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ARM 401 - Chapter 1
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Exam of 4 pages for the course ARM 401 - Chapter 1 at ARM 401 - Chapter 1 (ARM 401 - Chapter 1)
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ARM 401 - Chapter 1Strategic Risk
Hazard Risk
Operational Risk
Financial Risk - -What are the 4 classifications of risks in the risk quadrant?
-Strategic Risk - -Risk with uncertainties associated with the organization's
long-term goals and management decisions
-Operational Risk - -Risk with uncertainties associated with the
organization's procedures, systems and policies
-Financial Risk - -Risk with uncertainties associated with the organization's
financial activities
-Facilitated Workshops - -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
-Delphi Technique - -A type of risk identification that uses the opinions of a
select group of experts to identify risks
-Scenario Analysis - -A type of risk identification that identifies risks and
predicts the potential consequences of those specific risks
-HAZOP - -A type of risk identification that is a comprehensive review of a
process or system.
-SWOT - -A type of risk identification that assesses an organization's
strengths, weaknesses, opportunities and threats
-Risk Threshold - -The range or amount of risk that is acceptable
-Checklist - -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.
-Workshops - -Allows attendees to brainstorm and assess risks in an open,
collaborative forum.
-Risk Register - -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
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