1.True/False:

Businesses tend to take calculated risks, which means you seek to reap the benefits by being prepared for any potential obstacles, adversities, and so on.

Group of answer choices

True

False

2.True/False:

In business, we focus on the company risks, especially our department risks. Our supply chain partners are liable, and therefore should take care of their own risks.

Group of answer choices

True

False

3.True/False:

In Risk Assessment we identify, assess, and prioritize risks. We conduct a strategic analysis to avoid, eliminate or outsource risk.

Group of answer choices

True

False

4.True/False:

Risk Management is the systematic company procedure of evaluating the risks possibly involved in a project, a commercial or operational or endeavor - for example exporting in a new country, or selecting new global suppliers.

Group of answer choices

True

False

5.True/False:

Statistically, about 20% of projects within a business or project management context, don't have a risk management process in place. Also, about 60% conduct the risk assessment process, yet don't act upon the risk findings.

Group of answer choices

True

False

6.True/False:

The process of insuring your supply chain incudes these steps: Contacting a reputable insurance company, signing an insurance policy, obtain a certificate of insurance. The policy serves as collateral security for cargoes, e.g. when exporters obtain security against bank credit.

Group of answer choices

True

False

7.Which of the following statements is correct? (select one)

The Risk Formula is defined as:

Group of answer choices

Hazard = Likelihood X Vulnerability

Risk = Likelihood X Vulnerability

Hazard = Risk x Likelihood

Risk = Likelihood X Impact X Vulnerability

8.Which ONE of the following statements is CORRECT?

The Risk Management process includes 4 steps:

Group of answer choices

Risk identification, assessment, monitoring and avoidance.

Risk identification, risk assessment, risk monitoring and controlling.

Risk assessment, risk management, risk monitoring and controlling.

Risk identification, risk management, risk monitoring and controlling.

9.Which ONE of the following statements is INCORRECT?

Companies should have a 110% cargo insurance coverage .

Group of answer choices

Because in case of damage, the expected gain would be 10%

Because their business partners have only covered 90% of the activity

Because this is the class "C" insurance type

Because this is an industry standard.

10.Which ONE of the following statements is INCORRECT?

Group of answer choices

Industrial regulations are not law, yet they require different insurance types, such as hull & machinery for safety reasons.

Having an insurance coverage is a legal requirement for every industry and every component of the supply chain.

In shorter distance transportation, and short-term warehousing, it is common for some suppliers to select insufficient insurance, because they underestimate the risks.

Employers' liability is a legal requirement for most companies that have employees.