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RIMS CRMP Exam Study Guide | Common Terms ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct CA$14.37   Add to cart
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RIMS CRMP Exam Study Guide | Common Terms ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
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RIMS CRMP Exam Study Guide | Common Terms ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct 1. Benchmarking Answer: The process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar t...

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  • August 5, 2024
  • August 6, 2024
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  • 2024/2025
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RIMS CRMP Exam Study Guide
Common Terms



By ExamNavigator

, RIMS CRMP Exam Study Guide | Common Terms

1. Benchmarking
Answer: The process of measuring the performance of an organization against external
standards of reference that frequently come from similar organizations doing similar things.

2. Corporate governance
Answer: The system of rules, practices and processes by whicha company is directed and
controlled

3. Enterprise risk management
Answer: A strategic discipline that supports the achievement of an organization's objectives
by addressing the full spectrum of its risk andmanaging the combined impact of those risks as
an interrelated risk portfolio.

Strategy: Consider all risks and exploit risks as part of strategy

Measurement: Include Upside of Risk (Bugalla and Kugler)Look at building, expanding,
exploiting to add value
Push and Pull risk performance data

This approach is Coordinated & Strategic

4. Gap analysis
Answer: Comparison of an existing process or procedure to recognizedstandards in order to
identify deficiencies or excesses in the existing process.

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 futurestate.

5. Key performance indicator (KPI)
Answer: An activity that signals the achievement oforganizational objectives

6. Key risk indicator (KRI)
Answer: A measurement of how risk and volatility relate toachieving organizational
objectives

Designed to manage the downside of risk

, Leading indicators of risk to business performance; giving early warning of potentialrisk

early signal of changes in risk exposures in various areas of the enterprise

7. Risk Metrics
Answer: Integrated into the performance objectives of the organization formonitoring risks

Examples: KPIs and KRIs

8. Indemnification
Answer: Contractual obligation placed on the indemnifier to return the indemnified to
essentially the same financial condition that existed prior to the lossor claim, to stand in as the
source for financing the legal liability

9. Contractual Risk Transfer
Answer: A legally binding agreement between two partieswhereby one agrees to indemnify
and hold another party harmless for specifiedactions, inactions, injuries or damages

10. Hold Harmless
Answer: wording that requires one party to shield the other party fromthe effects of the legal
liability assignable to transfer or obligor

11. Risk Transfer/Sharing
Answer: Action taken when 1) costs of retaining risks exceedsthe organization's risk
tolerance; 2) risks (or some portion) can be transferred at a lower cost; 3) risks should be
apportioned based on an agreement, and 4) it is required by regulation

12. Insurance
Answer: Risk-transfer mechanism that ensured full or partial financial compensation for the
loss, damage and legal obligations of a policyholder or beneficiary

13. PESTLE analysis
Answer: Political, Economic, Social, Technological, Legal and Environmental and identifies
the categories utilized to analyze internal and external environments.

14. Risk
Answer: The effect of uncertainty on objectives

Chance of Something happening that has an impact on objectives

Being prepared for the worst and being poised to exploit opportunities as discovered

15. Risk appetite

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