RIMS - CRMP Complete Study Guide; Latest Update 2024 -2025 400 Questions and 100% Verified Correct Answers Guaranteed A+ ability to assess and plan - CORRECT ANSWER: Organizational risk competency capabilities: _______________________ for the appropriate number and type of resources necessary to execute a risk strategy and tactical plan Accountability for risk - CORRECT ANSWER: this matters when it is measured and can achieve a trickle down effect as the operations and functional managers engage their staff to support in the achieving the objectives Act - CORRECT ANSWER: A step in continuous improvement model to implement successful improvement changes on a wider scale and continuously assess your results. Action plans - CORRECT ANSWER: _____________ should be developed to address gaps between the key risks to the strategic plan and the successful delivery of the mission. actions - CORRECT ANSWER: Elements of treatment pl CORRECT ANSWER: proposed __________ and timeline Active -decision Environment - CORRECT ANSWER: Decision is in the process of being made; RMP should identify the stakeholders, understand success measures; integration of risk management process; develop monitoring process Adoption of ERM -based approach - CORRECT ANSWER: Comptency Drivers: Executive support of ERM; business process definition and risk ownership, far -sighted risk management vision; front line and support process owner participation An enterprise -wide risk management framework views risk within an organization's: - CORRECT ANSWER: Unique strategy; Tolerance; Culture; Decision Making; Governance Analysis - CORRECT 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 s olving and decision making. approving and implementing the plan - CORRECT ANSWER: Elements of treatment plCORRECT ANSWER: those who are accountable and responsible for ______________ Area of improvement to encourage continuous learning: Coaching the organization - CORRECT ANSWER: Develop and track feedback mechanisms to judge success and adjust risk management process accordingly. Is there a consensus on the evaluation of the outcome? What could be learned by including others into the decision -making process? What re the implicatio ns for the organization? Area of improvement to encourage continuous learning: Design of organizational strategies - CORRECT ANSWER: Are decisions aligned with the risk management goals, objectives and risk culture? Are decisions aligned with acceptable risk tolerance and appetite guidance? Is the decision achievable with resources available? Does it meet or align with the measures of s uccess established? Area of improvement to encourage continuous learning: Development of organizational risk management competencies - CORRECT ANSWER: Does the organization realize how risk -based decisions are impacting the organization? What evidence demonstrates that risk -based decisions are leading to continuous improvement? Area of improvement to encourage continuous learning: Integration of risk management process - CORRECT ANSWER: Does the risk management process occur at the optimal stage in decision -making during business process? Are organizational risk management capabilities adequate or are these areas that need to be improved? Articulate specific training objectives - CORRECT ANSWER: Step to perform before preparing training media and materials. Assumptions - CORRECT ANSWER: A method to identify uncertainties which can reveal implicit expectations about organizational performance. Often, implicit expectations do not have metrics built around them that will help ensure success. assumptions - CORRECT ANSWER: The risk manager can then identify ________________ made by management when developing these goals. Benchmarking - CORRECT ANSWER: comparing one's processes and performance metrics against those of organizations known to be leaders in one or mor easpects of their operations Benchmarking, document review, assets and process reviews - CORRECT ANSWER: A strategy for gathering data to identify a risk involving external resources Benefits of process improvement for organizations - CORRECT ANSWER: tackle inadequately addressed uncertainties and opportunities; resolve business processes inefficiencies; build a repeatable and scalable process for better decision making. Benefits of process improvement for risk management professionals - CORRECT ANSWER: Establish a baseline of maturity levels; build consensus about areas for improvement and establish milestones; communicate clearly to the stakeholders and risk network Benefits of process improvement for stakeholders - CORRECT ANSWER: Streamline risk management processes; eliminate dupplication of efforts and connect support functions with process owners; measure risk managemnt value, based on priorities; create a shreed language and vision Biases - CORRECT ANSWER: A method to identify uncertainties which can help identify potentially hidden expectations, motivations or even conflicts within the organization. It may sometimes lead to perceptual distortion, inaccurate judgment and illogical analysis of information. Bow tie analysis - CORRECT ANSWER: hazard analysis technique (cause and consequence) Bowtie, business impact analysis, fault tree, cause/consequence analysis - CORRECT ANSWER: Examples of combined methodology for analyzing data Brainstorming; Checklists; Interview and self -assessment; Facilitated workshops; Risk questionnaires and risk surveys; Scenario analysis; others such as value chain analysis, system design review, process analysis and benchmarking - CORRECT ANSWER: Specific techniques for identifying risks include: Budgeting for risk solutions - CORRECT ANSWER: Reporting on risk and _________________________ becomes naturally integrated, because each areas is required to report within the governance structure and budget resources to accomplish their respective objectives. Business area managers or risk owners - CORRECT ANSWER: Participants in the ERM governance model who engages in risk assessment at directed frequency; own risk treatment i.e. avoid, accept, transfer, mitigate, exploit; report on risk exposures/actions Business impact analysis - CORRECT ANSWER: consider business impacts at a location or from a specific process Business resilience and sustainability - CORRECT ANSWER: Compentency Drivers: Analysis -based planning; resilience and operational planning; understanding consequences Catalyst - CORRECT ANSWER: Risk management professional's role is to provide insights on emerging risks and offer perspectives on leading practices; share knowledge on potential exposures and the implications to the organization. Check - CORRECT ANSWER: A step in continuous improvement model to use data to analyze the results of the change and determine whether it made a difference.
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