ARM 400 EXAM QUESTIONS AND CORRECT DETAILED ANSWERS ACTUAL EXAM GRADED A+ 2024/2025
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ARM - Associate in Risk Management
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ARM - Associate In Risk Management
what is an organizations governance
a set of parameters within which govts and organizations operate and is not much left to
interpretation
are risk owners always internal
no they can be external stakeholders
what is a KPI
a measurement that defines how successfully an organization is p...
ARM 400 EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS ACTUAL EXAM
GRADED A+ 2024/2025
what is an organizations governance
a set of parameters within which govts and organizations operate and is not much left to
interpretation
are risk owners always internal
no they can be external stakeholders
what is a KPI
a measurement that defines how successfully an organization is progressing toward long term goals
what is a critical success factor
an element necessary for an organizations success that is derived from a strategic objective
how are KPIs and CSFs interrelated
KPIs measure activity tied to a CSF. the CSF is more general and the KPI is how you measure whether
or not you are completing the CSF.
how is risk tolerance used with KPI
it indicates how much deviation from the KPI an organization will accept
,what are key risk indicators
a tool used by an organization to measure the uncertainty of meeting a strategic business objective
what aspects make a good KRI
predictive
quantifiable
supportive of management decisions
reviewed regularly
difference between KPIs and KRIs
KPIs measure an organizations progress toward a goal while KRIs measure risk and volatility that can
affect whether those goals are reached
what are a few examples of KRI metrics
percentage change from prior period
budget variance percentage
aged accounts receivable
aged accounts payable
what are 6 sources of KRIs
corporate strategies/objectives
company policies, regulations and legal requirements
loss experience
stakeholder requirements
,internal and external SMEs
trade publications and loss registries
what are the 8 qualities of effective KRIs
supportive of organizational goals
quantifiable
supportive of management decisions
capable of being measured
capable of being benchmarked to internal standards
developed on a consistent basis
reviewed on a consistent basis
predictive or future problems
what is the primary use of KRIs
to identify emerging risks and assess changes in known risk
what are 7 uses of KRIs
strategic planning
balancing risk and return
clarifying expectations
protecting against risk
improving the work environment
providing a historical view of risks
demonstrating compliance effots
, what is Business Process Management (BPM)
a systematic plan to analyze and improve business processes through life cycle phases to achieve long
term goals
what are the 5 steps of BPM
design/redesign process
model scenarios
execute process changes
monitor results
optimize process
what are 3 benefits of BPM
providing senior management with regular feedback
enabling efficient use of resources
responding quickly to client or market demands
what are 6 risks created by Business Process Automation and Robotic Process Automation
tedious integration
upfront costs
low morale
glitches
overreliance
degraded customer experience
is it a good idea to separate ownership and control of the company
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