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ARM 401 Exam Questions with Correct Answers.
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ARM 401 Exam Questions with Correct Answersn n n n n n
holistic napproach nto nmanaging nrisk n- nCORRECT nANSWER n- n-broader nin nscope, nmanaging nall
nareas nof nthe nbusiness, nnot njust nhazard nrisks
-encompasses nthe nanalysis nand npredictability nof nbusiness nprocesses nand norganizational ndecisions
-mandates nthe ncollaboration nof ninternal nand nexternal nstakeholders nto nidentify, nassess, nand ntreat
nrisks
-involves nlooking nat nwhat nmight nbe ngained nfrom ndecisions nor nactions
-can nuncover ninconsistencies nin nhow na ncompany nmanagers nloss nretention
-can nhelp norgs nbetter nabsorb nlosses
strategic nrisk n- nCORRECT nANSWER n- n-uncertainties nassociated nwith nthe norganization's nlong-term
ngoals nand nmanagement ndecisions
-may ncarry na ngreater nrisk ndynamic, npositive nor nnegative, nthat nthe nother ncategories
operational nrisk n- nCORRECT nANSWER n- nuncertainties nassociated nwith nthe norganization's
nprocedures, nsystems, nand npolicies
financial nrisk n- nCORRECT nANSWER n- nuncertainties nassociated nwith nthe norganization's nfinancial
nactivities
today's nconception nof nrisk n- nCORRECT nANSWER n- nincorporates nthe nidea nthat ntaking nrisks nis
nfundamentally nnecessary nfor ngrowth
predictive nmodeling n- nCORRECT nANSWER n- ncan nempower ndecision nmaking nby nuncovering
npreviously nimperceptible nrisk nfactors
Internet nof nThings n- nCORRECT nANSWER n- nnetwork nof ndevices nthat nsense ntheir nenvironment,
nprocess ndata, nand nshare nit ninstantly
cloud ncomputing n- nCORRECT nANSWER n- nenables norgs nto nstore nand nshare ndata nthrough nwireless
ninternet nand nnetworking nservices
blockchain ntechnology n- nCORRECT nANSWER n- n-facilitates nsecure ntransactions nwithout nthe nneed
nfor na nthird nparty
,-protects nagainst ncyber nthreats
-eliminates nthe nneed nto nverify nthe naccuracy nof nrisk nmanagement ndata
-lets nrisk nmanagers nspend nmore ntime non nforward-looking nfunctions
what nfuels nthe nfuture nof nholistic nrisk nmanagement? n- nCORRECT nANSWER n- nthe ncapture,
nstorage, nand nanalysis nof ndata
covariance n- nCORRECT nANSWER n- n-the nmeasure nof nhow ntwo nrandom nrisk nvariables nwill nchange
nin nrelation nto neach nother
-calculates ncorrelation nbetween nthe nvariables
variance n- nCORRECT nANSWER n- n-the nspread nof nthe ndata nset, nor nhow nfar napart nthe nnumbers
nare nin nrelation nto nthe nmean
team napproaches nto nrisk nidentification n- nCORRECT nANSWER n- n1. nfacilitated nworkshops
2. nDelphi ntechnique
3. nscenario nanalysis
4. nHAZOP
5. nSWOT
why nis nit nimportant nto ntake na nteam-oriented napproach nto nidentifying nrisks? n- nCORRECT
nANSWER n- n-provide ndiverse nperspectives non nrisks
-can nreveal nhow nrisks nare nconnected nacross nan norg, nreducing nthe nlikelihood nfor nrisks nto nbe
noverlooked
facilitated nworkshops n- nCORRECT nANSWER n- n-a nneutral nparty, nwho nhas nno nstake nin nthe
noutcome, nadministers nthe nrisk nworkshop nand npropels nthe ngroup nto nachieve nits ngoal
-wise nto ninclude npeople nfrom ndiverse ngroups
-can nbe nused nfor na nspecific nproject nor nprocess, nas nwell nas nto nidentify nthose nrisks nthat naffect
noverall norg nobjectives
-if nusing nto nidentify nall norg nrisks: nfacilitator nmust nbe nskilled nin nrisk nID nand nmanagement nas
nwell nas ngroup ncommunication nand nbe nprepared nfor na nlong-term nproject
delphi ntechnique n- nCORRECT nANSWER n- n-uses nthe nopinions nof na nselect ngroup nof nexperts nto
nidentify nrisks
-typically nthey ndon't nmeet nbut nrespond nto na nsurvey nor ninquiry ninstead
,-question-and-response ncycle: nanswer nquestion nanonymously, nsee nresults, nanswer nsame nquestion
nuntil nreach nconsensus
-benefits: ncost-effective, neliminates ngroup nbias nand nencourages nhonesty nby nanonymity
-disadvantages: nexperts' nopinions nmay nbe nlimited nto ntheir ncurrent nthinking non na nsubject
scenario nanalysis n- nCORRECT nANSWER n- n-identifies nrisks nand npredicts nthe npotential
nconsequences nof nthose nspecific nrisks
-can nhelp nidentify na nrange nof npotential nconsequences nand nprioritize nrisks
-benefit nis nit nbrings nall nthe nconcerns nof ndifferent nparts nof nthe norg ntogether nso nthey ncan nbe
naddressed nas na nwhole
-should nassemble nan ninternal ncross-functional nteam nto nget na nmultidimensional nview
-disadvantage: nmay nbe nlimited nby nthe nimagination nand nbrainstorming ncapabilities nof nthe nteam
nselected
HAZOP n- nCORRECT nANSWER n- n-a ncomprehensive nreview nof na nprocess nor nsystem
-a nteam nof nsubject nmatter nexperts nand nstakeholders nidentifies nthe nrisks nassociated nwith na ngiven
nprocess nand nrecommends na nsolution
-primarily nused nto ndesign ncomplex, nscientific nsystems
-used nwhen nvirtually nall nrisks nmust nbe neliminated
steps nin nHAZOP nprocess n- nCORRECT nANSWER n- n1. nsubdivides nthe nproject nor nsystem ndesign ninto
nsmall ncomponents
2. nreviews neach ncomponent nto nidentify nrisks
3. nidentifies nthe ncause nand npotential noutcomes nfor neach nrisk
4. ndevelops na nsolution nfor neach nrisk
5. nensures nthat nsolutions nwork nand nreevaluates nas nnecessary
SWOT nAnalysis n- nCORRECT nANSWER n- n-team napproach nthat's nuseful nin nanalyzing na nnew nproject
nor nproduct
-strengths nand nweaknesses nare ninternal nenvironmental nfactors
-opportunities nand nthreats nare nexternal nenvironmental nfactors
-a ngoal nis nnecessary nto nkeep nthe nSOT nanalysis nfrom nbecoming ntoo ngeneral nor nfailing nto
nprovide nactionable ninfo
, -concludes nwith na n"go" nor n"no ngo" nrecommendation
assessing nrisks nof nan norganization n- nCORRECT nANSWER n- n-unique nqualities nof norg
-industry nit's nin
-internal/external nfactors
-upstream nand ndownstream nexternal nfactors n(upstream: nsuppliers nand nmanufacturers;
ndownstream: ndistribution nchannels nand nconsumer ndemands)
traditional nrisk nassessment ntools nand ntechniques n- nCORRECT nANSWER n- n1. nrisk nthresholds
2. nchecklists
3. nworkshops
4. nrisk nregisters nand nrisk nmaps
5. nprocess nflow nanalysis
6. naudits
7. ncause nand neffect nanalysis
8. nfault ntree nanalysis
9. nfailure nmode nand neffects nanalysis
risk nthresholds n- nCORRECT nANSWER n- n-when nan norg nmust ndecide nwhat nit's nwilling nto nsacrifice
nor naccept nin nexchange nfor nachieving nits ngoals
checklists n- nCORRECT nANSWER n- n-easy nto nuse nand ncommunicate nknown nrisks nto nemployees
nwith nlittle nefforts
-don't nhelp nidentify nunknown nrisks
workshops n- nCORRECT nANSWER n- n-allows nattendees nto nbrainstorm nand nassess nrisks nin nan nopen,
ncollaborative nforum
-gives nmore nperspectives
-downside nis nthe npotential nfor nsenior nmanagement nto ninfluence nthe nflow nof nideas nfrom
nstakeholders; nsome npeople nconform
risk nregisters nand nrisk nmaps n- nCORRECT nANSWER n- n-used nto nsort nand nrank na nlarge nnumber nof
nrisks
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