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2024 CSRM 3 EXAM WITH CORRECT ANSWERS
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2024 CSRM 3 EXAM WITH CORRECT ANSWERS
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2024 CSRM 3 EXAM WITHCORRECT ANSWERS
What is the first step in the risk management process? - CORRECT ANSWERS-
Risk Identification
What are the uses of Risk Analysis? - CORRECT ANSWERS- Prioritization of
Risk Factors, Validation of Loss Data, Prediction of Losses, Root Cause
Analysis, Calc of Time, Review of Insurance program.
Which tools assess the likelihood (freq) an event will occur? - CORRECT
ANSWERS- Loss Analysis, Risk Mapping or Risk Factor Analysis and Linear
Regression
What are uses of risk modeling? - CORRECT ANSWERS- Insurance pricing,
vulnerability analysis, natural disaster frequency analysis. It provides the
"what if" testing and quantitative analysis on complex risks.
Data obtained from a GPS system or accelerator input are examples of ? -
CORRECT ANSWERS- Sensor data
What are results of predictive modeling? - CORRECT ANSWERS- People data
(behavior, preferences) and sensor data (breakdowns or service
interruptions, weather patterns).
What are components of catastrophe model? - CORRECT ANSWERS- Event
Module, Hazard module, Vulnerability module , and Financial Module
Which tools are used to assess the impact (severity) the event should occur?
- CORRECT ANSWERS- Payback analysis (benefit outweigh cost), Accounting
Rate of Return (ARR), Cost Benefit Analysis, Net Present Value, Internal Rate
of Return
What is GIGO - CORRECT ANSWERS- Garbage in, Garbage Out - freq used to
describe the necessity of quality input.
What are the 4 characteristics of credible data? - CORRECT ANSWERS-
Completeness, Consistency, Integrity, Relevance
Completeness - CORRECT ANSWERS- Enough data available (5 yrs / 30 data
points). All events included, adequate details, pd and open reserve amounts
, Consistency - CORRECT ANSWERS- Same recording methods and same
types of data available
Integrity - CORRECT ANSWERS- How it's being collected. Reliability, Prompt
Reporting and accuracy of loss
Relevance - CORRECT ANSWERS- only use data relevant to the analysis.
Areas of concern: data too old, data not relevant, acquired property, closed
schools.
Leadership's Appetite for Risk - CORRECT ANSWERS- appetite for risk vs
financial ability. capacity and stability of cash flow represent this risk factor.
Social responsibility and Citizenship (Social/Reputational Risk) - CORRECT
ANSWERS- District's public profile, faculty/parent expectations, perception of
stakeholders
Risk Assessment - CORRECT ANSWERS- can't be easily measured by
traditional statistical or financial methods and to understand their impact on
the district's ultimate risk and performance.
Loss Data Assessment - CORRECT ANSWERS- ID and apply various methods
of assessing loss data and to analyze the impact those losses may have on
district RM policy and on Total cost of Risk
Financial Assessment - CORRECT ANSWERS- used to ID and assess Broad
Loss Exposure. Financial impact on the district but may be difficult to
quantify.
What is the 5 step process of Risk Analysis? - CORRECT ANSWERS- ID,
Analysis, Control, Finance, and Administer
Risk Analysis - CORRECT ANSWERS- assessment of potential impact of
various exposure on a school district. It is essential part of Risk Management
process. Once risk ID, they must be properly analyzed before they can be
effectively controlled and financed.
Qualitative Analysis - CORRECT ANSWERS- ID those loss exposure that can't
be measured by traditional statistical or financial methods but still have
impact on organization. Used to know WHAT losses are occurring
Quantitative Analysis - CORRECT ANSWERS- ID those loss exposures that
can be precisely measured using traditional methodologies and used to find
out HOW MUCH losses cost. Precisely measured
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