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Exam (elaborations)

ARM 401 exam questions with correct answers

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  • ARM 401
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  • ARM 401

ARM 401 exam questions with correct answers

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  • August 23, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ARM 401
  • ARM 401
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ARM 401 exam questions with correct
answers

strategic risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations long
term goals and management decisions



operational risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations
procedures, systems, and policies



financial risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations financial
activities



facilitated workshops - .......🔷ANSWERS🔶......✔✔ a neutral party, who has no stake int he outcome
or participation responsibilities, administers the risk workshop and propels the group to achieve its
goal



delphi technique - .......🔷ANSWERS🔶......✔✔ uses opinions of a select group of experts to identify
risks



scenario analysis - .......🔷ANSWERS🔶......✔✔ identifies risks and predicts the potential
consequences of those specific risks



HAZOP - .......🔷ANSWERS🔶......✔✔ a team of subject matter experts and stakeholders identifies
the risks associated with a given process and recommends a solution



primarily used to design complex, scientific systems such as those used in engineering, chemical,
mechanical, electronic, and computer operations.



SWOT analysis - .......🔷ANSWERS🔶......✔✔ strengths, weaknesses, opportunities, and threats

,this is a team approach thats useful in analyzing a new project or product



risk threshold - .......🔷ANSWERS🔶......✔✔ the range or amount of risk that is acceptable



sensor - .......🔷ANSWERS🔶......✔✔ a device that detects and measures stimuli in its environment



radio frequency identification (RFID) - .......🔷ANSWERS🔶......✔✔ a technology that uses radio
frequency to identify objects



artificial intelligence - .......🔷ANSWERS🔶......✔✔ computer process or output that stimulates
human reasoning or knowledge



computer vision - .......🔷ANSWERS🔶......✔✔ a technology that simulates human vision



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 - .......🔷ANSWERS🔶......✔✔ a template depicting the likelihood and potential
impact/consequences of risk



identify, prioritize, and quantify risks in a two dimensional pictorial that illustrates frequency and
severity on vertical and horizontal axes



process flow analysis - .......🔷ANSWERS🔶......✔✔ dissects processes within the organization from
input to output for the purpose of improving them



audits - .......🔷ANSWERS🔶......✔✔ internal and external audits have the potential to identify both
negative risks and opportunity risks

, cause and effect analysis - .......🔷ANSWERS🔶......✔✔ identifies the possible reasons, direct and
contributory, that caused a negative event or problem by looking backwards through a defective
process



fault tree analysis - .......🔷ANSWERS🔶......✔✔ a process that originates with an assumption about
what caused an event or failure



working downward from the assumption, a diagram is used to connect the factors that caused the
failure and determine how to devise methods to prevent similar failures in the future



failure mode and effect analysis - .......🔷ANSWERS🔶......✔✔ uses a team of individuals to examine
a process and identify potential failures at each step in the process, as well as the consequences of
each failure. when failures are identified, designs and processes can be modified.



risk appetite - .......🔷ANSWERS🔶......✔✔ amount of risk an organization is willing to take on in
order to achieve an anticipated result or return



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 and organization's risk
appetite



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



sequence of events theory - .......🔷ANSWERS🔶......✔✔ proposes that these five factors can form a
chain of events that lead in succession to the resulting accident

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