RIMS – CRMP Combined Complete Exam Solved Questions With Revised Correct Detailed Answers >> BRAND NEW VERSION!!
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RIMS – CRMP Combined Complete
Exam Solved Questions With Revised
Correct Detailed Answers
>> BRAND NEW VERSION!!
1. Risks - ANSWER
The effect of uncertainty on objectives
The chance of something happening that will have an impact on objectives
Being prepared for the worst...
RIMS – CRMP Combined Complete
Exam Solved Questions With Revised
Correct Detailed Answers
>> BRAND NEW VERSION!!
1. Risks - ANSWER The effect of uncertainty on objectives
The chance of something happening that will have an impact on objectives
Being prepared for the worst and being poised to exploit opportunities as they
are discovered
2. Risk management strategies' general focus - ANSWER Meeting or
exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
3. Communication and Consultation - ANSWER Risk management
professional's role in Implementing Risk Strategies
4. Risk Identification Process - ANSWER Finding, Recognizing and Recording
Risks
5. Risk Analysis - ANSWER The process of characterizing and understanding
the nature of risk and of considering the level of risk in the context of the
organization's willingness to accept risk.
,6. Likelihood, Consequences, other criteria such as timing, duration, vulnerability
and interdependencies - ANSWER Risk is typically analyzed on the basis of
7. Bow tie analysis - ANSWER hazard analysis technique (cause and
consequence)
8. Business impact analysis - ANSWER consider business impacts at a location
or from a specific process
9. Gap analysis - ANSWER determine steps to improve the organization's
capacity to move from a current state to a desired, future state. (current available
factors, success factors needed to achieve future desired objectives, highlighting
the gaps)
10. Root Cause Analysis - ANSWER multiple techniques designed to identify
the underlying or initiating risk sources or drivers. (fault tree analysis, event tree
analysis, failure mode and effect analysis and cause-and-effect analysis - fish bone
diagram)
11. Influence analysis/diagrams - ANSWER identify the strength of influencing
factors and help determine potential weighting for consideration during the risk
assessment process. Define root causes for major risks, define the chain of events
likely in a scenario and become the foundation for further modeling.
12. Risk Register Analysis - ANSWER compile risk into a risk register to analyze
and manage those risks in an organized way, typically by category.
,13. Scenario analysis - ANSWER process of analyzing possible and plausible
future events by considering alternative settings, circumstances and outcomes. It
provides a basis for making decisions in the context of different conditions.
14. Site analysis - ANSWER leaders at each site perform an assessment by
analyzing and evaluating the potential risks based on what is being produced at
the site and its environmental factors. This may include threat, vulnerability and
criticality analyses.
15. SWOT analysis - ANSWER strengths and weaknesses (internal),
opportunities and threats (external)
16. Monte Carlo analysis - ANSWER mathematical technique that generates
random variables for modelling risk or uncertainty of a certain system
(simulation). The random variables or inputs are modelled on the basis of
probability distributions
17. Stress analysis - ANSWER a form of simulation used to determine
reactions to different situations. Also used to gauge how certain stressors will
affect a company or industry.
18. Influence diagrams, scenario analysis, site analysis, SWOT - ANSWER
Examples of qualitative methodology for analyzing data
19. Bowtie, business impact analysis, fault tree, cause/consequence analysis -
ANSWER Examples of combined methodology for analyzing data
, 20. Monte Carlo, stress analysis - ANSWER Examples of quantitative
methodology for analyzing data
Risk evaluation - ANSWER uses which risk criteria (risk appetite, risk
tolerance, outputs from risk identification and risk analysis process) to determine
which risks are acceptable and which require additional modification or treatment
Risk appetite - ANSWER is the total exposed amount that an organization
wishes to undertake on the basis of risk-return trade-offs for one or more desire
and expected outcomes.
Risk tolerance - ANSWER is the amount of uncertainty an organization is
prepared to accept in total - or more narrowly, within a certain business unit, a
particular risk category, or for a specific initiative.
Risk interdependencies - ANSWER are situations where risks can have a
cascading effect. Understanding this provides an opportunity to facilitate
collaboration among various business units by addressing similar or related risks
together.
Indemnification - ANSWER contractual obligation placed on the indemnifier
to return the indemnified to essentially the same financial condition that existed
prior to the loss or claim or to stand in as the source for financing the legal
liability.
Contractual risk transfer - ANSWER a legally binding agreement between two
parties whereby one agrees to indemnify and hold another party harmless for
specified actions, inactions, injuries or damages.
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