Exam (elaborations)
ARM 401 exam questions with correct answers
- Course
- Institution
ARM 401 exam questions with correct answers
[Show more]
Content preview
ARM 401 exam questions with correctanswers
strategic risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations long
term goals and management decisions
operational risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations
procedures, systems, and policies
financial risk - .......🔷ANSWERS🔶......✔✔ uncertainties associated with the organizations financial
activities
facilitated workshops - .......🔷ANSWERS🔶......✔✔ a neutral party, who has no stake int he outcome
or participation responsibilities, administers the risk workshop and propels the group to achieve its
goal
delphi technique - .......🔷ANSWERS🔶......✔✔ uses opinions of a select group of experts to identify
risks
scenario analysis - .......🔷ANSWERS🔶......✔✔ identifies risks and predicts the potential
consequences of those specific risks
HAZOP - .......🔷ANSWERS🔶......✔✔ a team of subject matter experts and stakeholders identifies
the risks associated with a given process and recommends a solution
primarily used to design complex, scientific systems such as those used in engineering, chemical,
mechanical, electronic, and computer operations.
SWOT analysis - .......🔷ANSWERS🔶......✔✔ strengths, weaknesses, opportunities, and threats
,this is a team approach thats useful in analyzing a new project or product
risk threshold - .......🔷ANSWERS🔶......✔✔ the range or amount of risk that is acceptable
sensor - .......🔷ANSWERS🔶......✔✔ a device that detects and measures stimuli in its environment
radio frequency identification (RFID) - .......🔷ANSWERS🔶......✔✔ a technology that uses radio
frequency to identify objects
artificial intelligence - .......🔷ANSWERS🔶......✔✔ computer process or output that stimulates
human reasoning or knowledge
computer vision - .......🔷ANSWERS🔶......✔✔ a technology that simulates human vision
risk register - .......🔷ANSWERS🔶......✔✔ a tool developed at the risk owner level that links specific
activities, processes, projects, or plans to a list of identified risks and results of risk analysis and
evaluation and that is ultimately consolidated at the enterprise level
risk map - .......🔷ANSWERS🔶......✔✔ a template depicting the likelihood and potential
impact/consequences of risk
identify, prioritize, and quantify risks in a two dimensional pictorial that illustrates frequency and
severity on vertical and horizontal axes
process flow analysis - .......🔷ANSWERS🔶......✔✔ dissects processes within the organization from
input to output for the purpose of improving them
audits - .......🔷ANSWERS🔶......✔✔ internal and external audits have the potential to identify both
negative risks and opportunity risks
, cause and effect analysis - .......🔷ANSWERS🔶......✔✔ identifies the possible reasons, direct and
contributory, that caused a negative event or problem by looking backwards through a defective
process
fault tree analysis - .......🔷ANSWERS🔶......✔✔ a process that originates with an assumption about
what caused an event or failure
working downward from the assumption, a diagram is used to connect the factors that caused the
failure and determine how to devise methods to prevent similar failures in the future
failure mode and effect analysis - .......🔷ANSWERS🔶......✔✔ uses a team of individuals to examine
a process and identify potential failures at each step in the process, as well as the consequences of
each failure. when failures are identified, designs and processes can be modified.
risk appetite - .......🔷ANSWERS🔶......✔✔ amount of risk an organization is willing to take on in
order to achieve an anticipated result or return
inherent risk - .......🔷ANSWERS🔶......✔✔ the level of risk that would be faced if it were to remain
untreated or no action were to be taken to alter the level of risk
residual risk - .......🔷ANSWERS🔶......✔✔ the level of risk remaining after actions are taken to alter
the level of risk
optimum risk - .......🔷ANSWERS🔶......✔✔ the level of risk that is within and organization's risk
appetite
risk control - .......🔷ANSWERS🔶......✔✔ a conscious act or decision not to act that reduces the
frequency and/or severity of losses or makes losses more predictable
sequence of events theory - .......🔷ANSWERS🔶......✔✔ proposes that these five factors can form a
chain of events that lead in succession to the resulting accident
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Fordenken. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
