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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Module
RIMS CRMP
Institution
RIMS CRMP
Risks - ANS 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 - ANS A strategic business discipline that s...
,Risks - ANS 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 - ANS 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 - ANS Risk
K
identification, assessment and creation of emergency response and recovery plans
related to threats or hazards that might lead to operational disruptions
C
Analysis - ANS A systematic examination and evaluation of data or information by
breaking it into its component parts to uncover their relationships. An examination of
LO
data and facts to uncover and understand cause-effect relationships, thus providing
basis for problem solving and decision making.
To embed risk management in both routine and strategic decision, what should
managers be able to recognize? - ANS The type of decision being made; Who should
YC
be included in the decision making process; Where in the process decisions are being
made
Risk management strategies' general focus - ANS Meeting or exceeding an
organization's objectives
D
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
U
Support Function: Internal Audit - ANS Risk identification, assessment and treatment
through audit plans with focus on fraud, corruption, regulatory noncompliance and/or
ST
misrepresentation related to the organization's internal control systems, financial
operations, financial statements and reporting 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? - ANS 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 - ANS 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 - ANS 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 - ANS Risk management professional's role in
Implementing Risk Strategies
K
Support Function: Legal - ANS Risk identification, assessment and treatment of risks
C
related to the obligation an organization undertakes and transfers through contracting,
as well as its compliance with applicable laws and regulatory obligations.
LO
What are the typical failures in risk management which can be avoided if it is embedded
in the decision making process? - ANS 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
YC
Strategic Plan - ANS Determines that actions the organization will take at any stage of
the planning period as circumstances change.
Risk owner - ANS The individual who is ultimately accountable for ensuring that risk is
managed appropriately, including the implementation of selected responses.
D
Risk Identification Process - ANS Finding, Recognizing and Recording Risks
U
Support Function: Compliance - ANS Risk identification, assessment and treatment of
risk related to regulations that may affect the organization's ability to operate in its
ST
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 - ANS
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 - ANS A complete plan of action for whatever situations might arise in
achieving an organization's goals within the established time.
Risk tolerance - ANS 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 - ANS A business discipline that drives deliberation and
action regarding uncertainties and untapped opportunities that affect an organization's
strategy and strategic execution.
K
Value Chain - ANS The series of functions, processes, materials and activities (inputs)
C
from concept to the eventual end user that creates and builds value at every step in
order to deliver a product or service.
LO
To build organizational awareness, the risk management professional needs to do the
following: - ANS 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
YC
Risk Analysis - ANS 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.
D
Support Function: Safety - ANS Risk identification, assessment and treatment of risks
focused on preserving the physical well-being of employees and third parties.
U
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and
interdependencies - ANS Risk is typically analyzed on the basis of
ST
Support Function: Information Security - ANS 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 -
ANS Risk management Aligns with strategic goals; Takes corporate culture into
account; Involves key enterprise functions
Financial Statements - ANS Internal source of information that includes financial
analytics or projections
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