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ARM 400 Chapter 3 questions with complete solutions 2024
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ARM 400 Chapter 3 questions with complete solutions 2024
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ARM 400 Chapter 3 - Part 3The shared beliefs, values, and accepted behaviors of the people and groups
that compose it, is called a company's: - correct answer ✔Culture.
A company's culture often provides valuable insight into: - correct answer
✔Its attitude toward risk and risk management.
Knowing what makes a company tick can help you provide the best possible
service, ranging from: - correct answer ✔Suggesting the best risk control
techniques, to suggesting an appropriate deductible amount.
In this way, corporate culture can be a key determinant of whether: - correct
answer ✔Its enterprise risk management E R M strategy will be a success.
A company's culture, or lack thereof, becomes evident in these ways: - correct
answer ✔In the way it treats its employees and customers, the way that
information is shared, and the depth of its decision-making process.
Because culture can seep into everything a company does, whether it has a
conservative or an aggressive approach to taking risks, it will also influence: -
correct answer ✔The company's risk management process.
For example: A company that prides itself on being on the bleeding edge of
technology will have a culture that encourages: - correct answer ✔Risk-
taking.
This risk-taking will affect its risk outlook, by: - correct answer ✔Influencing
investments made to ensure solvency in case new products fail, or by
acquiring insurance coverage for potentially risky manufacturing techniques.
, These are the three bases of organizational culture: - correct answer
✔Beliefs. Values. Behaviors.
Beliefs are: - correct answer ✔The practices and concepts that employees
accept as true.
Assumptions formed from these beliefs ultimately drive: - correct answer
✔Behavior.
Values are exhibited through: - correct answer ✔The company's goals and
how it pursues them.
Behaviors are determined by: - correct answer ✔Organizational values.
Beliefs keywords: - correct answer ✔Practices. Concepts. True. Drive
behavior.
Values keywords: - correct answer ✔Goals. How the company pursues
goals.
Behavior keywords: - correct answer ✔Determined by values. Exhibit a norm
or standard of behavior based on values and assumptions.
The company's employees establish and expect all staff to exhibit: - correct
answer ✔A certain norm or standard of behavior based on values and
assumptions.
A company's culture, are A K A: - correct answer ✔Its norms and attitudes
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