RIMS CRMP-Implementing the Risk Process
1. Risks: 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 arediscovered
2. Risk management strategies' general focus: Meeting or exceeding an orga-
nization's objectives
Adhering to control-based objectives, rules and/or controlsComplying with
regulatory requirements
3. Communication and Consultation: Risk management professional's role
inImplementing Risk Strategies
4. Risk Identification Process: Finding, Recognizing and Recording Risks
5. Risk Analysis: The process of characterizing and understanding the natureof
risk and of considering the level of risk in the context of the organization's
willingness to accept risk.
6. Likelihood, Consequences, other criteria such as timing, duration, vulner-
ability and interdependencies: Risk is typically analyzed on the basis of
7. Bow tie analysis: hazard analysis technique (cause and consequence)
8. Business impact analysis: consider business impacts at a
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,location or from aspecific process
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, 9. Gap analysis: determine steps to improve the organization's capacity to movefrom
a current state to a desired, future state. (current available factors, successfactors
needed to achieve future desired objectives, highlighting the gaps)
10. Root Cause Analysis: multiple techniques designed to identify the underlying or
initiating risk sources or drivers. (fault tree analysis, event tree analysis, failuremode
and effect analysis and cause-and-effect analysis
- fish bone diagram)
11. Influence analysis/diagrams: identify the strength of influencing factors andhelp
determine potential weighting for consideration during the risk assessment process.
Define root causes for major risks, define the chain of events likely in a scenario and
become the foundation for further modeling.
12. Risk Register Analysis: compile risk into a risk register to analyze and man-age
those risks in an organized way, typically by category.
13. Scenario analysis: process of analyzing possible and plausible future eventsby
considering alternative settings, circumstances and outcomes. It provides a basis for
making decisions in the context of different conditions.
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1. Risks: 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 arediscovered
2. Risk management strategies' general focus: Meeting or exceeding an orga-
nization's objectives
Adhering to control-based objectives, rules and/or controlsComplying with
regulatory requirements
3. Communication and Consultation: Risk management professional's role
inImplementing Risk Strategies
4. Risk Identification Process: Finding, Recognizing and Recording Risks
5. Risk Analysis: The process of characterizing and understanding the natureof
risk and of considering the level of risk in the context of the organization's
willingness to accept risk.
6. Likelihood, Consequences, other criteria such as timing, duration, vulner-
ability and interdependencies: Risk is typically analyzed on the basis of
7. Bow tie analysis: hazard analysis technique (cause and consequence)
8. Business impact analysis: consider business impacts at a
1/8
,location or from aspecific process
2/8
, 9. Gap analysis: determine steps to improve the organization's capacity to movefrom
a current state to a desired, future state. (current available factors, successfactors
needed to achieve future desired objectives, highlighting the gaps)
10. Root Cause Analysis: multiple techniques designed to identify the underlying or
initiating risk sources or drivers. (fault tree analysis, event tree analysis, failuremode
and effect analysis and cause-and-effect analysis
- fish bone diagram)
11. Influence analysis/diagrams: identify the strength of influencing factors andhelp
determine potential weighting for consideration during the risk assessment process.
Define root causes for major risks, define the chain of events likely in a scenario and
become the foundation for further modeling.
12. Risk Register Analysis: compile risk into a risk register to analyze and man-age
those risks in an organized way, typically by category.
13. Scenario analysis: process of analyzing possible and plausible future eventsby
considering alternative settings, circumstances and outcomes. It provides a basis for
making decisions in the context of different conditions.
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