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ARM 401 exam questions with answers
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ARM 401 exam questions with answers
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ARM 401 exam questions with answersHAZOP Process Steps - .......🔷ANSWERS🔶......✔✔ 1. Divide project/system into small components
2. Review components to identify risk
3. Identify cause and potential outcomes of risks
4. Develop solutions to risks
5. Ensure solutions work and reevaluate
SWOT analysis (strengths, weaknesses, opportunities, threats) - .......🔷ANSWERS🔶......✔✔ A
SWOT analysis is useful when there is a specific goal, such as determining whether engaging in a
new product or project is feasible. It's less useful for analyzing current processes and procedures to
identify risks unless there is a specific objective, such as whether a procedure conforms to new
regulations or customer specifications. A goal is necessary to keep the SWOT analysis from becoming
too general or failing to provide actionable information. Generally "go" or "no go"
Risk Threshold - .......🔷ANSWERS🔶......✔✔ The range or amount of risk that is acceptable
Radio Frequency Identification (RFID) - .......🔷ANSWERS🔶......✔✔ A technology that uses radio
frequency to identify objects
Artificial Intelligence - .......🔷ANSWERS🔶......✔✔ Computer processing or output that simulates
human reasoning or knowledge
Computer Vision - .......🔷ANSWERS🔶......✔✔ A technology that simulates human vision
Risk registers should always do these 4 things: - .......🔷ANSWERS🔶......✔✔ Identifies the
organization's risks appropriately
Prioritizes risks according to their potential effects on the organization
Allows for collaboration and instant updating by risk managers and stakeholders
Tracks improvement actions to take, when they're taken, and when a follow-up or review will occur
,Risk Register - .......🔷ANSWERS🔶......✔✔ 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
Risk Map vs Risk Register - .......🔷ANSWERS🔶......✔✔ An organization would use a risk register to
identify, describe, and prioritize the risks of either a specific circumstance (such as a process, project,
or risk event) or the organization as a whole. It's essentially a ledger to document risks and all
information related to them. A risk map, on the other hand, is developed after a risk register and
incorporates information from the register. A risk map provides a visual representation of a risk
register's data to show which risks are the highest priority for risk managers and owners.
Relationship between inherent, residual, and optimuml risk - .......🔷ANSWERS🔶......✔✔ if the
difference between the inherent risk and what the residual risk will be after a treatment is applied is
small, either the risk doesn't need to be treated or the treatment itself isn't effective enough. The
difference between the residual risk and optimum risk represents how much further a risk can be
reduced
Risk Map - .......🔷ANSWERS🔶......✔✔ A template depicting the likelihood and potential
impact/consequences of risks
Inherent Risk - .......🔷ANSWERS🔶......✔✔ The level of risk that would be faced if it were to remain
untreated or no action were to be taken to alter the level of risk
Residual Risk - .......🔷ANSWERS🔶......✔✔ The level of risk remaining after actions are taken to
alter the level of risk
Optimum Risk - .......🔷ANSWERS🔶......✔✔ The level of risk that is within an organization's risk
appetite
Coordination - .......🔷ANSWERS🔶......✔✔ the act of improving efficiency and reducing
redundancy by some combination of arranging, assigning, organizing, or scheduling activities
, Collaboration vs. Cooperation - .......🔷ANSWERS🔶......✔✔ Collaboration is the act of working
together to achieve a shared objective. Cooperation is the act of working together to achieve
individual objectives instead of a shared objective
Predictive techniques, such as decision tree analysis and event tree analysis:
- .......🔷ANSWERS🔶......✔✔ assign numerical values to various components related to a risk and
combine them to produce a probability estimate
Risk Control - .......🔷ANSWERS🔶......✔✔ A conscious act or decision not to act that reduces the
frequency and/or severity of losses or makes losses more predictable
Three categories of accident causes: - .......🔷ANSWERS🔶......✔✔ poor management, safety policy,
and personal or environmental factors
Sequence of Events (Domino Theory) - .......🔷ANSWERS🔶......✔✔ The sequence of events theory
proposes that these five accident factors can form a chain of events that, like dominos, lead in
succession to the resulting accident and injury:
1. Ancestry and social environment, such as inherited psychological disorders and dysfunctional
social environments
2. Fault of person, such as impulsiveness, violent temper, nervousness, or a refusal to adapt to safe
practices
3. An unsafe act and/or a mechanical or physical hazard, such as improper use of machines or
equipment, or poor maintenance of surroundings, such as slippery floors or faulty railings
4. The accident itself
5. The resulting injury
Because each of the earlier links of the domino theory leads directly to the next, removing any of the
four factors that occur before the injury should, in theory, prevent the resulting injury from
occurring. Removal of the third domino, the unsafe act and/or mechanical or physical hazard, is
usually the best way to break the accident sequence and prevent injury or illness; most applicable to
situations within human control; well-suited to accidents caused by human carelessness
TOR establishes five basic principles of risk control: - .......🔷ANSWERS🔶......✔✔ An unsafe act, an
unsafe condition, and an accident are all symptoms of something wrong in the management system.
Certain circumstances, unless identified and controlled, may produce severe injuries.
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