RIMS-CRMP exam study guide questions with accurate || || || || || || ||
detailed answers ||
Benchmarking - correct answer✔✔The process of measuring the performance of an
|| || || || || || || || || || ||
organization against external standards of reference that frequently come from similar
|| || || || || || || || || || ||
organizations doing similar things. || || ||
Corporate Governance - correct answer✔✔The system of rules, practices and processes by
|| || || || || || || || || || || ||
which a company is directed and controlled.
|| || || || || ||
Enterprise Risk Management - correct answer✔✔A strategic discipline that supports the
|| || || || || || || || || || ||
achievement of an organization's objectives by addressing the full spectrum of its risk and
|| || || || || || || || || || || || || ||
managing the combined impact of those risks as an interrelated risk portfolio.
|| || || || || || || || || || ||
Gap Analysis - correct answer✔✔Comparison of an existing process or procedure to
|| || || || || || || || || || || ||
recognize standards in order to identify deficiencies or excesses in the existing process.
|| || || || || || || || || || || ||
Key performance indicator (KPI) - correct answer✔✔As activity that signals the
|| || || || || || || || || || ||
achievement of organizational objectives, emphasize opportunities and strategic objectives.
|| || || || || || || ||
Key risk indicator (KRI) - correct answer✔✔designed to manage downside risk. A
|| || || || || || || || || || || ||
measurement of how risk and volatility relate to achieving organizational objectives,
|| || || || || || || || || ||
PESTLE Analysis - correct answer✔✔PESTLE is an acronym for Political, Economic, Social,
|| || || || || || || || || || ||
Technology, Legal and Environmental and identifies the categories utilized to analyze
|| || || || || || || || || || || ||
internal and external environments. Other forms of the acronym include "PEST" and
|| || || || || || || || || || || ||
"PESTEL."
, Risk - correct answer✔✔The effect of uncertainty on objectives.
|| || || || || || || ||
Risk Appetite - correct answer✔✔The total exposed amount that an organization wishes to
|| || || || || || || || || || || || ||
undertake on the basis of risk return trade-offs for one or more desired and expected
|| || || || || || || || || || || || || || ||
outcomes
Risk Attitude - correct answer✔✔An organization's or individuals' view/perspective of the
|| || || || || || || || || || ||
perceived qualitative and quantitative value that may be gained in comparison to the related
|| || || || || || || || || || || || ||
potential loss or losses.
|| || || ||
Risk Culture - correct answer✔✔The beliefs, values, norms and traditions of behavior of
|| || || || || || || || || || || || ||
individuals and groups within an organization that determine the way in which they
|| || || || || || || || || || || || ||
identify, understand, discuss and act on the risk(s) the organization confronts and takes.
|| || || || || || || || || || || ||
Risk Champion - correct answer✔✔Any person in an organization who is a leader and
|| || || || || || || || || || || || || ||
influences peers regarding the value that risk management adds to the organization.
|| || || || || || || || || || ||
Risk governance - correct answer✔✔The architecture within which risk management
|| || || || || || || || || ||
operates in a company || || ||
Risk Management - correct answer✔✔The process of making and implementing decisions
|| || || || || || || || || || ||
that will minimize the adverse effects of accidental losses on an organization.
|| || || || || || || || || || ||
Risk Owner - correct answer✔✔An individual accountable for the identification,
|| || || || || || || || || ||
assessment, treatment and monitoring of risks in a specific environment
|| || || || || || || || ||
Risk Portfolio - correct answer✔✔A complete collection and range of uncertainties that
|| || || || || || || || || || || ||
affect an organization's future.
|| || ||
detailed answers ||
Benchmarking - correct answer✔✔The process of measuring the performance of an
|| || || || || || || || || || ||
organization against external standards of reference that frequently come from similar
|| || || || || || || || || || ||
organizations doing similar things. || || ||
Corporate Governance - correct answer✔✔The system of rules, practices and processes by
|| || || || || || || || || || || ||
which a company is directed and controlled.
|| || || || || ||
Enterprise Risk Management - correct answer✔✔A strategic discipline that supports the
|| || || || || || || || || || ||
achievement of an organization's objectives by addressing the full spectrum of its risk and
|| || || || || || || || || || || || || ||
managing the combined impact of those risks as an interrelated risk portfolio.
|| || || || || || || || || || ||
Gap Analysis - correct answer✔✔Comparison of an existing process or procedure to
|| || || || || || || || || || || ||
recognize standards in order to identify deficiencies or excesses in the existing process.
|| || || || || || || || || || || ||
Key performance indicator (KPI) - correct answer✔✔As activity that signals the
|| || || || || || || || || || ||
achievement of organizational objectives, emphasize opportunities and strategic objectives.
|| || || || || || || ||
Key risk indicator (KRI) - correct answer✔✔designed to manage downside risk. A
|| || || || || || || || || || || ||
measurement of how risk and volatility relate to achieving organizational objectives,
|| || || || || || || || || ||
PESTLE Analysis - correct answer✔✔PESTLE is an acronym for Political, Economic, Social,
|| || || || || || || || || || ||
Technology, Legal and Environmental and identifies the categories utilized to analyze
|| || || || || || || || || || || ||
internal and external environments. Other forms of the acronym include "PEST" and
|| || || || || || || || || || || ||
"PESTEL."
, Risk - correct answer✔✔The effect of uncertainty on objectives.
|| || || || || || || ||
Risk Appetite - correct answer✔✔The total exposed amount that an organization wishes to
|| || || || || || || || || || || || ||
undertake on the basis of risk return trade-offs for one or more desired and expected
|| || || || || || || || || || || || || || ||
outcomes
Risk Attitude - correct answer✔✔An organization's or individuals' view/perspective of the
|| || || || || || || || || || ||
perceived qualitative and quantitative value that may be gained in comparison to the related
|| || || || || || || || || || || || ||
potential loss or losses.
|| || || ||
Risk Culture - correct answer✔✔The beliefs, values, norms and traditions of behavior of
|| || || || || || || || || || || || ||
individuals and groups within an organization that determine the way in which they
|| || || || || || || || || || || || ||
identify, understand, discuss and act on the risk(s) the organization confronts and takes.
|| || || || || || || || || || || ||
Risk Champion - correct answer✔✔Any person in an organization who is a leader and
|| || || || || || || || || || || || || ||
influences peers regarding the value that risk management adds to the organization.
|| || || || || || || || || || ||
Risk governance - correct answer✔✔The architecture within which risk management
|| || || || || || || || || ||
operates in a company || || ||
Risk Management - correct answer✔✔The process of making and implementing decisions
|| || || || || || || || || || ||
that will minimize the adverse effects of accidental losses on an organization.
|| || || || || || || || || || ||
Risk Owner - correct answer✔✔An individual accountable for the identification,
|| || || || || || || || || ||
assessment, treatment and monitoring of risks in a specific environment
|| || || || || || || || ||
Risk Portfolio - correct answer✔✔A complete collection and range of uncertainties that
|| || || || || || || || || || || ||
affect an organization's future.
|| || ||
