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2024 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 CA$18.17   Add to cart
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2024 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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2024 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 Risks The effect of uncertainty on objectives ...

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  • February 21, 2024
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  • 2023/2024
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2024 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 Risks 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 Enterprise Risk Management A strategic business discipline that supports the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. Support Function: Business continuity and crisis management Risk identification, assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions Analysis A systematic examination and evaluation of data or information by breaking it into its component parts to uncover their relationships. An examination of data and facts to uncover and understand cause -effect relationships, thus providing basis for problem s olving and decision making. To embed risk management in both routine and strategic decision, what should managers be able to recognize? The type of decision being made; Who should be included in the decision making process; Where in the process decisions are being made Risk management strategies' general focus Meeting or exceeding an organization's objectives Adhering to control -based objectives, rules and/or controls Complying with regulatory requirements Support Function: Internal Audit Risk identification, assessment and treatment through audit plans with focus on fraud, corruption, regulatory noncompliance and/or misrepresentation related to the organization's internal control systems, financial operations, financial statements and repo rting as well as enterprise risk and the organization's risk management framework and process. What steps can the risk management professional take to embed risk management in decision making? Include risk assessment in planning process; Leverage cross -functional risk assessment team and subject matter experts to identify enterprise risks; Consider cascading and cumulative effects Gap Analysis Technique that can be used to determine what steps might need to be taken to improve the organization's capacity to move from a current state to a desired future state. Risk appetite The total exposed amount that an organization wishes to undertake on the basis of risk-return trade -offs for one or more desire and expected outcomes. Communication and Consultation Risk management professional's role in Implementing Risk Strategies Support Function: Legal Risk identification, assessment and treatment of risks related to the obligation an organization undertakes and transfers through contracting, as well as its compliance with applicable laws and regulatory obligations. What are the typical failures in risk management which can be avoided if it is embedded in the decision making process? Program not integrated into strategy or its execution; Focused on the wrong risks; Not executed in a repeatable process; Risk management is practiced in a silo; Activity not viewed as being value added Strategic Plan Determines that actions the organization will take at any stage of the planning period as circumstances change. Risk owner The individual who is ultimately accountable for ensuring that risk is managed appropriately, including the implementation of selected responses. Risk Identification Process Finding, Recognizing and Recording Risks Support Function: Compliance Risk identification, assessment and treatment of risk related to regulations that may affect the organization's ability to operate in its respective jurisdictions, as well as activities that fall within its compliance and ethics programs. To successfully integrate risk management into decision making, risk management professionals will rely on strategies that draw on personal and technical skills in Building organizational awareness; . Differentiating the different types of decisions used in varying situations using elements of decision quality; Performing various roles in the taking risk into account in decision -making process Strategy A complete plan of action for whatever situations might arise in achieving an organization's goals within the established time. Risk tolerance The amount of uncertainty an organization is prepared to accept in total or more narrowly within a certain business unit, a particular risk category or for a specific initiative. Strategic Risk Management A business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization's strategy and strategic execution. Value Chain The series of functions, processes, materials and activities (inputs) from concept to the eventual end user that creates and builds value at every step in order to deliver a product or service. To build organizational awareness, the risk management professional needs to do the following: Be a persuasive communicator and facilitator; Have a clear communication plan; Engage interested parties, including primary and secondary audiences; Demonstrate that risk management creates the most value ; Develop feedback loops for continuous learning Risk Analysis 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. Support Function: Safety Risk identification, assessment and treatment of risks focused on preserving the physical well -being of employees and third parties. Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interdependencies Risk is typically analyzed on the basis of Support Function: Information Security Risk Identification, assessment and treatment of risk arising our of or affecting information and technology infrastructure. To build organizational awareness, risk management creates the most value when Risk management Aligns with strategic goals; Takes corporate culture into account; Involves key enterprise functions Financial Statements Internal source of information that includes financial analytics or projections strategic planning team The risk manager should be a part of the _______________________ to provide the structure discipline for consideration of risks in a strategic portfolio. Internal Audit Reports Internal source of information that focuses on business practices important to the goals and reflection of regulatory environment of the organization risk management __________________ should be an agenda item at every strategy session. Support Function: Facilities Risk identification, assessment and treatment of the organization's properties, equipment and physical infrastructure systems. Simple and frequent A type of decision that are automatic, taken in the moment. These decisions generally rely on the knowledge and capability of the decision maker using the back -of-the-napkin technique. Bow tie analysis hazard analysis technique (cause and consequence) Business impact analysis consider business impacts at a location or from a specific process Support Functions: Quality Risk identification, assessment and treatment of risks related to products and services. Significant importance or complex A type of decision that require more deliberate effort. These decisions generally have some period of planning and a longer decision timeline. Organizational Structure Internal source of information that reports from different departments (HR, Legal, risk, operations, HS, environment, etc.)

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