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ARM 401 - Chapter 1 ANSWERS SOLVED CORRECTLY TO SCORE A+
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ARM 401 - Chapter 1 ANSWERS SOLVED CORRECTLY TO SCORE A+
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11/1/24, 1:03 AM ARM 401 - Chapter 1 Flashcards | QuizletARM 401 - Chapter 1 ANSWERS SOLVED CORRECTLY TO
SCORE A+
Strategic Risk What are the 4 classifications of risks in the risk quadrant?
Hazard Risk
Operational Risk
Financial Risk
Risk with uncertainties associated with the organization's long-term goals and
Strategic Risk
management decisions
Risk with uncertainties associated with the organization's procedures, systems and
Operational Risk
policies
Financial Risk Risk with uncertainties associated with the organization's financial activities
A type of risk identification where a neutral party, who has no stake in the outcome
Facilitated Workshops or participation responsibilities, administers the workshop and propels the group to
achieve its goal
A type of risk identification that uses the opinions of a select group of experts to
Delphi Technique
identify risks
A type of risk identification that identifies risks and predicts the potential
Scenario Analysis
consequences of those specific risks
HAZOP A type of risk identification that is a comprehensive review of a process or system.
A type of risk identification that assesses an organization's strengths, weaknesses,
SWOT
opportunities and threats
Risk Threshold The range or amount of risk that is acceptable
Easy to use and communicate known risks to employees with little effort, however,
Checklist 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.
A tool developed at the risk owner level that links specific activities, processes,
Risk Register 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 A template depicting the likelihood and potential impact/consequences of risks
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