2025年CMA《風(fēng)險(xiǎn)管理》真題解析考試時(shí)間：______分鐘總分：______分姓名：______第一部分：選擇題1.AccordingtotheCOSOEnterpriseRiskManagement(ERM)framework,whichcomponentprimarilyfocusesonestablishingtheorganization'sriskappetite,risktolerance,andsupportingarisk-awareculture?A.InternalEnvironmentB.Objective-SettingC.EventIdentificationD.RiskResponse2.Anorganizationutilizesariskprobabilitymatrixtoassessoperationalrisks.Ariskisdeemed"High"ifithasaprobabilityofoccurrenceof"Possible"(40-60%)andanimpactof"Significant."WhichofthefollowingriskswouldbeclassifiedasHighbasedonthismatrix?A.Aminorpoweroutagelastingonehourwithnegligibleimpactonproduction.B.Apotentialdatabreachwithamoderatepossibility(50%)ofoccurringwithinthenextyearandpotentiallydamagingthecompany'sreputation.C.Anagingpieceofequipmentthathasa20%chanceoffailingwithinthenextsixmonths,causingminordelays.D.Akeysuppliergoingoutofbusiness,whichhasalowprobability(10%)butwouldhaveacatastrophicimpactonthesupplychain.3.Whichofthefollowingactionsrepresentsariskmitigationstrategyaimedatreducingthelikelihoodofariskoccurring?A.Transferringthefinancialimpactofinterestratefluctuationstoalenderthroughainterestrateswap.B.Implementingstricterbackgroundchecksforemployeeshandlingsensitiveinformation.C.Acceptingthepotentialfinanciallossfromalow-probability,high-impactriskevent.D.Purchasinginsurancetocoverpotentiallossesfromsupplychaindisruptions.4.Amanufacturingcompanyidentifiesthatitsprimaryoperationalriskstemsfromsupplierreliabilityissuesleadingtoproductiondelays.Whichofthefollowingriskresponseswouldlikelybemostappropriate?A.Attemptingtonegotiatelowerpriceswiththeexistingsupplierstoincentivizebetterperformance.B.Developinganextensiveinternalqualitycontrolprocesstominimizetheimpactofsupplierflaws.C.Identifyingandqualifyingalternativesupplierstoreducedependenceonthecurrentones.D.Conductingfrequentauditsofthesupplierstoensurecompliancewithdeliveryschedules.5.Whichofthefollowingisgenerallyconsideredamorequantitativeapproachtoriskassessment?A.Usingariskprobabilityandimpactmatrixbasedonexpertjudgment.B.ConductingaSWOTanalysistoidentifypotentialrisks.C.Estimatingtheexpectedmonetaryvalue(EMV)ofariskbymultiplyingprobabilitytimesimpact.D.Rankingrisksbasedontheirpotentialtodisruptkeybusinessprocesses.6.Theprocessofidentifyingpotentialrisksthatcouldaffecttheachievementofanorganization'sobjectivesisknownas:A.RiskResponsePlanningB.RiskMonitoringC.RiskAssessmentD.RiskIdentification7.Inthecontextoffinancialriskmanagement,"marketrisk"typicallyrefersto:A.Theriskoflossesduetoinadequateinternalcontrols.B.Theriskoflossesarisingfromthefailureofacounterpartyinafinancialtransaction.C.Theriskoflossesresultingfromadversemovementsinmarketpricessuchasinterestrates,exchangerates,orcommodityprices.D.Theriskoffinanciallossduetofraudcommittedbyemployees.8.Whichofthefollowingstatementsbestdescribestherelationshipbetweenriskmanagementandcorporategovernance?A.Riskmanagementisprimarilyresponsibleforimplementingcontrolactivitiesidentifiedbytheauditcommittee.B.Effectivecorporategovernanceprovidestheframeworkwithinwhichriskmanagementfunctionsoperate.C.Riskmanagementeliminatestheneedforboardoversightofstrategicdecisions.D.Theboardofdirectorsissolelyresponsibleforriskmanagementwithintheorganization.9.Acompanyisevaluatingtheriskassociatedwithanewproductlaunch.Thelaunchcouldgeneratesubstantialrevenue(highimpact)butalsofaceshighcompetition(moderatelikelihood).Accordingtoriskmappingprinciples,whichofthefollowingdescriptionsbestcharacterizesthisrisk?A.LowRisk-LowLikelihood,LowImpactB.MediumRisk-HighLikelihood,HighImpactC.HighRisk-ModerateLikelihood,HighImpactD.LowRisk-HighLikelihood,ModerateImpact10.Whichofthefollowingtoolsortechniquesismostcommonlyusedforidentifyingrisksattheprojectlevel?A.Enterprise-WideRiskAssessmentB.FlowchartAnalysisC.RiskProbabilityandImpactMatrixD.ScenarioAnalysis第二部分：案例分析題CaseStudy1:XYZCorporationisamid-sizedmanufacturerwithoperationsacrossNorthAmerica.Thecompanyhasexperiencedseveralproductionstoppagesinthepastyearduetounexpectedequipmentfailures.Themaintenancedepartmenthassuggestedinvestinginmorereliable,albeitexpensive,machinery.However,theboardofdirectorsishesitantduetothesignificantupfrontcostandconcernsaboutwhetherthisisthebestuseofcapital.TheCFOarguesforarisk-basedapproachtomaintenancespending,suggestingthatresourcesshouldbefocusedontheequipmentmostcriticaltoproductioncontinuityandwherefailurerisksarehighest.TheChiefOperatingOfficer(COO)countersthatpreventativemaintenanceonallequipment,regardlessofperceivedrisk,wouldbemorecost-effectiveinthelongrun.Required:A.IdentifyatleastthreepotentialrisksfacedbyXYZCorporationrelatedtoitsproductionoperations,beyondtheriskofequipmentfailure.B.Explaintheconceptofarisk-basedapproachtomaintenancespendingasproposedbytheCFO.HowmightthisapproachhelpXYZCorporationaddressitsequipmentreliabilityconcerns?C.Discussthepotentialtrade-offsbetweenarisk-basedapproachandacomprehensivepreventativemaintenancestrategyforXYZCorporation.Whichapproachmightbemoresuitable,andwhy?D.Howcouldtheboardofdirectorsuseriskmanagementprinciplestomakeamoreinformeddecisionregardingtheinvestmentinnewequipment?CaseStudy2:GlobalTechInc.isapubliclytradedcompanyspecializinginsoftwaresolutions.Thecompanyhasrecentlyembarkedonamajordigitaltransformationprojecttomoveitscoresystemstoacloud-basedinfrastructure.WhilethisisexpectedtoimprovescalabilityandreduceITcosts,italsointroducessignificantnewrisks.TheCISO(ChiefInformationSecurityOfficer)isconcernedaboutpotentialdatabreaches,unauthorizedaccess,andcompliancewithstringentdataprotectionregulationslikeGDPR.TheCRO(ChiefRiskOfficer)notesthatsupplychainrisksassociatedwiththecloudserviceprovider(ISP)arealsoaconcern,includingtheriskofserviceoutagesandproviderinsolvency.Theprojectmanagerisfocusedonmeetingtheprojecttimelineandbudget,sometimesoverlookingthesecurityprotocolsrecommendedbytheITteam.Required:A.IdentifyanddescribetheprimarytypesofoperationalandstrategicrisksassociatedwithGlobalTechInc.'sdigitaltransformationproject.B.ExplainhowacomprehensiveriskmanagementframeworkcanbeappliedtomitigatetherisksidentifiedinpartA.Discussthekeyactivitiesinvolved,suchasriskidentification,assessment,andresponseplanning.C.Analyzethepotentialconflictbetweentheprojectmanager'sobjectives(timeline,budget)andtheCISO'sconcernsregardingsecurity.Proposeatleasttwostrategiestoaligntheseobjectivesandensureadequateriskmitigationmeasuresareimplementedduringtheproject.D.Discusstheroleoftheboardofdirectorsandseniormanagementinoverseeingthedigitaltransformationprojectandtheassociatedrisks.Whatkeyinformationshouldtheyreceive,andhowfrequently?試卷答案第一部分：選擇題1.A*解析思路：COSOERM框架的“內(nèi)部環(huán)境”組件負(fù)責(zé)設(shè)定組織的道德氛圍、風(fēng)險(xiǎn)偏好和承受度，并為風(fēng)險(xiǎn)管理的其他組成部分提供基礎(chǔ)和支持。選項(xiàng)A正確描述了這一組件的核心職責(zé)。2.B*解析思路：根據(jù)題目定義，“High”風(fēng)險(xiǎn)是指概率為“Possible”（40-60%）且影響為“Significant”的風(fēng)險(xiǎn)。選項(xiàng)B描述的風(fēng)險(xiǎn)（moderatepossibility,potentiallydamagingreputation）符合這兩個(gè)條件，因此被分類為“High”。3.B*解析思路：風(fēng)險(xiǎn)緩解（Mitigation）旨在降低風(fēng)險(xiǎn)發(fā)生的可能性。選項(xiàng)B“實(shí)施更嚴(yán)格的背景調(diào)查”旨在減少處理敏感信息職位的員工竊取或泄露信息的可能性，屬于緩解策略。選項(xiàng)A是風(fēng)險(xiǎn)轉(zhuǎn)移，選項(xiàng)C是風(fēng)險(xiǎn)接受，選項(xiàng)D是風(fēng)險(xiǎn)轉(zhuǎn)移（通過保險(xiǎn)）。4.C*解析思路：由于主要風(fēng)險(xiǎn)是供應(yīng)商可靠性導(dǎo)致的生產(chǎn)延誤（供應(yīng)風(fēng)險(xiǎn)），最合適的應(yīng)對策略是降低對單一供應(yīng)商的依賴。選項(xiàng)C“識別和資格認(rèn)證替代供應(yīng)商”直接addressingthisdependencyissue。選項(xiàng)A可能效果有限，選項(xiàng)B是減輕影響，選項(xiàng)D是監(jiān)控和改進(jìn)現(xiàn)有供應(yīng)商，但不如開發(fā)備選方案主動。5.C*解析思路：計(jì)算預(yù)期貨幣價(jià)值（ExpectedMonetaryValue,EMV）=ProbabilityxImpact（貨幣單位）是一個(gè)明確的數(shù)學(xué)計(jì)算過程，屬于定量方法。選項(xiàng)A使用矩陣是基于判斷和分類，可定性與定量結(jié)合。選項(xiàng)B的SWOT分析是定性評估。選項(xiàng)D的排名也是基于判斷。6.D*解析思路：風(fēng)險(xiǎn)識別是風(fēng)險(xiǎn)管理的第一個(gè)步驟，其定義就是識別可能影響組織目標(biāo)的潛在風(fēng)險(xiǎn)事件或條件。其他選項(xiàng)描述的是后續(xù)步驟或活動。7.C*解析思路：財(cái)務(wù)風(fēng)險(xiǎn)管理中的“市場風(fēng)險(xiǎn)”通常指由于市場價(jià)格（利率、匯率、商品價(jià)格等）的不利變動而導(dǎo)致的潛在損失風(fēng)險(xiǎn)。選項(xiàng)A是操作風(fēng)險(xiǎn)，選項(xiàng)B是信用風(fēng)險(xiǎn)，選項(xiàng)D是合規(guī)風(fēng)險(xiǎn)或操作風(fēng)險(xiǎn)（取決于具體情境）。8.B*解析思路：公司治理為風(fēng)險(xiǎn)管理提供方向和監(jiān)督框架。有效的公司治理結(jié)構(gòu)確保董事會和管理層履行其風(fēng)險(xiǎn)管理職責(zé)，并建立支持風(fēng)險(xiǎn)管理的組織文化。其他選項(xiàng)描述不準(zhǔn)確或過于片面。9.C*解析思路：根據(jù)描述，風(fēng)險(xiǎn)具有“moderatelikelihood”（中等到較高可能性）和“highimpact”（重大影響）。在風(fēng)險(xiǎn)矩陣中，通常將中等可能性與重大影響組合歸類為“HighRisk”。10.B*解析思路：流程圖分析通過繪制業(yè)務(wù)流程，有助于識別流程中的潛在風(fēng)險(xiǎn)點(diǎn)，特別適用于項(xiàng)目層面的風(fēng)險(xiǎn)識別。選項(xiàng)A是公司層面的評估，選項(xiàng)C是風(fēng)險(xiǎn)評估工具，選項(xiàng)D是情景分析技術(shù)。第二部分：案例分析題CaseStudy1:A.Potentialrisksinclude:supplychaindisruptionrisk(e.g.,delaysfromrawmaterials,componentshortages);qualitycontrolrisk(leadingtodefectiveproducts);safetyrisks(employeeinjuryfromequipmentorprocesses);compliancerisk(failuretomeetenvironmentalorsafetyregulations);andstrategicrisk(failuretoinvestinnecessarytechnologyleadingtocompetitivedisadvantage).*解析思路：除了設(shè)備故障，生產(chǎn)運(yùn)營還涉及多個(gè)環(huán)節(jié)，每個(gè)環(huán)節(jié)都可能存在風(fēng)險(xiǎn)。從輸入（供應(yīng)商）、過程（生產(chǎn)、質(zhì)量、安全）、輸出（產(chǎn)品合格率）到外部環(huán)境（法規(guī)、競爭）都應(yīng)考慮。B.Arisk-basedapproachprioritizesmaintenanceactivitiesbasedonthelikelihoodofafailureandthepotentialimpactofthatfailureonoperations,finances,orsafety.IthelpsXYZCorporationfocusresourcesonthemostcriticalequipmentwherethecostofafailure(downtime,repairs,lostsales,safetyincidents)ishighest,potentiallyavoidinginvestinginunnecessarymaintenanceonlesscriticalitems.*解析思路：風(fēng)險(xiǎn)基礎(chǔ)方法的核心是排序，根據(jù)風(fēng)險(xiǎn)（可能性*影響）來決定投入。高風(fēng)險(xiǎn)區(qū)域應(yīng)優(yōu)先投入資源。這樣可以使有限的維護(hù)預(yù)算用在“刀刃”上，最大化降低整體運(yùn)營風(fēng)險(xiǎn)。C.Thetrade-offisbetweenthecertaintyofprevention(comprehensivestrategy)andthetargetedfocusofarisk-basedapproach.Acomprehensivestrategyensuresallequipmentismaintained,potentiallyreducingaveragefailureratesbutmaybecostlyandresource-intensive,includingmaintenanceonlow-riskitems.Arisk-basedapproachisgenerallymorecost-effectivebutreliesonaccurateriskassessmentandmayleavesomelower-riskitemswithhigher-than-necessaryfailureprobabilitiesifnotmaintainedadequately.Thesuitabilitydependsonthecompany'srisktolerance,thevariabilityofequipmentfailurecosts,andthereliabilityoftheriskassessmentprocess.Arisk-basedapproachisoftenmoresuitableforbalancingcostandrisk.*解析思路：兩種策略各有優(yōu)劣。全面策略更安全但可能浪費(fèi)資源。風(fēng)險(xiǎn)基礎(chǔ)策略更經(jīng)濟(jì)但存在遺漏風(fēng)險(xiǎn)。選擇哪種取決于公司的具體目標(biāo)（成本優(yōu)先還是風(fēng)險(xiǎn)優(yōu)先）、風(fēng)險(xiǎn)承受能力和風(fēng)險(xiǎn)評估的準(zhǔn)確性。D.Theboardshoulduseriskmanagementprinciplesbyunderstandingthepotentialimpactofequipmentfailures(onproduction,finances,reputation),assessingthecurrentrisklevelbasedonpastincidentsandmaintenancerecords,evaluatingtherisksandbenefitsoftheproposedinvestmentinnewequipmentversusincreasedpreventativemaintenance,andconsideringthecostofpotentialdowntimeversusthecapitalexpenditure.TheyshouldrelyoninputfromtheCFO(financialperspective),COO(operationalperspective),andmaintenancedepartment(technicalperspective),butmakethefinaldecisionbasedonanoverallassessmentofriskversusrewardalignedwiththecompany'sriskappetite.*解析思路：董事會的角色是監(jiān)督和決策。他們需要了解風(fēng)險(xiǎn)暴露，評估備選方案的風(fēng)險(xiǎn)和收益，并做出符合公司整體風(fēng)險(xiǎn)偏好和戰(zhàn)略目標(biāo)的決策。這需要他們依賴專業(yè)部門的建議，但最終負(fù)有治理責(zé)任。CaseStudy2:A.Primaryoperationalrisksinclude:datasecurityandprivacyrisks(breaches,unauthorizedaccess,non-compliancewithGDPR);systemdowntimerisksduetocloudproviderissuesorinternalfailures;andsupplychainrisksrelatedtothereliabilityandstabilityofthecloudserviceprovider(ISP),includingserviceoutagesandpotentialinsolvency.Strategicrisksincludetheriskthatthedigitaltransformationfailstodeliverexpectedbenefits(e.g.,competitiveadvantage,costsavings),orthatthecompanybecomesoverlydependentonasinglelargeISP,limitingflexibility.*解析思路：云轉(zhuǎn)型帶來了新的運(yùn)營挑戰(zhàn)。主要方面包括信息安全（這是運(yùn)營風(fēng)險(xiǎn)的核心）、系統(tǒng)可用性（依賴ISP）、以及與ISP相關(guān)的供應(yīng)鏈風(fēng)險(xiǎn)。戰(zhàn)略風(fēng)險(xiǎn)則關(guān)乎轉(zhuǎn)型的整體成功和長期影響。B.Acomprehensiveriskmanagementframeworkappliesbyfirstidentifyingrisks(asinpartA),thenassessingthem(qualitativelyand/orquantitativelyregardinglikelihoodandimpact),andfinallydevelopingriskresponses.Thisinvolvesimplementingcontrols(e.g.,strongaccesscontrols,encryption,regularsecurityaudits,servicelevelagreementswithISP),planningforriskmitigation(e.g.,redundancy,databackups),transferringrisks(e.g.,cyberinsurance),andmonitoringrisksthroughouttheprojectlifecycletoensurecontrolsremaineffectiveandnewrisksareidentified.*解析思路：標(biāo)準(zhǔn)的風(fēng)險(xiǎn)管理流程是：識別->評估->應(yīng)對。在云轉(zhuǎn)型項(xiàng)目中，這意味著要系統(tǒng)性地找出所有風(fēng)險(xiǎn)，判斷其大小，然后采取措施來管理這些風(fēng)險(xiǎn)，包括建立控制措施、制定應(yīng)急預(yù)案、購買保險(xiǎn)等，并持續(xù)跟蹤。C.Theconflictarisesfromcompetingpriorities:projectgoals(time,budget)vs.securitygoals(safety,compliance).Strategiestoaligntheminclude:establishingclearriskacceptancecriteri