CPCU 500 - Identifying and Analyzing Costly Risks 3.2 Questions and Answers
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CPCU - Chartered Property Casualty Underwriter
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CPCU - Chartered Property Casualty Underwriter
CPCU 500 - Identifying and Analyzing Costly Risks 3.2 Questions and Answers
Incorporating individuals from multiple areas of an organization into the risk identification process can __________
bring more risks to light as well as reveal how those risks are interconnected
Effective team app...
CPCU 500 - Identifying and Analyzing
Costly Risks 3.2 Questions and Answers
Incorporating individuals from multiple areas of an organization into the risk
identification process can __________ - answer bring more risks to light as well as
reveal how those risks are interconnected
Effective team approaches to identifying risks include? - answer 1) Facilitated
workshops,
2) The Delphi technique,
3) Scenario analysis,
4) HAZOP (hazard and operability study),
5) SWOT (strengths, weaknesses, opportunities, and threats)
Identify reasons it's important to take a team-oriented approach to identifying risks. -
answer 1) Provide diverse perspectives on risks
2) It can also reveal how risks are connected across the organization, reducing the
likelihood that risks from those areas will be overlooked
A neutral party, who has no stake in the outcome or participation responsibilities,
administers the risk workshop and propels the group to achieve its goal - answer
facilitated workshop
The neutral party in a facilitated workshop is know as? - answer the facilitator
When risk management professionals meet with an organization's leaders, key
employees, and other stakeholders in a __________, the group discussion can help
identify risks in a dynamic way. The __________ should initiate a discussion or
brainstorming session that allows ideas to flow freely from participants. He or she can
then design __________ to encourage follow-up discussion and further brainstorming. -
answer facilitated workshop, facilitator, workshops
It's wise to include representatives from diverse groups in the organization during
facilitated workshops because discussion of the interconnectedness and cascading
effects of risks provides valuable information on risk levels and priorities. The discussion
can identify both __________ and __________ arising from risks. The facilitated
workshop technique can be used for a specific project or process, as well as to identify
, those risks that affect __________ - answer opportunities, downsides, overall
organizational objectives
If facilitated workshops are used to identify all organizational risks, the facilitator must
be skilled in __________ and __________ as well as __________ and be prepared for
a long-term project. If the facilitator is a consultant, he or she can meet with the team at
defined intervals after the team has worked independently on identifying the risks in
each of the risk quadrants. - answer risk identification, management, group
communication
Uses the opinions of a select group of experts to identify risks. Typically, these experts
don't meet but respond to a survey or inquiry instead. - answer Delphi technique
The standard Delphi technique involves what? - answer submitting two rounds of
queries to the selected experts. First, each expert responds to a question, and the
combined answers, which remain anonymous, are presented to the group. The same
question is then posed again to the experts, who are instructed to consider revising their
responses based on the results that were reported to the group. This question-and-
response cycle continues for a predetermined number of rounds or until a consensus is
reached.
Assumes that forecasts (or judgments) from a structured group are more valid than
judgments from individuals (or unstructured groups). - answer Delphi technique
Benefits to using Delphi Technique? - answer 1) It's typically cost-effective because
it doesn't require the resources necessary to assemble a facilitated workshop of experts
(experts don't meet they answer survey)
2) By keeping responses anonymous, it can eliminate group bias, as well as encourage
participants to give their honest opinions without fear of repercussions
Disadvantages of using Delphi Technique? - answer Experts' opinions may be
limited to their current thinking on a subject. In other words, unless prompted, the
experts may fail to render a more forward-thinking opinion
For example, if an organization is considering a new product or project, the current
expert opinion may not be as useful as the opinion of a group of potential (or future)
product users or the community that proposed the idea.
Identifies risks and predicts the potential consequences of those specific risks - answer
Scenario Analysis
This is an example of what type of risk identification?
Windstorm is identified as a risk. The outcomes associated with wind damage and the
flooding that often accompanies windstorms aren't limited to the hazard risks of property
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