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ARM 401 - Chapter 1 questions with answers
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ARM 401 - Chapter 1 questions with answers
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ARM 401 - Chapter 1 questions withanswers
What are the 4 classifications of risks in the risk quadrant? - .......🔷ANSWERS🔶......✔✔ Strategic
Risk
Hazard Risk
Operational Risk
Financial Risk
Risk with uncertainties associated with the organization's long-term goals and management
decisions - .......🔷ANSWERS🔶......✔✔ Strategic Risk
Risk with uncertainties associated with the organization's procedures, systems and policies
- .......🔷ANSWERS🔶......✔✔ Operational Risk
Risk with uncertainties associated with the organization's financial activities
- .......🔷ANSWERS🔶......✔✔ Financial Risk
A type of risk identification where a neutral party, who has no stake in the outcome or participation
responsibilities, administers the workshop and propels the group to achieve its goal
- .......🔷ANSWERS🔶......✔✔ Facilitated Workshops
A type of risk identification that uses the opinions of a select group of experts to identify risks
- .......🔷ANSWERS🔶......✔✔ Delphi Technique
A type of risk identification that identifies risks and predicts the potential consequences of those
specific risks - .......🔷ANSWERS🔶......✔✔ Scenario Analysis
A type of risk identification that is a comprehensive review of a process or system.
- .......🔷ANSWERS🔶......✔✔ HAZOP
, A type of risk identification that assesses an organization's strengths, weaknesses, opportunities and
threats - .......🔷ANSWERS🔶......✔✔ SWOT
The range or amount of risk that is acceptable - .......🔷ANSWERS🔶......✔✔ Risk Threshold
Easy to use and communicate known risks to employees with little effort, however, don't help to
identify unknown risks. This would require an employee to inspect equipment before using.
- .......🔷ANSWERS🔶......✔✔ Checklist
Allows attendees to brainstorm and assess risks in an open, collaborative forum.
- .......🔷ANSWERS🔶......✔✔ Workshops
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 - .......🔷ANSWERS🔶......✔✔ Risk Register
A template depicting the likelihood and potential impact/consequences of risks
- .......🔷ANSWERS🔶......✔✔ Risk Map
Dissects processes within the organization from input to output for the purpose of improving them
- .......🔷ANSWERS🔶......✔✔ Process Flow Analysis
Both internal and external. They have the potential to identify both negative risks and opportunity
risks (risks with a potential upside) - .......🔷ANSWERS🔶......✔✔ Audits
Combines brainstorming, communications and mapping in an effort to find the cause of a problem
and the solution - .......🔷ANSWERS🔶......✔✔ Cause and Effect Analysis
A process that originates with an assumption about what caused an event or a failure. Working
downward from the assumption (the top event), a diagram is used to connect the factors that caused
the failure and determine how to devise methods to prevent similar failures in the future.
- .......🔷ANSWERS🔶......✔✔ Fault Tree Analysis
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