Arm 401 stuvia Study guides, Class notes & Summaries

A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated - Answer C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and risks to the infrastructure. Lucas must ...

ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct Strategic Risk Hazard Risk Operational Risk Financial Risk - ANSWER-What are the 4 classifications of risks in the risk quadrant? Strategic Risk - ANSWER-Risk with uncertainties associated with the organization's long-term goals and management decisions Ope...

ARM 401: Holistically Assessing Risk Questions and Answers 100% CorrectARM 401: Holistically Assessing Risk Questions and Answers 100% CorrectARM 401: Holistically Assessing Risk Questions and Answers 100% CorrectARM 401: Holistically Assessing Risk Questions and Answers 100% Correct Independent Contractor - ANSWER-Have the right to control their own work, are paid by the job, freedom to select and hire helpers, provide their own tools/equipment, in control of their own schedule Work Comp ...

strategic risk - Answer uncertainties associated with the organizations long term goals and management decisions operational risk - Answer uncertainties associated with the organizations procedures, systems, and policies financial risk - Answer uncertainties associated with the organizations financial activities facilitated workshops - Answer a neutral party, who has no stake int he outcome or participation responsibilities, administers the risk workshop and propels the group to achieve...

ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct ARM 401 - Chapter 1 Questions and Answers 100% Correct Strategic Risk Hazard Risk Operational Risk Financial Risk - ANSWER-What are the 4 classifications of risks in the risk quadrant? Strategic Risk - ANSWER-Risk with uncertainties associated with the organization's long-term goals and management decisions Operational R...

ARM 401: Holistically Assessing Risk Questions and Answers 100% Correct ARM 401: Holistically Assessing Risk Questions and Answers 100% Correct ARM 401: Holistically Assessing Risk Questions and Answers 100% Correct ARM 401: Holistically Assessing Risk Questions and Answers 100% Correct Independent Contractor - ANSWER-Have the right to control their own work, are paid by the job, freedom to select and hire helpers, provide their own tools/equipment, in control of their own schedule Work...

Strategic Risk Hazard Risk Operational Risk Financial Risk - Answer What are the 4 classifications of risks in the risk quadrant? Strategic Risk - Answer Risk with uncertainties associated with the organization's long-term goals and management decisions Operational Risk - Answer Risk with uncertainties associated with the organization's procedures, systems and policies Financial Risk - Answer Risk with uncertainties associated with the organization's financial activities Facil...

holistic approach to managing risk - ANSWER -broader in scope, managing all areas of the business, not just hazard risks -encompasses the analysis and predictability of business processes and organizational decisions -mandates the collaboration of internal and external stakeholders to identify, assess, and treat risks -involves looking at what might be gained from decisions or actions -can uncover inconsistencies in how a company managers loss retention -can help orgs better absorb losses ...

HAZOP Process Steps - ANSWER 1. Divide project/system into small components 2. Review components to identify risk 3. Identify cause and potential outcomes of risks 4. Develop solutions to risks 5. Ensure solutions work and reevaluate SWOT analysis (strengths, weaknesses, opportunities, threats) - ANSWER A SWOT analysis is useful when there is a specific goal, such as determining whether engaging in a new product or project is feasible. It's less useful for analyzing current processes and...

strategic risk - ANSWER uncertainties associated with the organizations long term goals and management decisions operational risk - ANSWER uncertainties associated with the organizations procedures, systems, and policies financial risk - ANSWER uncertainties associated with the organizations financial activities facilitated workshops - ANSWER a neutral party, who has no stake int he outcome or participation responsibilities, administers the risk workshop and propels the group to achieve...