Section B

Question 1

Mitigate risk by help reduce risks as they arise, such as moving the food stand to where sufficient demand is more likely to occur.

Answer 1

the ability to SENSE & RESPOND to issues

Question 2

Supply Chain Council (SCC) guidelines for risk definition should include the following scope

Answer 2

each identified risk must also have a time dimension or a specific time horizon (e.g., day, month, and year) and a specific perspective or view that defines the scope of the risk (e.g., boundaries, what‘s not included, etc.).

Question 3

antiterrorism measures developed by the Customs-Trade Partnership against Terrorism (C-TPAT) apply to which of the following

Answer 3

Participation in the Customs-Trade Partnership Against Terrorism is voluntary, and compliance with its regulations is required only of participants.

Question 4

describes what an organization’s risk response plan should do?

Answer 4

balances risks in terms of probability, cost of occurrence, and cost of mitigation.

Question 5

U.S. OFAC

Answer 5

maintains a list of prohibited individuals and entities for importation into US

Question 6

ISO Guide 73: 2009,

Answer 6

Risk Management Vocabulary, should allow various organizations to discuss risk using a common understanding of risk management terms and definitions

Question 7

Proprietary bar codes

Answer 7

can contain a product serial number, which identifies a unique item, while UPC bar codes only identify an item’s SKU. For product traceability to limit the size of product recalls, tracking the chain of custody of items requires tracking by serial number.

Question 8

Factors in implementing ISO 31000 Risk Management

Answer 8

starts with an executive-level mandate and commitment toward risk management that is based upon the ISO 31000 principles, which include being inclusive of all stakeholders, auditable, and transparent. Rather than considering the program to have a net cost, it should be considered to add value to the organization. Also, it should be customized to the organization rather than requiring the organization to conform to a rigid set of processes. Finally, it should unambiguously address uncertainty in an orderly, structured, and well-timed manner.

Question 9

Calculate Risk Level

Answer 9

equals probability of occurrence times magnitude of loss

Question 10

ISO 31000 process framework for risk management steps

Answer 10

Before assessing risks, organizations should place risks in appropriate context. Assess risks by identifying risks, assess risk levels, and analyzying risks