Arm 400 stuvia - Study guides, Class notes & Summaries

what two things lie at the base of every risk management concept - Answer the intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - Answer root cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - Answer it can only look backward and might not catch all root causes what are the 3 steps in how big data transforms RM - Answer data capture ...

Hardware Store has been able to control its prices and inventory since it has no competitors. A new highway currently being constructed is going to allow increased competition for Hardware Store. According to the quadrants of risk, this risk of increased competition falls into the category of - ANSWERStrategic risk. Which one of the following is the inherent weakness of root cause analysis (RCA)? - ANSWERD. It can only look backward. Metadata contains - ANSWERA. Information about data as w...

Sets of data that are too large to be gathered and analyzed by traditional methods - Answer Big Data 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 - Answer Smart Product A network of objects that transmit data to and from each other without human interaction - Answer Internet of Things (IoT) Information, technology, and storage services contractua...

Big Data - Answer Sets of data that are too large to be gathered and analyzed by traditional methods. Smart Product - Answer 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) - Answer A network of objects that transmit data to and from each other without human interaction. Cloud Computing - Answer Information, technology, and...

According to the law of large numbers, as the number of exposure units insured increases, - ANSWERSThe relative accuracy of predictions about future losses increases The fundamental purpose of a risk management framework is to - ANSWERSIntegrate risk management throughout the organization Which one of the following provides a measure of the maximum potential damage associated with an occurrence? - ANSWERSExposure Aligning risks with the organization's risk appetite defines - ANSWERSTol...

Big Data - ANSWERSSet of data that are too large to be gathered and analysed by traditional data. Strategic Redeployment Plan - ANSWERSa comprehensive plan for resiliency after a severe disruption Business Impact Analysis (BIA) - ANSWERSassesses identified risks and determines their overall effect on the firm's ability to meet its key objectives Risk Managers - ANSWERSidentify, evaluate and treat risks within stated risk appetites and risk tolerances. The risk management team monitors ...

Benefits of risk management (6) - ANSWERS1. tolerable uncertainty 2. profitability and growth 3. legal and regulatory compliance 4. social responsibility 5. reduced cost of risk 6. reduced deterrent effects of hazard risk Basic risk measures (6) - ANSWERS1. exposure 2. volatility 3. likelihood 4. consequences 5. time horizon 6. correlation 3 pairs of risk classifications - ANSWERS1. pure-speculative 2. subjective-objective

Big data - Answer Sets of data that are too large to be gathered and analyzed by traditional methods. Smart product - Answer 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) - Answer A network of objects that transmit data to and from each other without human interaction. Cloud computing - Answer Information, technology, and...

Benefits of risk management (6) - Answer 1. tolerable uncertainty 2. profitability and growth 3. legal and regulatory compliance 4. social responsibility 5. reduced cost of risk 6. reduced deterrent effects of hazard risk Basic risk measures (6) - Answer 1. exposure 2. volatility 3. likelihood 4. consequences 5. time horizon 6. correlation 3 pairs of risk classifications - Answer 1. pure-speculative 2. subjective-objective 3. diversifiable-nondiversifiable 4 risk quadrants -...

Organizational Resiliency - Answer a holistic approach that allows companies to better withstand short-term shocks to help ensure long-term business viability Business Continuity Management - Answer root lie in emergency preparedness and response planning. uses a multifaceted approach to pure risks, business risks, and operational risks. uses emergency response, disaster recover, and crisis management ASIS SPC.1-2009, Organizational Resilience: Security, Preparedness, and Continuity Manage...