2025年CMA《风险管理》真题解析

2025年CMA《风险管理》真题解析考试时间：______分钟总分：______分姓名：______第一部分：选择题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：案例分析题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?试卷答案第一部分：选择题1.A*解析思路：COSOERM框架的“内部环境”组件负责设定组织的道德氛围、风险偏好和承受度，并为风险管理的其他组成部分提供基础和支持。选项A正确描述了这一组件的核心职责。2.B*解析思路：根据题目定义，“High”风险是指概率为“Possible”（40-60%）且影响为“Significant”的风险。选项B描述的风险（moderatepossibility,potentiallydamagingreputation）符合这两个条件，因此被分类为“High”。3.B*解析思路：风险缓解（Mitigation）旨在降低风险发生的可能性。选项B“实施更严格的背景调查”旨在减少处理敏感信息职位的员工窃取或泄露信息的可能性，属于缓解策略。选项A是风险转移，选项C是风险接受，选项D是风险转移（通过保险）。4.C*解析思路：由于主要风险是供应商可靠性导致的生产延误（供应风险），最合适的应对策略是降低对单一供应商的依赖。选项C“识别和资格认证替代供应商”直接addressingthisdependencyissue。选项A可能效果有限，选项B是减轻影响，选项D是监控和改进现有供应商，但不如开发备选方案主动。5.C*解析思路：计算预期货币价值（ExpectedMonetaryValue,EMV）=ProbabilityxImpact（货币单位）是一个明确的数学计算过程，属于定量方法。选项A使用矩阵是基于判断和分类，可定性与定量结合。选项B的SWOT分析是定性评估。选项D的排名也是基于判断。6.D*解析思路：风险识别是风险管理的第一个步骤，其定义就是识别可能影响组织目标的潜在风险事件或条件。其他选项描述的是后续步骤或活动。7.C*解析思路：财务风险管理中的“市场风险”通常指由于市场价格（利率、汇率、商品价格等）的不利变动而导致的潜在损失风险。选项A是操作风险，选项B是信用风险，选项D是合规风险或操作风险（取决于具体情境）。8.B*解析思路：公司治理为风险管理提供方向和监督框架。有效的公司治理结构确保董事会和管理层履行其风险管理职责，并建立支持风险管理的组织文化。其他选项描述不准确或过于片面。9.C*解析思路：根据描述，风险具有“moderatelikelihood”（中等到较高可能性）和“highimpact”（重大影响）。在风险矩阵中，通常将中等可能性与重大影响组合归类为“HighRisk”。10.B*解析思路：流程图分析通过绘制业务流程，有助于识别流程中的潜在风险点，特别适用于项目层面的风险识别。选项A是公司层面的评估，选项C是风险评估工具，选项D是情景分析技术。第二部分：案例分析题CaseStudy1:A.Potentialrisksinclude:supplychaindisruptionrisk(e.g.,delaysfromrawmaterials,componentshortages);qualitycontrolrisk(leadingtodefectiveproducts);safetyrisks(employeeinjuryfromequipmentorprocesses);compliancerisk(failuretomeetenvironmentalorsafetyregulations);andstrategicrisk(failuretoinvestinnecessarytechnologyleadingtocompetitivedisadvantage).*解析思路：除了设备故障，生产运营还涉及多个环节，每个环节都可能存在风险。从输入（供应商）、过程（生产、质量、安全）、输出（产品合格率）到外部环境（法规、竞争）都应考虑。B.Arisk-basedapproachprioritizesmaintenanceactivitiesbasedonthelikelihoodofafailureandthepotentialimpactofthatfailureonoperations,finances,orsafety.IthelpsXYZCorporationfocusresourcesonthemostcriticalequipmentwherethecostofafailure(downtime,repairs,lostsales,safetyincidents)ishighest,potentiallyavoidinginvestinginunnecessarymaintenanceonlesscriticalitems.*解析思路：风险基础方法的核心是排序，根据风险（可能性*影响）来决定投入。高风险区域应优先投入资源。这样可以使有限的维护预算用在“刀刃”上，最大化降低整体运营风险。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：两种策略各有优劣。全面策略更安全但可能浪费资源。风险基础策略更经济但存在遗漏风险。选择哪种取决于公司的具体目标（成本优先还是风险优先）、风险承受能力和风险评估的准确性。D.Theboardshoulduseriskmanagementprinciplesbyunderstandingthepotentialimpactofequipmentfailures(onproduction,finances,reputation),assessingthecurrentrisklevelbasedonpastincidentsandmaintenancerecords,evaluatingtherisksandbenefitsoftheproposedinvestmentinnewequipmentversusincreasedpreventativemaintenance,andconsideringthecostofpotentialdowntimeversusthecapitalexpenditure.TheyshouldrelyoninputfromtheCFO(financialperspective),COO(operationalperspective),andmaintenancedepartment(technicalperspective),butmakethefinaldecisionbasedonanoverallassessmentofriskversusrewardalignedwiththecompany'sriskappetite.*解析思路：董事会的角色是监督和决策。他们需要了解风险暴露，评估备选方案的风险和收益，并做出符合公司整体风险偏好和战略目标的决策。这需要他们依赖专业部门的建议，但最终负有治理责任。CaseStudy2:A.Primaryoperationalrisksinclude:datasecurityandprivacyrisks(breaches,unauthorizedaccess,non-compliancewithGDPR);systemdowntimerisksduetocloudproviderissuesorinternalfailures;andsupplychainrisksrelatedtothereliabilityandstabilityofthecloudserviceprovider(ISP),includingserviceoutagesandpotentialinsolvency.Strategicrisksincludetheriskthatthedigitaltransformationfailstodeliverexpectedbenefits(e.g.,competitiveadvantage,costsavings),orthatthecompanybecomesoverlydependentonasinglelargeISP,limitingflexibility.*解析思路：云转型带来了新的运营挑战。主要方面包括信息安全（这是运营风险的核心）、系统可用性（依赖ISP）、以及与ISP相关的供应链风险。战略风险则关乎转型的整体成功和长期影响。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：标准的风险管理流程是：识别->评估->应对。在云转型项目中，这意味着要系统性地找出所有风险，判断其大小，然后采取措施来管理这些风险，包括建立控制措施、制定应急预案、购买保险等，并持续跟踪。C.Theconflictarisesfromcompetingpriorities:projectgoals(time,budget)vs.securitygoals(safety,compliance).Strategiestoaligntheminclude:establishingclearriskacceptancecriteri