RIMS CRMP- IMPLEMENTING THE RISK PROCESS EXAM QUESTONS AND ANSWERS 2023/2024
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Module
RIMS - CRMP
Institution
Liberty University
RIMS CRMP- IMPLEMENTING THE RISK PROCESS EXAM QUESTONS AND ANSWERS 2023/2024. RIMS CRMP-Implementing the Risk Process 2023 1. 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 expl...
RIMS CRMP- IMPLEMENTING THE RISK PROCESS
EXAM QUESTONS AND ANSWERS 2023/2024
,RIMS CRMP- IMPLEMENTING THE RISK PROCESS
EXAM QUESTONS AND ANSWERS 2023/2024
Risks - 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
Enterprise Risk Management - Answer 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 - Answer Risk
identification, assessment and creation of emergency response and recovery
plans related to threats or hazards that might lead to operational disruptions
Analysis - Answer 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 solving and decision
making.
To embed risk management in both routine and strategic decision, what should
managers be able to recognize? - Answer 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 - Answer Meeting or exceeding an
organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Support Function: Internal Audit - Answer 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 reporting as well
as enterprise risk and the organization's risk management framework and
,RIMS CRMP- IMPLEMENTING THE RISK PROCESS
EXAM QUESTONS AND ANSWERS 2023/2024
process.
What steps can the risk management professional take to embed risk
management in decision making? - Answer 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 - Answer 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 - Answer 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 - Answer Risk management professional's role
in Implementing Risk Strategies
Support Function: Legal - Answer 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? - Answer 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 - Answer Determines that actions the organization will take at any
stage of the planning period as circumstances change.
Risk owner - Answer The individual who is ultimately accountable for ensuring
, RIMS CRMP- IMPLEMENTING THE RISK PROCESS
EXAM QUESTONS AND ANSWERS 2023/2024
that risk is managed appropriately, including the implementation of selected
responses.
Risk Identification Process - Answer Finding, Recognizing and Recording Risks
Support Function: Compliance - Answer 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 - Answer 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 - Answer A complete plan of action for whatever situations might arise
in achieving an organization's goals within the established time.
Risk tolerance - Answer 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 - Answer A business discipline that drives
deliberation and action regarding uncertainties and untapped opportunities that
affect an organization's strategy and strategic execution.
Value Chain - Answer 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: - Answer 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 - Answer The process of characterizing and understanding the
nature of risk and of considering the level of risk in the context of the
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