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ARM 401 - Chapter 1 with 100% correct answers | verified | latest update 2024
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ARM 401 - Chapter 1 with 100% correct answers | verified | latest update 2024
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ARM 401 - Chapter 11. Asking the right questions of the right people
2. Understanding the answers - correct answer-What are the two key tasks a risk
professional needs to excel at when working with subject-matter experts?
Artificial Intelligence (AI) - correct answer-Computer processing or output that simulates
human reasoning or knowledge
Audits - correct answer-Both internal and external. They have the potential to identify both
negative risks and opportunity risks (risks with a potential upside)
Blockchain Technology - correct answer-A decentralized data-storage technology and
real-time ledger that contains a secure history of transactions, facilitating secure transactions
without the need for a third party.
Cause and Effect Analysis - correct answer-Combines brainstorming, communications and
mapping in an effort to find the cause of a problem and the solution
Checklist - correct answer-Easy to use and communicate known risks to employees with
little effort, however, don't help to identify unknown risks. This would require an employee to
inspect equipment before using.
Collaboration - correct answer-The act of working together to achieve a shared objective
Computer Vision - correct answer-A technology that simulates human vision
Cooperation - correct answer-The act of working together to achieve individual objectives
instead of a shared objective
Coordination - correct answer-The act of improving efficiency and reducing redundancies by
some combination of arranging, assigning, organizing or scheduling activities
Covariance - correct answer-refers to the measure of how two random risk variables will
change in relation to each other, and it's used to calculate the correlation (linear relationship)
between the variables
Delphi Technique - correct answer-A type of risk identification that uses the opinions of a
select group of experts to identify risks
Downstream External Factors - correct answer-Distribution channels and consumer
demands to an organization are known as this
Facilitated Workshops - correct answer-A type of risk identification where a neutral party,
who has no stake in the outcome or participation responsibilities, administers the workshop
and propels the group to achieve its goal
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