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ARM 401 Exam Questions with Correct Answers.
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  • August 29, 2024
  • 50
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • arm 401 exam questions with correct answers

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  • ARM 401
  • ARM 401

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ARM 401 Exam Questions with Correct Answers
y y y y y y




holistic yapproach yto ymanaging yrisk y- yCORRECT yANSWER y- y-broader yin yscope, ymanaging yall yareas
yof ythe ybusiness, ynot yjust yhazard yrisks


-encompasses ythe yanalysis yand ypredictability yof ybusiness yprocesses yand yorganizational ydecisions

-mandates ythe ycollaboration yof yinternal yand yexternal ystakeholders yto yidentify, yassess, yand ytreat
yrisks


-involves ylooking yat ywhat ymight ybe ygained yfrom ydecisions yor yactions

-can yuncover yinconsistencies yin yhow ya ycompany ymanagers yloss yretention

-can yhelp yorgs ybetter yabsorb ylosses

strategic yrisk y- yCORRECT yANSWER y- y-uncertainties yassociated ywith ythe yorganization's ylong-term
ygoals yand ymanagement ydecisions


-may ycarry ya ygreater yrisk ydynamic, ypositive yor ynegative, ythat ythe yother ycategories

operational yrisk y- yCORRECT yANSWER y- yuncertainties yassociated ywith ythe yorganization's
yprocedures, ysystems, yand ypolicies


financial yrisk y- yCORRECT yANSWER y- yuncertainties yassociated ywith ythe yorganization's yfinancial
yactivities


today's yconception yof yrisk y- yCORRECT yANSWER y- yincorporates ythe yidea ythat ytaking yrisks yis
yfundamentally ynecessary yfor ygrowth


predictive ymodeling y- yCORRECT yANSWER y- ycan yempower ydecision ymaking yby yuncovering
ypreviously yimperceptible yrisk yfactors


Internet yof yThings y- yCORRECT yANSWER y- ynetwork yof ydevices ythat ysense ytheir yenvironment,
yprocess ydata, yand yshare yit yinstantly


cloud ycomputing y- yCORRECT yANSWER y- yenables yorgs yto ystore yand yshare ydata ythrough ywireless
yinternet yand ynetworking yservices


blockchain ytechnology y- yCORRECT yANSWER y- y-facilitates ysecure ytransactions ywithout ythe yneed yfor
ya ythird yparty

,-protects yagainst ycyber ythreats

-eliminates ythe yneed yto yverify ythe yaccuracy yof yrisk ymanagement ydata

-lets yrisk ymanagers yspend ymore ytime yon yforward-looking yfunctions

what yfuels ythe yfuture yof yholistic yrisk ymanagement? y- yCORRECT yANSWER y- ythe ycapture, ystorage,
yand yanalysis yof ydata


covariance y- yCORRECT yANSWER y- y-the ymeasure yof yhow ytwo yrandom yrisk yvariables ywill ychange yin
yrelation yto yeach yother


-calculates ycorrelation ybetween ythe yvariables

variance y- yCORRECT yANSWER y- y-the yspread yof ythe ydata yset, yor yhow yfar yapart ythe ynumbers yare
yin yrelation yto ythe ymean


team yapproaches yto yrisk yidentification y- yCORRECT yANSWER y- y1. yfacilitated yworkshops

2. yDelphi ytechnique

3. yscenario yanalysis

4. yHAZOP

5. ySWOT

why yis yit yimportant yto ytake ya yteam-oriented yapproach yto yidentifying yrisks? y- yCORRECT yANSWER
y- y-provide ydiverse yperspectives yon yrisks


-can yreveal yhow yrisks yare yconnected yacross yan yorg, yreducing ythe ylikelihood yfor yrisks yto ybe
yoverlooked


facilitated yworkshops y- yCORRECT yANSWER y- y-a yneutral yparty, ywho yhas yno ystake yin ythe youtcome,
yadministers ythe yrisk yworkshop yand ypropels ythe ygroup yto yachieve yits ygoal


-wise yto yinclude ypeople yfrom ydiverse ygroups

-can ybe yused yfor ya yspecific yproject yor yprocess, yas ywell yas yto yidentify ythose yrisks ythat yaffect
yoverall yorg yobjectives


-if yusing yto yidentify yall yorg yrisks: yfacilitator ymust ybe yskilled yin yrisk yID yand ymanagement yas ywell
yas ygroup ycommunication yand ybe yprepared yfor ya ylong-term yproject


delphi ytechnique y- yCORRECT yANSWER y- y-uses ythe yopinions yof ya yselect ygroup yof yexperts yto
yidentify yrisks


-typically ythey ydon't ymeet ybut yrespond yto ya ysurvey yor yinquiry yinstead

,-question-and-response ycycle: yanswer yquestion yanonymously, ysee yresults, yanswer ysame yquestion
yuntil yreach yconsensus


-benefits: ycost-effective, yeliminates ygroup ybias yand yencourages yhonesty yby yanonymity

-disadvantages: yexperts' yopinions ymay ybe ylimited yto ytheir ycurrent ythinking yon ya ysubject

scenario yanalysis y- yCORRECT yANSWER y- y-identifies yrisks yand ypredicts ythe ypotential yconsequences
yof ythose yspecific yrisks


-can yhelp yidentify ya yrange yof ypotential yconsequences yand yprioritize yrisks

-benefit yis yit ybrings yall ythe yconcerns yof ydifferent yparts yof ythe yorg ytogether yso ythey ycan ybe
yaddressed yas ya ywhole


-should yassemble yan yinternal ycross-functional yteam yto yget ya ymultidimensional yview

-disadvantage: ymay ybe ylimited yby ythe yimagination yand ybrainstorming ycapabilities yof ythe yteam
yselected


HAZOP y- yCORRECT yANSWER y- y-a ycomprehensive yreview yof ya yprocess yor ysystem

-a yteam yof ysubject ymatter yexperts yand ystakeholders yidentifies ythe yrisks yassociated ywith ya ygiven
yprocess yand yrecommends ya ysolution


-primarily yused yto ydesign ycomplex, yscientific ysystems

-used ywhen yvirtually yall yrisks ymust ybe yeliminated

steps yin yHAZOP yprocess y- yCORRECT yANSWER y- y1. ysubdivides ythe yproject yor ysystem ydesign yinto
ysmall ycomponents


2. yreviews yeach ycomponent yto yidentify yrisks

3. yidentifies ythe ycause yand ypotential youtcomes yfor yeach yrisk

4. ydevelops ya ysolution yfor yeach yrisk

5. yensures ythat ysolutions ywork yand yreevaluates yas ynecessary

SWOT yAnalysis y- yCORRECT yANSWER y- y-team yapproach ythat's yuseful yin yanalyzing ya ynew yproject
yor yproduct


-strengths yand yweaknesses yare yinternal yenvironmental yfactors

-opportunities yand ythreats yare yexternal yenvironmental yfactors

-a ygoal yis ynecessary yto ykeep ythe ySOT yanalysis yfrom ybecoming ytoo ygeneral yor yfailing yto yprovide
yactionable yinfo

, -concludes ywith ya y"go" yor y"no ygo" yrecommendation

assessing yrisks yof yan yorganization y- yCORRECT yANSWER y- y-unique yqualities yof yorg

-industry yit's yin

-internal/external yfactors

-upstream yand ydownstream yexternal yfactors y(upstream: ysuppliers yand ymanufacturers;
ydownstream: ydistribution ychannels yand yconsumer ydemands)


traditional yrisk yassessment ytools yand ytechniques y- yCORRECT yANSWER y- y1. yrisk ythresholds

2. ychecklists

3. yworkshops

4. yrisk yregisters yand yrisk ymaps

5. yprocess yflow yanalysis

6. yaudits

7. ycause yand yeffect yanalysis

8. yfault ytree yanalysis

9. yfailure ymode yand yeffects yanalysis

risk ythresholds y- yCORRECT yANSWER y- y-when yan yorg ymust ydecide ywhat yit's ywilling yto ysacrifice yor
yaccept yin yexchange yfor yachieving yits ygoals


checklists y- yCORRECT yANSWER y- y-easy yto yuse yand ycommunicate yknown yrisks yto yemployees ywith
ylittle yefforts


-don't yhelp yidentify yunknown yrisks

workshops y- yCORRECT yANSWER y- y-allows yattendees yto ybrainstorm yand yassess yrisks yin yan yopen,
ycollaborative yforum


-gives ymore yperspectives

-downside yis ythe ypotential yfor ysenior ymanagement yto yinfluence ythe yflow yof yideas yfrom
ystakeholders; ysome ypeople yconform


risk yregisters yand yrisk ymaps y- yCORRECT yANSWER y- y-used yto ysort yand yrank ya ylarge ynumber yof
yrisks

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