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RIMS - CRMP Complete Study Guide; 1 Analyze the Business Model, 2 Developing Organizational Risk Strategies, 3 RIMS CRMP-Implementing the Risk Process, 4 Developing Organizational Risk Management Competency, 5 Supporting Decision Making, , $12.49   Add to cart
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RIMS - CRMP Complete Study Guide; 1 Analyze the Business Model, 2 Developing Organizational Risk Strategies, 3 RIMS CRMP-Implementing the Risk Process, 4 Developing Organizational Risk Management Competency, 5 Supporting Decision Making, ,
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RIMS - CRMP Complete Study Guide; 1 Analyze the Business Model, 2 Developing Organizational Risk Strategies, 3 RIMS CRMP-Implementing the Risk Process, 4 Developing Organizational Risk Management Competency, 5 Supporting Decision Making, ,

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  • September 11, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
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  • rims crmp complete study guide 1 analyze the bu

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RIMS - CRMP Complete Study Guide; 1
Analyze the Business Model, 2
Developing Organizational Risk
Strategies, 3 RIMS CRMP-Implementing
the Risk Process, 4 Developing
Organizational Risk Management
Competency, 5 Supporting Decision
Making, ,

ability to assess and plan - Correct Answers Organizational risk competency capabilities:
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_______________________ for the appropriate number and type of resources necessary
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to execute a risk strategy and tactical plan
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Accountability for risk - Correct Answers this matters when it is measured and can
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achieve a trickle down effect as the operations and functional managers engage their staff
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to support in the achieving the objectives
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Act - Correct Answers A step in continuous improvement model to implement successful
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improvement changes on a wider scale and continuously assess your results.
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Action plans - Correct Answers _____________ should be developed to address gaps
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between the key risks to the strategic plan and the successful delivery of the mission.
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actions - Correct Answers Elements of treatment plans: proposed __________ and
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timeline
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Active-decision Environment - Correct Answers Decision is in the process of being
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made; RMP should identify the stakeholders, understand success measures; integration
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of risk management process; develop monitoring process
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Adoption of ERM-based approach - Correct Answers Comptency Drivers: Executive
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support of ERM; business process definition and risk ownership, far-sighted risk
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management vision; front line and support process owner participation
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An enterprise-wide risk management framework views risk within an organization's: -
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Correct Answers Unique strategy; Tolerance; Culture; Decision Making; Governance
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, Analysis - Correct Answers A systematic examination and evaluation of data or
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information by breaking it into its component parts to uncover their relationships. An
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examination of data and facts to uncover and understand cause-effect relationships, thus
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providing basis for problem solving and decision making.
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approving and implementing the plan - Correct Answers Elements of treatment plans:
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those who are accountable and responsible for ______________
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Area of improvement to encourage continuous learning: Coaching the organization -
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Correct Answers Develop and track feedback mechanisms to judge success and adjust
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risk management process accordingly. Is there a consensus on the evaluation of the
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outcome? What could be learned by including others into the decision-making process?
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What re the implications for the organization?
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Area of improvement to encourage continuous learning: Design of organizational
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strategies - Correct Answers Are decisions aligned with the risk management goals,
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objectives and risk culture? Are decisions aligned with acceptable risk tolerance and
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appetite guidance? Is the decision achievable with resources available? Does it meet or
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align with the measures of success established?
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Area of improvement to encourage continuous learning: Development of organizational
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risk management competencies - Correct Answers Does the organization realize how
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risk-based decisions are impacting the organization? What evidence demonstrates that
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risk-based decisions are leading to continuous improvement?
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Area of improvement to encourage continuous learning: Integration of risk management
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process - Correct Answers Does the risk management process occur at the optimal
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stage in decision-making during business process? Are organizational risk management
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capabilities adequate or are these areas that need to be improved?
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Articulate specific training objectives - Correct Answers Step to perform before preparing
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training media and materials.
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Assumptions - Correct Answers A method to identify uncertainties which can reveal
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implicit expectations about organizational performance. Often, implicit expectations do not
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have metrics built around them that will help ensure success.
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assumptions - Correct Answers The risk manager can then identify ________________
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made by management when developing these goals.
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Benchmarking - Correct Answers comparing one's processes and performance metrics
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against those of organizations known to be leaders in one or mor easpects of their
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operations
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, Benchmarking, document review, assets and process reviews - Correct Answers A
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strategy for gathering data to identify a risk involving external resources
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Benefits of process improvement for organizations - Correct Answers tackle
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inadequately addressed uncertainties and opportunities; resolve business processes
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inefficiencies; build a repeatable and scalable process for better decision making.
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Benefits of process improvement for risk management professionals - Correct Answers
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Establish a baseline of maturity levels; build consensus about areas for improvement and
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establish milestones; communicate clearly to the stakeholders and risk network
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Benefits of process improvement for stakeholders - Correct Answers Streamline risk
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management processes; eliminate dupplication of efforts and connect support functions
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with process owners; measure risk managemnt value, based on priorities; create a shreed
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language and vision
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Biases - Correct Answers A method to identify uncertainties which can help identify
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potentially hidden expectations, motivations or even conflicts within the organization. It
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may sometimes lead to perceptual distortion, inaccurate judgment and illogical analysis of
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information.
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ll Bow tie analysis - Correct Answers hazard analysis technique (cause and consequence)
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Bowtie, business impact analysis, fault tree, cause/consequence analysis - Correct
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Answers Examples of combined methodology for analyzing data
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Brainstorming; Checklists; Interview and self-assessment; Facilitated workshops; Risk
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questionnaires and risk surveys; Scenario analysis; others such as value chain analysis,
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system design review, process analysis and benchmarking - Correct Answers Specific
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techniques for identifying risks include:
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Budgeting for risk solutions - Correct Answers Reporting on risk and
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_________________________ becomes naturally integrated, because each areas is
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required to report within the governance structure and budget resources to accomplish
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their respective objectives.
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Business area managers or risk owners - Correct Answers Participants in the ERM
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governance model who engages in risk assessment at directed frequency; own risk
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treatment i.e. avoid, accept, transfer, mitigate, exploit; report on risk exposures/actions
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Business impact analysis - Correct Answers consider business impacts at a location or
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from a specific process
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Business resilience and sustainability - Correct Answers Compentency Drivers:
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Analysis-based planning; resilience and operational planning; understanding
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consequences
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