IRM Exam Questions with complete solution 2024/2025
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Course
Property management
Institution
Property Management
IRM Exam Questions with complete solution 2024/2025 IRM Exam #1
Risk - correct answer The uncertainty of an outcome - the chance of something happening that will have an impact on objectives
Terms of likelihood and consequence - correct answer What is risk measured in?
1- physical
2-...
Risk Management - correct answer ✔the process of identifying, assessing
and controlling threats to an organization's capital and earnings. These
threats, or risks, could stem from a wide variety of sources, including financial
uncertainty, legal liabilities, strategic management errors, accidents and
natural disasters
1. Risk Identification: Identifying potential losses and their causes
2. Risk Analysis: Estimating the likelihood and expected value of potential
losses
3. Designing a strategy: Choosing an appropriate mix of risk control and risk
financing techniques
4. Implementation: Carrying out the details of the plan
, 5. Review: Monitoring the results of the plan, and considering the impact of
internal and external developments - correct answer ✔Steps in the Risk
Management Process
1. Prepare for potential losses in the most economical way
2. Reduce anxiety
3. Meet any external legal obligations
4. Social Responsibility - correct answer ✔Pre-Loss Objectives of Risk
Management
-Survival of the firm
-Continue operating
-Stability of earnings
-Continued growth of the firm
-Minimize the effects that a loss will have on other persons and on society -
correct answer ✔Post-Loss Objectives of Risk Management
Enterprise Risk Management - correct answer ✔the methods and processes
used by organizations to manage risks and seize opportunities related to the
achievement of their objectives.
ERM - correct answer ✔provides a framework for risk management
1. Enterprise risk management encompasses both hazard risk and business
risk; traditional risk management focuses on hazard risk.
2. Enterprise risk management seeks to enable an organization to fulfill its
greatest productive potential; traditional risk management seeks to restore an
organization to its former pre-loss condition.
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