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A.R.M. 400 Exam Practice Questions With Correct Solutions.
A.R.M. 400 Exam Practice Questions With Correct Solutions.
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A.R.M. 400 Exam Practice QuestionsWith Correct Solutions.
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 - Answer D
Which of the following risk management program goals is an essential goal for all
public entities?
A. Earning stability
B. Continuity of operations
C. Growth
D. Survival - Answer B
The traditional definition of risk management reflects the traditional concept of risk as
A. Both positive and negative.
B. Negative.
C. Uncontrollable.
D. Strategic. - Answer B
During the past year, International Toys has undertaken four capital projects. The
company has renovated and refurbished one of its aging warehouse buildings. It has
purchased the most recent version of its current order processing computer
software. It has added two trucks to its fleet of delivery vehicles. Lastly, it has
purchased a new production machine that will allow it to launch a new product line.
Which one of the following company projects is the most speculative risk?
A. The two new trucks
B. The warehouse refurbishment
C. The software upgrade
D. The new production machine - Answer D
Which one of the following statements is true regarding the basic measures that
apply to risk management?
A. Consequences measure the degree to which an occurrence could positively or
negatively affect an organization.
B. Hedging is a risk management strategy that can reduce the risk of correlation.
C. Risk increases as volatility decreases.
D. Longer time horizons are generally less risky that shorter ones. - Answer A
Which one of the following provides a measure of the maximum potential damage
associated with an occurrence?
A. Exposure
B. Duration
C. Underwriting risk
D. Maximum probable loss - Answer A
,A.R.M. 400 Exam Practice Questions
With Correct Solutions.
Samuel was recently hired as a risk management professional for Parker Property
Management. He has been asked by senior management to review the
organization's current insurance policies to make sure that the organization is
adequately protected, and also see if there are any opportunities to save on the
premiums. Samuel must do which one of the following through internal
communication before he will be able to complete this task?
A. Determine the organization's risk appetite
B. Identify all of the risks that the organization faces
C. Earn the confidence of the organization's board of directors
D. Become familiar with industry regulations - Answer A
Catastrophes such as recent earthquakes and the 2011 tsunami in Japan pointed
out a need for many organizations to evaluate and manage their
A. Supply-chain risk.
B. Derivative risk.
C. Compliance risk.
D. Political risk. - Answer A
Risk management professionals must collaborate with data analysts during which
two steps of the risk management process?
A. Treat risks and monitor risk treatments
B. Scan the environment and analyze risks
C. Analyze risks and monitor risk treatments
D. Identify risks and treat risks - Answer C
Asking a question such as "How do you think this will work out?" can help a speaker
do which one of the following?
A. Request feedback and determine if the message has been understood
B. Gain the support of executives and decision makers
C. Build trust among a diverse group of individuals
D. Deliver a message that recipients don't want to hear - Answer A
Carla, the risk manager, was asked by senior management to deliver a presentation
on cyber risk at an all employees meeting. Even though she was only allotted 30
minutes for her presentation, Carla felt that cyber risk was a very real risk for the
corporation and she wanted employees to leave with some fear of it. She wanted to
provide employees with as much technical information as possible, and familiarize
them with all of the important jargon. Less than 20 minutes into her presentation,
Carla could tell that many of the employees were not paying any attention to her
presentation. Which one of the following steps in the communication process had
Carla failed to consider?
A. Pay attention to your body language
B. Ask for feedback
C. Analyze your audience
D. Set a clear communication objective - Answer C
Before speaking with a group or individual, the speaker should think about what he
or she wants the other person(s) to do as a result of the conversation. Which one of
,A.R.M. 400 Exam Practice Questions
With Correct Solutions.
the following steps in the communication process does the speaker complete by
doing this?
A. Deliver a message the recipient(s) want to hear
B. Set aside judgement
C. Set a clear communication objective
D. Analyze your audience - Answer C
Which one of the following risk management objectives is critical for a manufacturer
seeking new capital from investors, stockholders, and creditors?
A. Anticipate and recognize emerging risks
B. Social responsibility
C. Reduce the deterrent effects of hazard risks
D. Eliminate downside risk - Answer C
Which one of the following data capture tools has led to an explosion of risk
management innovation by allowing smart products to transmit data to each other
and to central hubs?
A. Blockchain
B. Cloud computing
C. Internet of Things
D. Artificial intelligence - Answer C
Jean is the Risk Manager for a Fortune 1000 company. Her CFO has tasked her to
analyze vulnerabilities in the firm's supply chain. The adequacy of suppliers to meet
an organization's needs would be an example of which one of the following types of
risk?
A. Financial risk
B. Strategic risk
C. Operating risk
D. Operational risk - Answer D
An organization must meet the standard of care that it owes to others in order to
ensure that
A. Legal obligations are satisfied.
B. Post-loss goals are in place.
C. Operations are efficient.
D. Contracts are not breached. - Answer A
According to the law of large numbers, as the number of exposure units insured
increases,
A. Fewer losses are expected to occur.
B. The size of the average loss declines.
C. The relative accuracy of predictions about future losses increases.
D. The probability of an underwriting loss increases. - Answer C
Risk can be classified as diversifiable or nondiversifiable. Which one of the following
statements is true with respect to this type of risk classification?
, A.R.M. 400 Exam Practice Questions
With Correct Solutions.
A. Diversifiable risks tend not to be correlated so they can be managed through
diversification or spread of risk.
B. Systemic risks are generally diversifiable.
C. Private insurance tends to concentrate on nondiversifiable risks; government
insurance is often suitable for diversifiable risks.
D. Inflation, unemployment and natural disasters, such as hurricanes, are examples
of diversifiable risk. - Answer A
The fundamental purpose of a risk management framework is to
A. Maximize profits for all stakeholders.
B. Integrate risk management throughout the organization.
C. Define and eliminate potential losses.
D. Reduce the cost of risk. - Answer B
Which one of the following is one of the five steps of the risk management process?
A. Align and integrate
B. Establish accountability
C. Scan environment
D. Allocate resources - Answer C
Which one of the following best explains how most smart products potentially
improve risk management?
A. They measure worker fatigue.
B. They scan and inspect structures for unsafe conditions.
C. They assess risks in dangerous areas.
D. They generate big data to which advanced analytics can be applied. - Answer D
Clear-Rite Company specializes in the clean-up of hazardous chemical spills.
Workers performing clean-up operations must use safety suits to prevent exposure
to the chemicals. The suits include pulse and respiration monitors, body temperature
sensors, and chemical sensors. The monitors and sensors report data to a mobile
operations center which is deployed to each clean-up site. The pulse and respiration
monitors and the sensors that are part of the protective gear are called
A. Magnetometers.
B. Drone technologies.
C. Wearable technologies.
D. Accelerometers. - Answer C
Data Entry Company (DEC) offers customers data entry services. A customer can
hire DEC to enter survey data to be analyzed. Many DEC employees spend long
hours entering data on a computer. DEC has experienced neck strain and wrist pain
complaints from their employees, increasing the company's workers compensation
costs. DEC investigated the complaints of its data-entry employees. DEC adopted
curved keyboards for data entry, wrist-rests for those entering data, and uniform
chair heights and display monitor heights to reduce neck strain claims. The science
of designing work spaces based on the health concerns of those who will operate in
the work space is called
A. Big data.
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