RIMS - CRMP Complete Study Guide; Exam Questions and Answers 100% Solved
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Course
RIMS-CRMP
Institution
RIMS-CRMP
RIMS - CRMP Complete Study Guide;
Exam Questions and Answers 100%
Solved
Risks - The effect of uncertainty on objectives
The chance of something happening that will have an impact on objectives
Being prepared for the worst and being poised to exploit opportunities as
they are discovered
Ente...
The chance of something happening that will have an impact on objectives
Being prepared for the worst and being poised to exploit opportunities as
they are discovered
Enterprise Risk Management - ✔✔A strategic business discipline that
supports the achievement of an organization's objectives by addressing the
full spectrum of its risks and managing the combined impact of those risks
as an interrelated risk portfolio.
Support Function: Business continuity and crisis management - ✔✔Risk
identification, assessment and creation of emergency response and
recovery plans related to threats or hazards that might lead to operational
disruptions
,Analysis - ✔✔A systematic examination and evaluation of data or
information by breaking it into its component parts to uncover their
relationships. An examination of data and facts to uncover and understand
cause-effect relationships, thus providing basis for problem solving and
decision making.
To embed risk management in both routine and strategic decision, what
should managers be able to recognize? - ✔✔The type of decision being
made; Who should be included in the decision making process; Where in
the process decisions are being made
Risk management strategies' general focus - ✔✔Meeting or exceeding an
organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Support Function: Internal Audit - ✔✔Risk identification, assessment and
treatment through audit plans with focus on fraud, corruption, regulatory
noncompliance and/or misrepresentation related to the organization's
internal control systems, financial operations, financial statements and
reporting as well as enterprise risk and the organization's risk management
framework and process.
,What steps can the risk management professional take to embed risk
management in decision making? - ✔✔Include risk assessment in planning
process; Leverage cross-functional risk assessment team and subject
matter experts to identify enterprise risks; Consider cascading and
cumulative effects
Gap Analysis - ✔✔Technique that can be used to determine what steps
might need to be taken to improve the organization's capacity to move from
a current state to a desired future state.
Risk appetite - ✔✔The total exposed amount that an organization wishes to
undertake on the basis of risk-return trade-offs for one or more desire and
expected outcomes.
Communication and Consultation - ✔✔Risk management professional's
role in Implementing Risk Strategies
Support Function: Legal - ✔✔Risk identification, assessment and treatment
of risks related to the obligation an organization undertakes and transfers
through contracting, as well as its compliance with applicable laws and
regulatory obligations.
What are the typical failures in risk management which can be avoided if it
is embedded in the decision making process? - ✔✔Program not integrated
, into strategy or its execution; Focused on the wrong risks; Not executed in
a repeatable process; Risk management is practiced in a silo; Activity not
viewed as being value added
Strategic Plan - ✔✔Determines that actions the organization will take at
any stage of the planning period as circumstances change.
Risk owner - ✔✔The individual who is ultimately accountable for ensuring
that risk is managed appropriately, including the implementation of selected
responses.
Risk Identification Process - ✔✔Finding, Recognizing and Recording Risks
Support Function: Compliance - ✔✔Risk identification, assessment and
treatment of risk related to regulations that may affect the organization's
ability to operate in its respective jurisdictions, as well as activities that fall
within its compliance and ethics programs.
To successfully integrate risk management into decision making, risk
management professionals will rely on strategies that draw on personal and
technical skills in - ✔✔Building organizational awareness; . Differentiating
the different types of decisions used in varying situations using elements of
decision quality; Performing various roles in the taking risk into account in
decision-making process
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