ARM 400 Exam Bundle

According to the law of large numbers, as the number of exposure units insured increases, - Answer- The relative accuracy of predictions about future losses increases The fundamental purpose of a risk management framework is to - Answer- Integrate risk management throughout the organization Wh...

Which one of the following statements regarding the structure and role of a board of directors is true? Select one: A. The board of directors must be comprised of ten directors, with an equal number of inside and outside directors. B. The board is responsible for the day-to-day decisions at a cor...

Sets of data that are too large to be gathered and analyzed by traditional methods - Answer- Big Data An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved - Answe...

Which of the following risk management program goals is an essential goal for all public entities? - Answer- Continuity of operations The fundamental purpose of a risk management framework is to - Answer- Integrate risk management throughout the organization. Which one of the following is a to...

Encouraging the expression of feelings as well as facts and following up with employees on the problems they report are two ways that managers and supervisors can A. Cultivate two-way communication. B. Facilitate active listening. C. Support diverse groups. D. Maintain control of the conversatio...

Benefits of risk management (6) - Answer- 1. tolerable uncertainty 2. profitability and growth 3. legal and regulatory compliance 4. social responsibility 5. reduced cost of risk 6. reduced deterrent effects of hazard risk Basic risk measures (6) - Answer- 1. exposure 2. volatility 3. like...

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...

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 predo...

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 BC...

Big Data - Answer- Sets of data that are too large to be gathered and analyzed by traditional methods. Smart Product - Answer- An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or o...

Traditional Risk Management (TRM) - Answer- - Risks are evaluated in a "silo" approach - Losses are usually insurable, pure risks -focus on cost reduction rather than value creation -root cause analysis (RCA) approach ERM - Answer- Enterprise Risk Management Enterprise Risk Management (ER...

Which one of the following uses infrared light to detect nearby objects? A. Drones B. Robots C. Lidar D. Wearables - Answer- Lidar Which one of the following is an example of a wearable? A. Helmets that monitor fatigue B. Robots C. Heart monitors D. Unmanned aircraft - Answer- Helmets...

Provides a measure of the maximum potential damage associated with an occurrence - Answer- exposure ________________ is an essential goal for all public entities - Answer- continuity of operations An organization must meet the standard of care that it owes to others in order to ensure that... ...