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ARM 400,,, questions and answers verified 2024
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ARM 400,,, questions and answers verified 2024
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ARM 400SRP stages - correct answer ✔-emergency stage
-alternative marketing stage
-contingency production stage
-communication stage
strategic redeployment plan - correct answer ✔determines how to resume
operations in a way that repairs an org's reputation and ensures its recovery
and survival; when BCPs fail
BCP elements - correct answer ✔-time goal
-operational goal
-resources needed
-details tasks and procedures
-documentation
risk-transfer model - correct answer ✔purchasing BI insurance
prioritization model - correct answer ✔prioritizing which products to produce
or which customers to serve
contingency model - correct answer ✔developing an alternative way to
maintain production
traditional risk assessment - correct answer ✔-focus on root cause analysis
-can only look backward
,-might not identify all root causes and the related events that contribute to a
loss
big data - correct answer ✔sets of data that are too large to be gathered and
analyzed by traditional methods
the big data revolution is fueled by: - correct answer ✔the capture, storage,
and analysis of big data
data capture - correct answer ✔enabled primarily by smart products
interactions through the internet of things
smart prodcuts - correct 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 otherwise improved
internet of things - correct answer ✔A network of objects that transmit data to
and from each other without human interaction
cloud computing - correct answer ✔storage at remote locations through the
internet without a direct server connection; enables vast amounts of data to be
stored and shared
blockchain - correct answer ✔a distributed ledger that facilitates secure
transactions without the need for a third party
telematics - correct answer ✔The use of technological devices in vehicles
with wireless communication and GPS tracking that transmit data to
businesses or government agencies; some return information for the driver
,text mining - correct answer ✔obtaining info through language recognition;
can be used to compare documents and analyze notes
tolerable uncertainty - correct answer ✔aligned risks with the organization's
risk appetite
risk appetite - correct answer ✔the amount of risk an organization is willing
to take on in order to achieve an anticipated result or return
tolerable uncertainty components - correct answer ✔reduce downside risk,
earnings stability, anticipate and recognize emerging risks, business continuity
continuity of operations - correct answer ✔essential goal for all public entities
holistic risk management goals - correct answer ✔tolerable uncertainty,
profitability and growth, legal and regulatory compliance, social responsibility,
reduced cost of risk, reduced deterrent effects of hazard risks
reduced deterrent effects of hazard risks - correct answer ✔-alleviates
management's fears about potential losses
-increases profit potential by greater participation in investment or production
activities
-makes org a safer investment and more attractive
basic risk measures - correct answer ✔exposure, volatility, likelihood,
consequences, time horizon, correlation
exposure - correct answer ✔any conditions that presents a possibility of gain
or loss, whether or not an actual loss occurs
, volatility - correct answer ✔frequent fluctuations, such as in the price of an
asset
likelihood - correct answer ✔a qualitative estimate of the certainty with which
the outcome of a specific event can be predicted
consequences - correct answer ✔the effects, positive or negative, of an
occurrence; big relationship with likelihood
time horizon - correct answer ✔estimated duration
correlation - correct answer ✔relationship between variables
risk classifications - correct answer ✔pure/speculative, subjective/objective,
diversifiable/nondiversifiable, quadrants of risk
pure risk - correct answer ✔a chance of loss or no lose, but no chance of
gain; building fire
speculative risk - correct answer ✔involves a chance of gain; highly affected
price risk and credit risk
subjective risk - correct answer ✔the perceived amount of risk based on an
individual's or org's opinion; may be quite different from actual risk; can exist
even where objective risk does not
objective risk - correct answer ✔measurable variation in uncertain outcomes
based on facts and data
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