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ARM 401 - Holistically Assessing Risk With Solutions Verified By Experts
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ARM 401 - Holistically Assessing Risk With Solutions Verified By Experts Computer vision A technology that simulates human vision. Risk register A tool developed at the risk owner level that links specific activities, processes, projects, or plans to a list of identified risks and results of ...

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  • October 7, 2024
  • 124
  • 2024/2025
  • Exam (elaborations)
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  • arm 401 holistically assessing risk
  • with solutions verified by experts

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  • ARM 401
  • ARM 401

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ARM 401 - Holistically Assessing Risk With
Solutions Verified By Experts

Computer vision A technology that simulates human vision.




Risk register A tool developed at the risk owner level that links specific activities,

processes, projects, or plans to a list of identified risks and results of risk analysis and evaluation

and that is ultimately consolidated at the enterprise level.




Risk map A template depicting the likelihood and potential impact/consequences of risks.




Risk appetite Amount of risk an organization is willing to take on in order to achieve an

anticipated result or return.




Inherent risk The level of risk that would be faced if it were to remain untreated or no

action were to be taken to alter the level of risk.




Residual risk The level of risk remaining after actions are taken to alter the level of risk.




Optimum risk The level of risk that is within an organization's risk appetite.

, ARM 401 - Holistically Assessing Risk With
Solutions Verified By Experts

Risk control A conscious act or decision not to act that reduces the frequency and/or

severity of losses or makes losses more predictable.




Energy transfer theory An approach to accident causation that views accidents as energy

that is released and that affects objects, including living things, in amounts or at rates that the

objects cannot tolerate.




Technique of operations review (TOR) An approach to accident causation that views the

cause of accidents to be a result of management's shortcomings.




Change analysis An analysis that projects the effects a given system change is likely to

have on an existing system.




Job safety analysis (JSA) An analysis that dissects a repetitive task, whether performed by

a person or machine, to determine potential hazards if each action is not performed.

, ARM 401 - Holistically Assessing Risk With
Solutions Verified By Experts
System safety A safety engineering technique also used as an approach to accident

causation that considers the mutual effects of the interrelated elements of a system on one

another throughout the system's life cycle.




Conceptual phase A phase in the life of a system when the basic purpose and preliminary

design of the system are formulated.




Engineering phase A phase in the life of a system when the system's design is constructed

and prototypes are tested.




Production phase A phase in the life of a system when the actual system is created.




Operational phase A phase in the life of a system when the system is implemented.




Disposal phase A phase in the life of a system when the system reaches the end of its

useful life and is disposed of.




Causal factors The agents that directly result in one event causing another

, ARM 401 - Holistically Assessing Risk With
Solutions Verified By Experts

Failure mode and effects analysis (FMEA) An analysis that reverses the direction of

reasoning in fault tree analysis by starting with causes and branching out to consequences.




Failure mode The manner in which a perceived or actual defect in an item, process, or

design occurs.




Effects analysis The study of a failure's consequences to determine a risk event's root

cause(s).




Indenture level An item's relative complexity within an assembly, system, or function.




Local effect The consequence of a failure mode on the operation, function, or status of the

specific item or system level under analysis.




Next-higher-level effect The consequence of a failure mode on the operation, function, or

status of the items in the indenture level immediately above the indenture level under analysis.

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