RIMS CRMP-Implementing the Risk Process ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
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Course
RIMS CRMP
Institution
RIMS CRMP
RIMS CRMP-Implementing the Risk Process ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
1. Risks
Answer: 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 o...
, RIMS CRMP Implementing the Risk Process
1. Risks
Answer: 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 arediscovered
2. Risk management strategies' general focus
Answer:
Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
3. Communication and Consultation
Answer: Risk management professional's role inImplementing Risk Strategies
4. Risk Identification Process
Answer: Finding, Recognizing and Recording Risks
5. Risk Analysis
Answer: The process of characterizing and understanding the nature of risk and of considering
the level of risk in the context of the organization's willingnessto accept risk.
6. Likelihood, Consequences, other criteria such as timing, duration, vulnerability and
interdependencies: Risk is typically analyzed on the basis of
7. Bow tie analysis
Answer: hazard analysis technique (cause and consequence)
8. Business impact analysis
Answer: consider business impacts at a location or from aspecific process
9. Gap analysis
Answer: determine steps to improve the organization's capacity to movefrom a current state to
a desired, future state. (current available factors, successfactors needed to achieve future
desired objectives, highlighting the gaps)
10. Root Cause Analysis
Answer: multiple techniques designed to identify the underlyingor initiating risk sources or
drivers. (fault tree analysis, event tree analysis, failure mode and effect analysis and cause-
and-effect analysis - fish bone diagram)
11. Influence analysis/diagrams
Answer: identify the strength of influencing factors andhelp determine potential weighting for
consideration during the risk assessment process. Define root causes for major risks, define
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