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RIMS - CRMP Complete Study Guide questions & answers 2024 ( A+ GRADED 100% VERIFIED)
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RIMS - CRMP Complete Study Guide questions & answers 2024 ( A+ GRADED 100% VERIFIED)
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RIMS-
CRMP
Complete
Study
Guide
Risks
-
ANS
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
Enterprise
Risk
Management
-
ANS
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
-
ANS
Risk
identification,
assessment
and
creation
of
emergency
response
and
recovery
plans
related
to
threats
or
hazards
that
might
lead
to
operational
disruptions
Analysis
-
ANS
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
1 / 4
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?
-
ANS
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
-
ANS
Meeting
or
exceeding
an
organization's
objectives
Adhering
to
control-based
objectives,
rules
and/or
controls
Complying
with
regulatory
requirements
Support
Function:
Internal
Audit
-
ANS
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?
-
ANS
Include
risk
assessment
in
2 / 4
planning
process;
Leverage
cross-functional
risk
assessment
team
and
subject
matter
experts
to
identify
enterprise
risks;
Consider
cascading
and
cumulative
effects
Gap
Analysis
-
ANS
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
-
ANS
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
-
ANS
Risk
management
professional's
role
in
Implementing
Risk
Strategies
Support
Function:
Legal
-
ANS
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?
-
ANS
Program
not
3 / 4
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
-
ANS
Determines
that
actions
the
organization
will
take
at
any
stage
of
the
planning
period
as
circumstances
change.
Risk
owner
-
ANS
The
individual
who
is
ultimately
accountable
for
ensuring
that
risk
is
managed
appropriately,
including
the
implementation
of
selected
responses.
Risk
Identification
Process
-
ANS
Finding,
Recognizing
and
Recording
Risks
Support
Function:
Compliance
-
ANS
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
-
ANS
Building
organizational
awareness;
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