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RIMS CRMP CERTIFICATION FINAL EXAM STUDY GUIDE QUESTIONS AND CORRECT ANSWERS | A+ GRADE
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RIMS CRMP CERTIFICATION FINAL EXAM STUDY GUIDE QUESTIONS AND CORRECT ANSWERS | A+ GRADE
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RIMS CRMP CERTIFICATION FINAL2024-2025 EXAM STUDY GUIDE
QUESTIONS AND CORRECT ANSWERS |
A+ GRADE
What should be evaluated that may dramatically impact
the organization's strategic goals? Correct Answer effect
of significant acquisitions, organizational and process
changes, other changes
How can risk management professionals gain insights into
organizational performance related to the effectiveness of
the organizational risk management? Correct Answer
evaluating metrics and reports that result from a
disciplined and informed risk management process
How can risk management professionals gain credibility
and engagement with key stakeholders Correct Answer
validating insights with key stakeholders
priorities Correct Answer Monitoring risk process: setting
_______ based on desire performance
performance objectives Correct Answer Monitoring risk
process: developing risk metrics integrated with
_______________
,monitoring schedules Correct Answer Monitoring risk
process: Establishing _________________ to check
progress over time
expected value of the of the collective objectives Correct
Answer Monitoring risk process: validating whether the
___________________ from making risk-informed
decisions and implementing risk solutions have been
achieved
Risks Correct Answer The effect of uncertainty on
objectives
The chance of something happening that will have an
impact on objectives
Being prepared for the worst and being poised to exploit
opportunities as they are discovered
Risk management strategies' general focus Correct
Answer Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation Correct Answer Risk
management professional's role in Implementing Risk
Strategies
Risk Identification Process Correct Answer Finding,
Recognizing and Recording Risks
Risk Analysis Correct Answer The process of
characterizing and understanding the nature of risk and of
,considering the level of risk in the context of the
organization's willingness to accept risk.
Likelihood, Consequences, other criteria such as timing,
duration, vulnerability and interdependencies Correct
Answer Risk is typically analyzed on the basis of
Bow tie analysis Correct Answer hazard analysis
technique (cause and consequence)
Business impact analysis Correct Answer consider
business impacts at a location or from a specific process
Gap analysis Correct Answer determine steps to improve
the organization's capacity to move from a current state to
a desired, future state. (current available factors, success
factors needed to achieve future desired objectives,
highlighting the gaps)
Root Cause Analysis Correct Answer multiple techniques
designed to identify the underlying or initiating risk sources
or drivers. (fault tree analysis, event tree analysis, failure
mode and effect analysis and cause-and-effect analysis -
fish bone diagram)
Influence analysis/diagrams Correct Answer identify the
strength of influencing factors and help determine potential
weighting for consideration during the risk assessment
process. Define root causes for major risks, define the
chain of events likely in a scenario and become the
foundation for further modeling.
, Risk Register Analysis Correct Answer compile risk into a
risk register to analyze and manage those risks in an
organized way, typically by category.
Scenario analysis Correct Answer process of analyzing
possible and plausible future events by considering
alternative settings, circumstances and outcomes. It
provides a basis for making decisions in the context of
different conditions.
Site analysis Correct Answer leaders at each site perform
an assessment by analyzing and evaluating the potential
risks based on what is being produced at the site and its
environmental factors. This may include threat,
vulnerability and criticality analyses.
SWOT analysis Correct Answer strengths and
weaknesses (internal), opportunities and threats (external)
Monte Carlo analysis Correct Answer mathematical
technique that generates random variables for modelling
risk or uncertainty of a certain system (simulation). The
random variables or inputs are modelled on the basis of
probability distributions
Stress analysis Correct Answer a form of simulation used
to determine reactions to different situations. Also used to
gauge how certain stressors will affect a company or
industry.
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