ARM 400 ;ALL IN ONE ( REVISION QUESTIONS AND ANSWERS AND SIMPLIFIED REVISION SUMMARY
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Course
ARM 400
Institution
ARM 400
big data
Sets of data that are too large to be gathered and analyzed by traditional methods
smart product
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.
...
big data sets of data that are too large to be gat
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ARM 400 ;ALL IN ONE ( REVISION
QUESTIONS AND ANSWERS AND
SIMPLIFIED REVISION SUMMARY )
big data
Sets of data that are too large to be gathered and
analyzed by traditional methods
smart product
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)
A network of objects that transmit data to and from each
other without human interaction.
Cloud computing
Information, technology, and storage services
contractually provided from remote locations, through the
internet or another network, without a direct server
connection.
Blockchain
A distributed digital ledger that facilitates secure
transactions without the need for a third party.
Telematics
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
Obtaining information through language recognition.
Holistic risk management is also known as
enterprise risk management (ERM)
True or False: Most organizations' sole risk
management objective is to mitigate the effects of
accidents.
False. A holistic risk management approach entails the
pursuit of a variety of objectives besides mitigating the
effects of accidents.
Risk appetite
Amount of risk an organization is willing to take on in order
to achieve an anticipated result or return.
Value at risk (VaR)
A technique to quantify financial risk by measuring the
likelihood of losing more than a specific dollar amount over
a specific period of time.
Cost of risk
The total cost incurred by an organization because of the
possibility of accidental loss.
risk appetite
Amount of risk an organization is willing to take on in order
to achieve an anticipated result or return.
There are numerous basic risk measures, but six
commonly used ones are
exposure, volatility, likelihood, consequences, time
horizon, correlation
Exposure
any condition that presents a possibility of gain or loss
whether or not an actual loss occurs
Volatility
,Frequent fluctuations, such as in the price of an asset.
Likelihood
A qualitative estimate of the certainty with which the
outcome of a specific event can be predicted.
Consequences
The effects, positive or negative, of an occurrence.
time horizon
estimated duration
correlation
a relationship between variables
longer term time horizons are generally _ than shorter
ones
riskier
What is fueled by the capture, storage, and analysis of
data?
the big data revolution
What enables vast amounts of data to be stored and
shared?
Cloud computing
True or False: The most experienced risk
professionals understand how to exploit pure risk for
upside
False
Pure risk
A chance of loss or no loss, but no chance of gain.
speculative risk
A chance of loss, no loss, or gain.
credit risk
The risk that customers or other creditors will fail to make
promised payments as they come due
subjective risk
, The perceived amount of risk based on an individual's or
organization's opinion.
objective risk
The measurable variation in uncertain outcomes based on
facts and data.
diversifiable risk
A risk that affects only some individuals, businesses, or
small groups.
systemic risk
The potential for a major disruption in the function of an
entire market or financial system.
market risk
Uncertainty about an investment's future value because of
potential changes in the market for that type of investment
liquidity risk
The risk that an asset cannot be sold on short notice
without incurring a loss
Risk management framework
A foundation for applying the risk management process
throughout the organization.
risk criteria
Information used as a basis for measuring the significance
of a risk.
active listening consists of how many elements
three elements
what are the elements of active listening?
attention, suspension of judgement, response
internal control
A system or process that an organization uses to achieve
its operational goals, internal and external financial
reporting goals, or legal and regulatory compliance goals.
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