Section: Volume B
Explanation:
A positive risk event is also known as an opportunity. Opportunities within the project to save time and money must be evaluated, analyzed, and responded to.
Incorrect Answers:
A: A contingency risk is not a valid risk management term.
B: Benefits are the good outcomes of a project endeavor. Benefits usually have a cost factor associated with them.
C: Residual risk is the risk that remains after applying controls. It is not feasible to eliminate all risks from an organization. Instead, measures can be taken to reduce risk to an acceptable level. The risk that is left is residual risk.

Explanation/Reference:
Explanation:
The COSO ERM (Enterprise Risk Management) frame work is a 3-dimensional model. The dimensions and their components include:
Strategic Objectives - includes strategic, operations, reporting, and compliance.

Risk Components - includes Internal Environment, Objectives settings, Event identification, Risk

assessment, Risk response, Control activities, Information and communication, and monitoring.
Organizational Levels - include subsidiary, business unit, division, and entity-level.

The COSO ERM framework contains eight risk components:
Internal Environment

Objective Settings

Event Identification

Risk Assessment

Risk Response

Control Activities

Information and Communication

Monitoring

Section 404 of the Sarbanes-Oley act specifies a three dimensional model- COSO ERM, comprised of Internal control components, Internal control objectives, and organization entities. All the items listed are components except Financial reporting which is an internal control objective.
Incorrect Answers:
A, C, D: They are the Internal control components, not the Internal control objectives.

Section: Volume D