Summary RIMS CRMP Implementing the Risk Process 2023 Complete Solutions Verified
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RIMS CRMP
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RIMS CRMP
RIMS CRMP Implementing the Risk Process 2023 Complete Solutions Verified
Risks
The effect of uncertainty on objectives
The chance of something happening that will have an impact on objectives
Being prepared for the worst and being poised to exploit opportunities as they are discovered
Risk m...
rims crmp implementing the risk process 2023 complete solutions verified risks the effect of uncertainty on objectives the chance of something happening that will have an impact on objectives being p
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Summary RIMS CRMP Implementing the Risk Process
2023 Complete Solutions Verified
Risks
The effect of uncertainty on objectives
The chance of something happening that will have an impact on objectives
Being prepared for the worst and being poised to exploit opportunities as they are
discovered
Risk management strategies' general focus
Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation
Risk management professional's role in Implementing Risk Strategies
Risk Identification Process
Finding, Recognizing and Recording Risks
Risk Analysis
The process of characterizing and understanding the nature of risk and of considering
the level of risk in the context of the organization's willingness to accept risk.
Likelihood, Consequences, other criteria such as timing, duration, vulnerability
and interdependencies
Risk is typically analyzed on the basis of
Bow tie analysis
hazard analysis technique (cause and consequence)
Business impact analysis
consider business impacts at a location or from a specific process
Gap analysis
determine steps to improve the organization's capacity to move from a current state to a
desired, future state. (current available factors, success factors needed to achieve
future desired objectives, highlighting the gaps)
Root Cause Analysis
multiple techniques designed to identify the underlying or initiating risk sources or
drivers. (fault tree analysis, event tree analysis, failure mode and effect analysis and
cause-and-effect analysis - fish bone diagram)
Influence analysis/diagrams
identify the strength of influencing factors and help determine potential weighting for
consideration during the risk assessment process. Define root causes for major risks,
define the chain of events likely in a scenario and become the foundation for further
modeling.
Risk Register Analysis
compile risk into a risk register to analyze and manage those risks in an organized way,
typically by category.
Scenario analysis
, process of analyzing possible and plausible future events by considering alternative
settings, circumstances and outcomes. It provides a basis for making decisions in the
context of different conditions.
Site analysis
leaders at each site perform an assessment by analyzing and evaluating the potential
risks based on what is being produced at the site and its environmental factors. This
may include threat, vulnerability and criticality analyses.
SWOT analysis
strengths and weaknesses (internal), opportunities and threats (external)
Monte Carlo analysis
mathematical technique that generates random variables for modelling risk or
uncertainty of a certain system (simulation). The random variables or inputs are
modelled on the basis of probability distributions
Stress analysis
a form of simulation used to determine reactions to different situations. Also used to
gauge how certain stressors will affect a company or industry.
Influence diagrams, scenario analysis, site analysis, SWOT
Examples of qualitative methodology for analyzing data
Bowtie, business impact analysis, fault tree, cause/consequence analysis
Examples of combined methodology for analyzing data
Monte Carlo, stress analysis
Examples of quantitative methodology for analyzing data
Risk evaluation
uses which risk criteria (risk appetite, risk tolerance, outputs from risk identification and
risk analysis process) to determine which risks are acceptable and which require
additional modification or treatment
Risk appetite
is the total exposed amount that an organization wishes to undertake on the basis of
risk-return trade-offs for one or more desire and expected outcomes.
Risk tolerance
is the amount of uncertainty an organization is prepared to accept in total - or more
narrowly, within a certain business unit, a particular risk category, or for a specific
initiative.
Risk interdependencies
are situations where risks can have a cascading effect. Understanding this provides an
opportunity to facilitate collaboration among various business units by addressing
similar or related risks together.
Indemnification
contractual obligation placed on the indemnifier to return the indemnified to essentially
the same financial condition that existed prior to the loss or claim or to stand in as the
source for financing the legal liability.
Contractual risk transfer
a legally binding agreement between two parties whereby one agrees to indemnify and
hold another party harmless for specified actions, inactions, injuries or damages.
Hold harmless
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