Risk Management and Insurance > QUESTIONS & ANSWERS > RIMS - CRMP COMPLETE STUDY GUIDE; 1 ANALYZE THE BUSINESS MODEL, 2 DEVELOPING ORGANIZATIONAL RISK STR (All)

RIMS - CRMP COMPLETE STUDY GUIDE; 1 ANALYZE THE BUSINESS MODEL, 2 DEVELOPING ORGANIZATIONAL RISK STRATEGIES, 3 RIMS CRMP-IMPLEMENTING THE RISK PROCESS, 4 DEVELOPING ORGANIZATIONAL RISK MANAGEMENT COMPETENCY, 5 SUPPORTING DECISION MAKING|QUESTIONS WITH CORRECT ANSWERS

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Risks Correct Answer 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 opportu... nities as they are discovered Enterprise Risk Management Correct Answer 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 Correct Answer Risk identification, assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions Analysis Correct Answer 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? Correct Answer 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 Correct Answer Meeting or exceeding an organization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements Support Function: Internal Audit Correct Answer 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. [Show More]

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