Risktech Study guides, Class notes & Summaries

CPCU 500 2023 Test Questions with Correct Answers Traditional Risk Assessment - Answer-relies on root cause analysis RCA to identify the predominant cause of loss What is the inherent weakness of Root Cause Analysis - Answer-It can only look backward and may fail to identify all root causes Big Data is? - Answer-Sets of data that are too large to gather and analyze using traditional methods 3 big data items that transformed the risk management environment - Answer-1. Data Capture 2. ...

Risk monitoring and mitigation technology is known as __________ Answer risktech The use of emerging technologies in the insurance industry Answer Insurtech __________ goes one step beyond insurtech by expanding its focus on how to make risk financing more efficient to include how to prevent and mitigate risk in a variety of industries Answer risktech Sensors for tracking purposes and the use of VR to train workers in an artificial environment is an example of what? Answer risktech E...

Risktech Correct Answer Risk monitoring and mitigation technology Focus on making risk financing more efficient to include how to prevent and mitigate risk in a variety of industries. Emerging technilogies coupled with smart products. Insurtech Correct Answer The use of emerging technologies in the insurance industry. Sensor Correct Answer A device that detects and measures stimuli in its environment. Smart sensors can take it a step further and trigger remedial actions. Preventativ...

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 ...

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

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

ARM 400 Exam 2023!! Big Data Set of data that are too large to be gathered and analysed by traditional data. Strategic Redeployment Plan a comprehensive plan for resiliency after a severe disruption Business Impact Analysis (BIA) assesses identified risks and determines their overall effect on the firm's ability to meet its key objectives Risk Managers identify, evaluate and treat risks within stated risk appetites and risk tolerances. The risk management team monitors and reports on ...

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 capt...

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 ...

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