RIMS CRMP Exam Study Guide Common Terms Latest Update 2024 -2025 100 Questions and 100% Verified Correct Answers Guaranteed A+ A "Learning" Organization - CORRECT ANSWER: supports constructive criticism and healthy debates ADIDS - CORRECT ANSWER: 1. Analyze the Business Model 2. Design Organization Risk Strategies 3. Implementing Risk Process 4. Developing Organizational Risk Competency 5. Supporting Decision Making Analysis - CORRECT ANSWER: 1. A systematic examination and evaluation of data or information, by breaking it into its component parts to uncover their interrelationships. Opposite of Synthesize. 2. An examination of data and facts to uncover and understand cause -effect relationships, thus providing basis for problem solving and decision making. Articulate Learning Objectives - CORRECT ANSWER: What do Learning objectives address? How do learning objectives function? How are learning objectives communicated? Benchmarking - CORRECT ANSWER: The process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar things. Bow Tie Analysis - CORRECT ANSWER: Cause & Consequence Hazard Analysis Technique Looks like a Bow Tie Explains potential consequences with or without specific preventative controls in place Event - Preventative Control - Cause Event - Reactive Control - Consequence Business Impact Analysis - CORRECT ANSWER: BIA Considers business impacts at a location or from a specific process based on a certain scenario or from a supply chain failure Business disruption risks can be measure against other risks an enterprise may face Coaching Differs from Training - CORRECT ANSWER: Style, Approach, and Structure Components of Good Risk Governance - CORRECT ANSWER: Components of Good Risk Governance include: Risk Ownership & Accountability Risk Oversight by the Board Conduct Risk - CORRECT ANSWER: comprises a wide variety of activities and types of behavior that fall outside other main categories of risk (market, credit, liquidity, operational risk). Refers to risks attached to the way a firm behaves in a wide range of market -facing and internal sit uations. No official definition. Generally agreed to incorporate matters such as how customers are treated, remuneration of staff, and how firms deal with conflicts of Interest. Ernst and Young "Risk Culture: Much Ado about something" Continuous Improvement Model to Risk Management - CORRECT ANSWER: Plan - Do - Check - Act Model (PDCA) aka Deming Cycle aka Shewhart Cycle Continuous Learning - CORRECT ANSWER: Design of Org Strategies Integration of Risk Management Process Development of Org RM Competencies Coaching the Org Contractual Risk Transfer - CORRECT ANSWER: A legally binding agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified actions, inactions, injuries or damages Core Competencies - CORRECT ANSWER: Business Insight Integrity/Ethics Communication Collaboration Consultation Management Skills -strategic perspective, planning, organization, decision making, relationship development, problem solving Technical Skills -assessment methods/techniques, research, analytics, financial analysis, risk modification, statistics, data interpretation, info systems, horizontal portfolio, application of specialized skills Risk Management Knowledge - standards/frameworks, concepts, adaptation approaches, process, solutions, subspecialties
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