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ARM 401 - Chapter 1 Exam Questions with Correct Answers.
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ARM 401 - Chapter 1 Exam Questions withCorrect Answers
Strategic Risk
Hazard Risk
Operational Risk
Financial Risk - Correct Answer - What are the 4 classifications of risks in the risk quadrant?
Strategic Risk - Correct Answer - Risk with uncertainties associated with the organization's long-term
goals and management decisions
Operational Risk - Correct Answer - Risk with uncertainties associated with the organization's
procedures, systems and policies
Financial Risk - Correct Answer - Risk with uncertainties associated with the organization's financial
activities
Facilitated Workshops - Correct Answer - 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 - Correct Answer - A type of risk identification that uses the opinions of a select group
of experts to identify risks
Scenario Analysis - Correct Answer - A type of risk identification that identifies risks and predicts the
potential consequences of those specific risks
HAZOP - Correct Answer - A type of risk identification that is a comprehensive review of a process or
system.
SWOT - Correct Answer - A type of risk identification that assesses an organization's strengths,
weaknesses, opportunities and threats
Risk Threshold - Correct Answer - The range or amount of risk that is acceptable
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