Arm 400 exam stuvia - Study guides, Class notes & Summaries

The fundamental purpose of a risk management framework is to - Answer Integrate risk management throughout the organization Company G is a manufacturer of high profile golf equipment. The risk management professional for Company G is concerned about loss of business related to product design. Failing to respond to changing customer demand and preferences in the design of golf clubs could cost Company G significant market share. Categorized according to the quadrants of risk, this exposure to ...

When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? A. Seek feedback from stakeholders B. Stay focused on the organization's objectives C. Define the organization's risk appetite D. Enhance stakeholders' confidence in the process - ANSWERSD Which of the following risk management program goals is an essential goal for all public entities? A. Earning stability B. Co...

SRP stages - ANSWERS-emergency stage -alternative marketing stage -contingency production stage -communication stage strategic redeployment plan - ANSWERSdetermines how to resume operations in a way that repairs an org's reputation and ensures its recovery and survival; when BCPs fail BCP elements - ANSWERS-time goal -operational goal -resources needed -details tasks and procedures -documentation risk-transfer model - ANSWERSpurchasing BI insurance prioritization model - ANSW...

Big Data - Answer Set of data that are too large to be gathered and analysed by traditional data. Strategic Redeployment Plan - Answer a comprehensive plan for resiliency after a severe disruption Business Impact Analysis (BIA) - Answer assesses identified risks and determines their overall effect on the firm's ability to meet its key objectives Risk Managers - Answer identify, evaluate and treat risks within stated risk appetites and risk tolerances. The risk management team monitors ...

what two things lie at the base of every risk management concept - Answer the intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - Answer root cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - Answer it can only look backward and might not catch all root causes what are the 3 steps in how big data transforms RM - Answer data capture ...

Hardware Store has been able to control its prices and inventory since it has no competitors. A new highway currently being constructed is going to allow increased competition for Hardware Store. According to the quadrants of risk, this risk of increased competition falls into the category of - ANSWERStrategic risk. Which one of the following is the inherent weakness of root cause analysis (RCA)? - ANSWERD. It can only look backward. Metadata contains - ANSWERA. Information about data as w...

Big Data - Answer Sets of data that are too large to be gathered and analyzed by traditional methods. Smart Product - Answer An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved. Internet of Things (IoT) - Answer A network of objects that transmit data to and from each other without human interaction. Cloud Computing - Answer Information, technology, and...

Big Data - ANSWERSSet of data that are too large to be gathered and analysed by traditional data. Strategic Redeployment Plan - ANSWERSa comprehensive plan for resiliency after a severe disruption Business Impact Analysis (BIA) - ANSWERSassesses identified risks and determines their overall effect on the firm's ability to meet its key objectives Risk Managers - ANSWERSidentify, evaluate and treat risks within stated risk appetites and risk tolerances. The risk management team monitors ...

Big data - Answer Sets of data that are too large to be gathered and analyzed by traditional methods. Smart product - Answer An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved. Internet of Things (IoT) - Answer A network of objects that transmit data to and from each other without human interaction. Cloud computing - Answer Information, technology, and...

Benefits of risk management (6) - Answer 1. tolerable uncertainty 2. profitability and growth 3. legal and regulatory compliance 4. social responsibility 5. reduced cost of risk 6. reduced deterrent effects of hazard risk Basic risk measures (6) - Answer 1. exposure 2. volatility 3. likelihood 4. consequences 5. time horizon 6. correlation 3 pairs of risk classifications - Answer 1. pure-speculative 2. subjective-objective 3. diversifiable-nondiversifiable 4 risk quadrants -...