RIMS-CRMP Vocab Definitions ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
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Course
RIMS-CRMP
Institution
RIMS-CRMP
RIMS-CRMP Vocab Definitions ( Latest 2024 / 2025 ) Actual Questions and Answers 100% Correct
1. Benchmarking
Answer: The process of measuring the performance of an organization against external
standards of reference that frequently come from similar organizations doing similar things.
2. Cor...
1. Benchmarking
Answer: The process of measuring the performance of an organization against external
standards of reference that frequently come from similar organizations doing similar things.
2. Corporate Governance
Answer: The system of rules, practices, and processes by whicha company is directed and
controlled.
3. Enterprise Risk Management
Answer: A strategic discipline that supports the achievement of an organization's objectives
by addressing the full spectrum of its risk andmanaging the combined impact of those risks as
an interrelated risk portfolio
4. Gap Analysis
Answer: Comparison of an existing process or procedure (current state-what is) to a desired,
future state (what should be) in order to identify deficiencies or excesses in the existing
process (what to consider).
5. Key Performance Indicators (KPIs)
Answer: Measure(s) of deviations from expectedoutcomes to help a firm see how it is
performing.
6. Key Risk Indicators (KRIs)
Answer: Leading indicator(s) of risk to business performance, giving early warning about
potential risks.
7. PESTLE Analysis
Answer: Political, Economic, Social, technological, Legal and Environmental and identifies
the categories utilized to analyze internal and external environments.
8. Risk
Answer: The effect of uncertainty of objectives.
9. Risk Attitude
Answer: An organization's or individual's view/perspective of the perceivedqualitative and
quantitative value that may be gained in comparison to the related potential loss or losses.
10. Risk Appetite
Answer: The total exposed amount that an organization wishes to under-take on the basis of
risk-return trade-offs for one or more desired and expected outcomes.
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