Risk Consultant

Risk Consultant Interview Questions and Answers

Updated 27 Jan 2025

Q1. What are the top key risks faced by an IT company?

Ans.

Top key risks faced by an IT company

Cybersecurity threats and data breaches
Technological obsolescence
Intellectual property theft
Vendor or third-party risks
Regulatory compliance
Human error and insider threats

Q2. how is https secured, you are from electrical engineering where python is used in electrical

Ans.

HTTPS is secured using SSL/TLS protocols to encrypt data transmitted between a web server and a browser.

HTTPS uses SSL/TLS protocols to encrypt data, providing secure communication over the internet.
SSL (Secure Sockets Layer) and its successor TLS (Transport Layer Security) are cryptographic protocols that provide secure communication over a computer network.
SSL/TLS certificates are used to verify the identity of a website and establish a secure connection.
Python can be used ...read more

Q3. Explain what you are doing in your currect profile?

Ans.

I am currently working as a Risk Consultant, where I assess and analyze potential risks for clients to help them make informed decisions.

Conducting risk assessments to identify potential threats and vulnerabilities
Analyzing data to evaluate the likelihood and impact of risks
Developing risk mitigation strategies and recommendations for clients
Communicating findings and recommendations to clients and stakeholders

Q4. What is the difference between IRB and IFRS9 credit risk modelling

Ans.

IRB focuses on internal risk assessment for individual borrowers, while IFRS9 is a financial reporting standard for credit risk.

IRB (Internal Ratings-Based) models are used by banks to assess credit risk of individual borrowers based on internal data and models.
IFRS9 (International Financial Reporting Standard 9) is a financial reporting standard that requires banks to account for expected credit losses based on historical data and forward-looking information.
IRB models are m...read more

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Q5. How do you mitigate those risks identified?

Ans.

To mitigate identified risks, we implement risk management strategies, create contingency plans, conduct regular risk assessments, and ensure proper communication.

Implement risk management strategies such as risk avoidance, risk reduction, risk transfer, and risk acceptance.
Create contingency plans to address potential risks and minimize their impact.
Conduct regular risk assessments to identify new risks and evaluate the effectiveness of existing risk mitigation measures.
Ensu...read more

Q6. Different aspects of security like application and infrastructure.

Ans.

Security aspects like application and infrastructure are crucial for risk management.

Application security involves securing software applications from threats like malware and unauthorized access.
Infrastructure security focuses on protecting the underlying IT infrastructure, including networks, servers, and databases.
Both aspects are essential for comprehensive risk management in organizations.
Examples of application security measures include encryption, access controls, and ...read more

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Q7. WBS for water division and water structures

Ans.

WBS for water division and water structures involves breaking down the project into smaller tasks related to water management.

Create a top-level task for water division
Break down tasks into categories such as water treatment, distribution, and infrastructure
Further break down tasks into specific activities like water quality testing, pipeline maintenance, and dam construction
Assign resources and timelines to each task
Ensure clear communication and coordination between teams w...read more

Q8. Family Background Thoughts on Gen AI

Ans.

Family background can influence one's perspective on Gen AI, which is the generation of artificial intelligence.

Family background can shape one's values, beliefs, and attitudes towards technology and innovation.
For example, a family with a history of working in tech may have a more positive view of Gen AI.
Conversely, a family with concerns about privacy and ethics may have a more cautious approach to Gen AI.
Understanding one's family background can provide insight into their ...read more