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ARM 54 Assignment 1: Questions And Proper Answers
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ARM 54 Assignment 1: Questions And Proper Answers
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ARM 54 Assignment 1: Questions And Proper AnswersRoot Cause Analysis Right Ans - the focus of traditional risk assessment
techniques.
Systemic risk Right Ans - The potential for a major disruption in the
function of an entire market or financial system.
Cost of Risk Right Ans - The total cost incurred by an organization because
of the possibility of accidental loss.
Risk profile Right Ans - A set of characteristics common to all risks in a
portfolio
Smart Product Right Ans - 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 (IoT) Right Ans - A network of objects that transmit data
to computers
Cloud Computing Right Ans - information, technology, and storage services
contractually provided from remote locations, through the internet or another
network, without a direct server connection.
Telematics Right Ans - 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 Right Ans - Obtaining information through language
recognition
High-Level Categories of Risk Right Ans - Hazard (pure) risks, operational
risks, financial risks, strategic risks
Risk management benefits to the economy Right Ans - -reducing waste of
resources
-improving allocation of productive resources
-reducing systemic risk
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