RIMS CRMP-Implementing the Risk Process Exam Questions With Correct Answers
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Course
RIMS CRMP-Implementing the Risk Process
Institution
RIMS CRMP-Implementing The Risk Process
RIMS CRMP-Implementing the Risk Process Exam Questions With Correct Answers
.Accountability for risk - ANSWER-this matters when it is measured and can achieve a trickle down effect as the operations and functional managers engage their staff to support in the achieving the objectives
.actions -...
RIMS CRMP-Implementing the Risk
Process Exam Questions With Correct
Answers
.Accountability for risk - ANSWER-this matters when it is measured and can achieve a trickle down effect
as the operations and functional managers engage their staff to support in the achieving the objectives
.actions - ANSWER-Elements of treatment plans: proposed __________ and timeline
.An enterprise-wide risk management framework views risk within an organization's: - ANSWER-Unique
strategy; Tolerance; Culture; Decision Making; Governance
.approving and implementing the plan - ANSWER-Elements of treatment plans: those who are
accountable and responsible for ______________
.Benchmarking, document review, assets and process reviews - ANSWER-A strategy for gathering data to
identify a risk involving external resources
.Bow tie analysis - ANSWER-hazard analysis technique (cause and consequence)
.Bowtie, business impact analysis, fault tree, cause/consequence analysis - ANSWER-Examples of
combined methodology for analyzing data
.Brainstorming; Checklists; Interview and self-assessment; Facilitated workshops; Risk questionnaires
and risk surveys; Scenario analysis; others such as value chain analysis, system design review, process
analysis and benchmarking - ANSWER-Specific techniques for identifying risks include:
.Business impact analysis - ANSWER-consider business impacts at a location or from a specific process
.Catalyst - ANSWER-Risk management professional's role is to provide insights on emerging risks and
offer perspectives on leading practices; share knowledge on potential exposures and the implications to
the organization.
, .Clearly identified responsibility for risk management - ANSWER-A benefit of ERM that fosters an
environment where risk-return trade-offs are carefully evaluated; responsibility and accountability for
managing risks are explicit part of governance
.Communication - ANSWER-Risk Management Professional's role to convey information.
.Communication and Consultation - ANSWER-Risk management professional's role in Implementing Risk
Strategies
.Competitive advantage - ANSWER-The major strengths of the company combine to form the core
competencies that provide the basis for the company to achieve what?
.constraints and contingencies - ANSWER-Elements of treatment plans: resources required including
___________________
.Consultation - ANSWER-Risk Management Professional's role to anticipate that participants engage in
conversation with the expectation that dialogue will contribute to and shape decisions.
.Consultative role of risk management professionals in implementing solutions - ANSWER-Strategic
advisors
Solutions advocates
Collaboration facilitators
.Contractual risk transfer - 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.
.Cross-functional view and common risk assessment process - ANSWER-An ERM method which can
maximize the efficiency of an organization's risk management resources and activities
.Data collection - ANSWER-A strategy for gathering data to identify a risk that should be comprehensive,
strategic and timely
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