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Exam (elaborations)

IRM Exam Questions with complete solution 2024/2025

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  • Property management
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IRM Exam Questions with complete solution 2024/2025 IRM Exam #1 Risk - correct answer The uncertainty of an outcome - the chance of something happening that will have an impact on objectives Terms of likelihood and consequence - correct answer What is risk measured in? 1- physical 2-...

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  • September 30, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • irm exam
  • Property management
  • Property management
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flyhigher329
IRM Exam #1
Risk - correct answer ✔The uncertainty of an outcome - the chance of
something happening that will have an impact on objectives


Terms of likelihood and consequence - correct answer ✔What is risk
measured in?


1- physical
2- financial
3- human
4- natural
5- intangible
6- reputation / brand - correct answer ✔6 categories of assets


Risk Management - correct answer ✔the process of identifying, assessing
and controlling threats to an organization's capital and earnings. These
threats, or risks, could stem from a wide variety of sources, including financial
uncertainty, legal liabilities, strategic management errors, accidents and
natural disasters


1. Risk Identification: Identifying potential losses and their causes
2. Risk Analysis: Estimating the likelihood and expected value of potential
losses
3. Designing a strategy: Choosing an appropriate mix of risk control and risk
financing techniques
4. Implementation: Carrying out the details of the plan

, 5. Review: Monitoring the results of the plan, and considering the impact of
internal and external developments - correct answer ✔Steps in the Risk
Management Process


1. Prepare for potential losses in the most economical way
2. Reduce anxiety
3. Meet any external legal obligations
4. Social Responsibility - correct answer ✔Pre-Loss Objectives of Risk
Management


-Survival of the firm
-Continue operating
-Stability of earnings
-Continued growth of the firm
-Minimize the effects that a loss will have on other persons and on society -
correct answer ✔Post-Loss Objectives of Risk Management


Enterprise Risk Management - correct answer ✔the methods and processes
used by organizations to manage risks and seize opportunities related to the
achievement of their objectives.


ERM - correct answer ✔provides a framework for risk management


1. Enterprise risk management encompasses both hazard risk and business
risk; traditional risk management focuses on hazard risk.


2. Enterprise risk management seeks to enable an organization to fulfill its
greatest productive potential; traditional risk management seeks to restore an
organization to its former pre-loss condition.

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