocate prioritizing high-likelihood risks, others emphasize addressing unlikely but high-impact risks.
What should the risk manager do?

• A. Delegate the assessment of lower-priority concerns to team leads while addressing critical ones.
• B. Prioritize uncertainties that align closely with the project ' s primary deliverables.
• C. Focus on high-probability concerns first to proactively address the most immediate threats.
• D. Evaluate all identified concerns and consider likelihood and impact to prioritize the concerns effectively.

A project manager has requested the risk manager ' s support in deciding whether to purchase a new component to expedite project execution. The component price is US$100,000 and there is a 30% chance that it might not function as expected resulting in an additional US$50,000 cost However, if the component does work well the project will make a profit of USS500.000. If the component is not purchased, there is an 80% chance of failure with an impact of US$250 000.
What should the risk manager recommend?

• A. Perform a Monte Carlo simul-ation to quantify the impacts.
• B. The new component should be purchased.
• C. Cost to expedite the execution is not worth the added risk.
• D. Both options are losses to the project.