Overview

M_o_R® Foundation Exam SimulatorAbout these mock exams:A bank of 300 questionsContaining helpful explanations for each questionFully compatible with the latest version of M_o_RDeveloped by Project Management Expert Eng. Abayzeed Elsmani300 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.SyllabusThe M_o_R exam questions have the following main categories:Introduction & GlossaryPrinciplesApproachProcessEmbedding & ReviewPerspectivesCommon TechniquesRisk SpecialismsEach 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 & GlossaryKnow facts, terms and concepts relating to M_o_R. Specifically to recall definitions of:Risk management terms used in the M_o_R framework:RiskIssueThreatOpportunityCorporate governance terms used in the M_o_R framework:Risk exposureRisk managementCorporate governanceKnow 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:PrinciplesApproachProcessEmbedding and reviewingThe 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 goalsUnderstand how the M_o_R framework is used. Specifically to identify:The purpose of each of the elements of the M_o_R frameworkHow decisions about risk vary depending on whether the organizational objectives are:Long-termMedium-termShort-temHow risk management supports better decision-makingHow effective risk management is likely to improve performance against objectivesHow 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 managementThe difference between a risk and an issuePrinciplesKnow 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 ISO31000:2009Definitions of the terms describing the amount of risk an organization is willing to take:Risk capacityRisk appetiteRisk toleranceDefinition 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 managementThe principle that results from implementing risk management wellUnderstand 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 objectivesFits the contextEngages stakeholdersProvides clear guidanceInforms decision-makingFacilitates continual improvementCreates a supportive cultureAchieves measurable value.The outcome from satisfying each of the principlesAligns with objectivesFits the contextEngages stakeholdersProvides clear guidanceInforms decision-makingFacilitates continual improvementCreates a supportive cultureAchieves measurable valueHow the principles support corporate governance and internal control:Aligns with objectives.Fits the contextEngages stakeholdersProvides clear guidanceInforms decision-makingFacilitates continual improvementCreates a supportive cultureAchieves measurable valueThe link between risk tolerance and escalationApproachKnow 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 policyRisk management process guideRisk management strategyUnderstand 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 documentsRisk management policyRisk management process guideRisk management strategyRisk RegisterIssue RegisterRisk improvement planRisk communications planRisk response planRisk progress reportThe concepts supporting the contents of the risk management policy:The amount of risk an organisation can bearThe amount of risk an organisation is willing to acceptRisk tolerance thresholds - the levels of risk exposure which when exceeded will trigger an escalationProcedures for escalation and delegation between the different perspectivesThe 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 processThe tools and techniques used to support the risk management process stepsThe templates, their purpose and locationsThe concepts supporting the contents of the risk management strategy:Scales for estimating probability and impactRisk categoriesRisk appetite for the activityRisk tolerance thresholds for the activityReporting lines, owners of contingent plans, duties of the risk manager and primary participants in the risk management processThe components of the risk register:Risk descriptionRisk categoryProbabilityImpactProximityRisk statusRisk response actionsIn a risk description, the difference between cause, event and effectThe relationship between the nine M_o_R approach documentsProcessKnow the facts, terms and concepts of the M_o_R process. Specifically to recall:That risk management is an iterative processDefinitions of the terms used in the process steps and sub-steps:Probability (inherent and residual)Impact (inherent and residual)ProximityThe steps in the M_o_R processThe primary steps in the M_o_R processThe sub-steps in the Identify and Assess stepsThe sequence of the stepsThe common terminology used to describe each step:GoalsInputsOutputsTechniquesTasksThe common process barriers to success to implementing the risk management processUnderstand how the M_o_R process is used to identify, assess and control risk. Specifically to identify:The goal of the:Identify - Context stepIdentify - Risks stepAssess - Estimate stepAssess - Evaluate stepPlan stepImplement stepWhich of the nine M_o_R framework documents are developed, used or updated in the:Identify - Context stepIdentify - Risks stepAssess - Estimate stepAssess - Evaluate stepPlan stepImplement stepThe difference between inherent, secondary and residual risksThe difference and relationship between risk owner and risk actioneeEmbedding & ReviewKnow 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 checkRisk management maturity modelUnderstand the need for integrating risk management into the culture of an organization. Specifically to identify:The purpose of embedding and reviewing risk managementThe purpose of a risk management health checkThe purpose of a risk management maturity modelWays to measure value in implementing risk managementWays to:Overcome barriersObtain and develop senior management commitment and supportBuild and develop a risk-aware organizational cultureOpportunities 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 modelPerspectivesKnow the facts, terms and concepts of the M_o_R perspectives. Specifically to recall definitions of terms used in the perspectives:ContingencyEnterprise Risk Management (ERM)Central Risk FunctionUnderstand how the M_o_R perspectives are used. Specifically to identify:The purpose of each perspectiveHow the principle ‘aligns with objectives' is applied and the focus of concern for each perspective:StrategicProgrammeProjectOperationalHow the principle 'fits the context' is applied and the typical areas of uncertainty for each perspective:StrategicProgrammeProjectOperationalHow the principle ‘engages stakeholders' is applied and the likely stakeholder groups at each perspective:StrategicProgrammeProjectOperationalHow the principle ‘provides clear guidance' is applied to each perspective:StrategicProgrammeProjectOperationalThe risk management responsibilities of the senior teamWrites and owns the risk management policyDefines the overall risk appetiteReviews the risk management strategyThe risk management responsibilities of the senior manager appointed to represent the senior team:Ensures appropriate governance and internal controls are in placeDefines and monitors risk tolerancesEnsures adequate resources are available to implement the risk management strategyThe risk management responsibilities of the manager:Ensures that risk registers, risk reviews and escalation process are in placeValidates risk assessmentsThe risk management responsibilities of assurance:Assures the senior team that risk accountabilities existAssures compliance with internal controlsMakes formal assessments of management of risk implementationThe risk management responsibilities of the risk specialist:Carries out ongoing management of risk maturity assessmentsPrepares risk management strategiesDevelops plans to improve management of riskDevelops management of risk guidance and trainingThe risk management responsibilities of the team:Participates in identification, assessment, planning and management of threats and opportunitiesEscalates risk as necessary as defined by the risk management policyCommon TechniquesKnow the facts, terms and concepts of the M_o_R techniques. Specifically to recall definitions of the terms used in the:Risk description technique:CauseEventEffectRisk response planning technique:Avoid a threatExploit an opportunityReduce a threatEnhance an opportunityTransfer the riskShare the riskAccept the riskPrepare contingent plansUnderstand 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 activityThe relationships between a stakeholder analysis, an influence/interest matrix and a RACI diagram and how they are used for understanding stakeholders' interestsHow a probability impact grid and a summary risk profile are used for visualizing the total risk to an activityHow the checklist, prompt list, risk breakdown structure and a cause and effect diagram assist in identifying risksHow the avoid and reduce responses are used to respond to threatsHow the exploiting and enhancing responses are used to respond to opportunitiesHow the ‘transfer the risk', ‘share the risk' and ‘accept the risk' are used to respond to risksThe relationship between ‘prepare contingent plans' and the ‘reduce the threat' / ‘enhance the opportunity' plan responsesHow the probability assessment, impact assessment, proximity assessment and expected value assessment techniques are used for risk estimationRisk SpecialismsKnow the facts, terms and concepts of the M_o_R risk specialisms. Specifically to recall:The types of risk specialisms:Business continuity managementIncident and crisis managementHealth and safety managementSecurity risk managementFinancial risk managementEnvironmental risk managementReputational risk managementContract risk managementThat specialisms have developed as organizations have applied particular approaches to managing specific types of risksUnderstand 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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