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RIMS CRMP Exam Study Guide Common Terms With ;Complete Solutions.RIMS CRMP Exam Study Guide Common Terms With ;Complete Solutions.RIMS CRMP Exam Study Guide Common Terms With ;Complete Solutions.RIMS CRMP Exam Study Guide Common Terms With ;Complete Solutions.RIMS CRMP Exam Study Guide Common Terms...

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  • September 5, 2024
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  • 2024/2025
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RIMS CRMP Exam Study Guide Common
Terms With ;Complete Solutions



Benchmarking I- Icorrect IAnswers I✔✔ I-The Iprocess Iof Imeasuring Ithe Iperformance Iof Ian Iorganization
Iagainst Iexternal Istandards Iof Ireference Ithat Ifrequently Icome Ifrom Isimilar Iorganizations Idoing
Isimilar Ithings.


Corporate Igovernance I- Icorrect IAnswers I✔✔ I-The Isystem Iof Irules, Ipractices Iand Iprocesses Iby Iwhich
Ia Icompany Iis Idirected Iand Icontrolled


Enterprise Irisk Imanagement I- Icorrect IAnswers I✔✔ I-A Istrategic Idiscipline Ithat Isupports Ithe
Iachievement Iof Ian Iorganization's Iobjectives Iby Iaddressing Ithe Ifull Ispectrum Iof Iits Irisk Iand Imanaging
Ithe Icombined Iimpact Iof Ithose Irisks Ias Ian Iinterrelated Irisk Iportfolio.




Strategy: IConsider Iall Irisks Iand Iexploit Irisks Ias Ipart Iof Istrategy



Measurement: IInclude IUpside Iof IRisk I(Bugalla Iand IKugler)

Look Iat Ibuilding, Iexpanding, Iexploiting Ito Iadd Ivalue

Push Iand IPull Irisk Iperformance Idata



This Iapproach Iis ICoordinated I& IStrategic

Gap Ianalysis I- Icorrect IAnswers I✔✔ I-Comparison Iof Ian Iexisting Iprocess Ior Iprocedure Ito Irecognized
Istandards Iin Iorder Ito Iidentify Ideficiencies Ior Iexcesses Iin Ithe Iexisting Iprocess.




Technique Ithat Ican Ibe Iused Ito Idetermine Iwhat Isteps Imight Ineed Ito Ibe Itaken Ito Iimprove Ithe
Iorganization's Icapacity Ito Imove Ifrom Ia Icurrent Istate Ito Ia Idesired Ifuture Istate.

,Key Iperformance Iindicator I(KPI) I- Icorrect IAnswers I✔✔ I-An Iactivity Ithat Isignals Ithe Iachievement Iof
Iorganizational Iobjectives


Key Irisk Iindicator I(KRI) I- Icorrect IAnswers I✔✔ I-A Imeasurement Iof Ihow Irisk Iand Ivolatility Irelate Ito
Iachieving Iorganizational Iobjectives




Designed Ito Imanage Ithe Idownside Iof Irisk



Leading Iindicators Iof Irisk Ito Ibusiness Iperformance; Igiving Iearly Iwarning Iof Ipotential Irisk



early Isignal Iof Ichanges Iin Irisk Iexposures Iin Ivarious Iareas Iof Ithe Ienterprise

Risk IMetrics I- Icorrect IAnswers I✔✔ I-Integrated Iinto Ithe Iperformance Iobjectives Iof Ithe Iorganization
Ifor Imonitoring Irisks




Examples: IKPIs Iand IKRIs

Indemnification I- Icorrect IAnswers I✔✔ I-Contractual Iobligation Iplaced Ion Ithe Iindemnifier Ito Ireturn
Ithe Iindemnified Ito Iessentially Ithe Isame Ifinancial Icondition Ithat Iexisted Iprior Ito Ithe Iloss Ior Iclaim, Ito
Istand Iin Ias Ithe Isource Ifor Ifinancing Ithe Ilegal Iliability


Contractual IRisk ITransfer I- Icorrect IAnswers I✔✔ I-A Ilegally Ibinding Iagreement Ibetween Itwo Iparties
Iwhereby Ione Iagrees Ito Iindemnify Iand Ihold Ianother Iparty Iharmless Ifor Ispecified Iactions, Iinactions,
Iinjuries Ior Idamages


Hold IHarmless I- Icorrect IAnswers I✔✔ I-wording Ithat Irequires Ione Iparty Ito Ishield Ithe Iother Iparty
Ifrom Ithe Ieffects Iof Ithe Ilegal Iliability Iassignable Ito Itransfer Ior Iobligor


Risk ITransfer/Sharing I- Icorrect IAnswers I✔✔ I-Action Itaken Iwhen I1) Icosts Iof Iretaining Irisks Iexceeds
Ithe Iorganization's Irisk Itolerance; I2) Irisks I(or Isome Iportion) Ican Ibe Itransferred Iat Ia Ilower Icost; I3)
Irisks Ishould Ibe Iapportioned Ibased Ion Ian Iagreement, Iand I4) Iit Iis Irequired Iby Iregulation


Insurance I- Icorrect IAnswers I✔✔ I-Risk-transfer Imechanism Ithat Iensured Ifull Ior Ipartial Ifinancial
Icompensation Ifor Ithe Iloss, Idamage Iand Ilegal Iobligations Iof Ia Ipolicyholder Ior Ibeneficiary


PESTLE Ianalysis I- Icorrect IAnswers I✔✔ I-Political, IEconomic, ISocial, ITechnological, ILegal Iand
IEnvironmental Iand Iidentifies Ithe Icategories Iutilized Ito Ianalyze Iinternal Iand Iexternal Ienvironments.


Risk I- Icorrect IAnswers I✔✔ I-The Ieffect Iof Iuncertainty Ion Iobjectives

, Chance Iof ISomething Ihappening Ithat Ihas Ian Iimpact Ion Iobjectives



Being Iprepared Ifor Ithe Iworst Iand Ibeing Ipoised Ito Iexploit Iopportunities Ias Idiscovered

Risk Iappetite I- Icorrect IAnswers I✔✔ I-The Itotal Iexposed Iamount Ithat Ian Iorganization Iwishes Ito
Iundertake Ion Ithe Ibasis Iof Irisk-return Itrade-offs Ifor Ione Ior Imore Idesired Iand Iexpected Ioutcomes




how Imuch Irisk Ithe Icompany Iwill Itake Ion

linked Ito Irewards I(risk-return Itrade-offs)

express Iqualitatively Ior Iquantitively

Risk Iattitude I- Icorrect IAnswers I✔✔ I-An Iorganization's Ior Iindividuals' Iview/perspective Iof Ithe
Iperceived Iqualitative Iand Iquantitative Ivalue Ithat Imay Ibe Igained Iin Icomparison Ito Ithe Irelated
Ipotential Iloss Ior Ilosses.


Risk Iculture I- Icorrect IAnswers I✔✔ I-The Ibeliefs, Ivalues, Inorms Iand Itraditions Iof Ibehavior Iof
Iindividuals Iand Igroups Iwithin Ian Iorganization Ithat Idetermine Ithe Iway Iin Iwhich Ithey Iidentify,
Iunderstand, Idiscuss Iand Iact Ion Ithe Irisk(s) Ithe Iorganization Iconfronts Iand Itakes.


Risk Ichampion I- Icorrect IAnswers I✔✔ I-Any Iperson Iin Ian Iorganization Iwho Iis Ia Ileader Iand Iinfluences
Ipeers Iregarding Ithe Ivalue Ithat Irisk Imanagement Iadds Ito Ithe Iorganization.


Risk Igovernance I- Icorrect IAnswers I✔✔ I-The Iarchitecture Iwithin Iwhich Irisk Imanagement Ioperates Iin
Ia Icompany




Questions Ito Iconsider Iwhen Ichoosing Ia Igovernance Iframework:

*Does Ia IStandard/Framework Ialready Iexist?

*How Ieffective Iis Ithe Icurrent Iparadigm?

*What Iare Ithe Igaps Ibetween Ithe Icurrent Iand Iideal Istate?

*Which IStandard/Framework Ido Ikey IStakeholders Iprefer?

Risk Imanagement I- Icorrect IAnswers I✔✔ I-The Iprocess Iof Imaking Iand Iimplementing Idecisions Ithat
Iwill Iminimize Ithe Iadverse Ieffects Iof Iaccidental Ilosses Ion Ian Iorganization

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