Marks are divided between Parts A B and C as follows In Part A students must

# Marks are divided between parts a b and c as follows

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Marks are divided between Parts A, B and C as follows: In Part A students must attempt to answer only five (5) of the seven (7) questions 30 marks In Part B students must attempt to answer ALL four (4) questions 50 marks In Part C students must attempt to answer only one (1) of the two (2) questions 20 marks This section of the page is intentionally blank Do not write on this page BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 3 of 24 Part A: Short Answer Questions (30 marks) You are required to answer only five (5) of the seven (7) questions. All answers must be answered in the spaces provided on the exam paper. All Questions in Part A are equal to 6 marks each. Question A1(3 + 3 = 6 marks)Define and explain the concept of risk as defined in AS/NZS ISO 31000:2009 RiskManagement. You should include a business related example in your answer. BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 4 of 24 Answer only Five (5) of the Seven (7) Questions in Section A. Question A2(2 + 4 = 6 marks)Explain the concept of heuristics and identify and explaintwo (2)common heuristic errors. Part (i) Part (ii) 1 2 BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 5 of 24 Answer only Five (5) of the Seven (7) Questions in Section A. Question A3(2 + 4 = 6 marks)Answer both of the following questions(i)Define the concept of risk culture; and(ii)Identify and explaintwo (2)characteristics of a risk intelligent culture. Part (i) Part (ii) 1 2 BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 6 of 24 Answer only Five (5) of the Seven (7) Questions in Section A. Question A4 (4 + 2 = 6 marks) Answer both of the following questions. (i)Explain with the use of a diagram why the concepts of Consequence and Likelihoodare so important when identifying and ranking risks; and(ii)Discuss how risk aversion is present in the design of the diagram in Part (i). Part (i) Part (ii) BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 7 of 24 Answer only Five (5) of the Seven (7) Questions in Section A. Question A5(3 + 3 = 6 marks)According to AS/NZS ISO31000: 2009, risk criteria are the internal procedural rulesselected by the organization for analysing and evaluating the significance of risk.Answer each of the following questions:(i)What are thethree (3)essential elements of setting the risk criteria?(ii)Identifysix (6)factors which should be considered when setting the risk criteria. BFF5902 INTRODUCTION TO RISK PRINCIPLES BFF5250 David Robinson Page 8 of 24 Answer only Five (5) of the Seven (7) Questions in Section A.  • • • 