RIMS CRMP Exam Study Guide with all Correct & 100%
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1. Benchmarking The process of measuring the performance of an organization against
external standards of reference that frequently come from similar
organizations doing similar things.
2. Corporate The system of rules, practices and processes by which a company is
gover-nance
directed and controlled
3. Enterprise
A strategic discipline that supports the achievement of an organization's
risk
objectives by addressing the full spectrum of its risk and managing the
manageme
combined impact of those risks as an interrelated risk portfolio.
nt
Strategy: Consider all risks and exploit risks as part of strategy
Measurement: Include Upside of Risk (Bugalla and
Kugler) Look at building, expanding, exploiting to add
value
Push and Pull risk performance data
This approach is Coordinated & Strategic
4. Gap analysis Comparison of an existing process or procedure to recognized
standards in order to identify deficiencies or excesses in the existing
process.
Technique that can be used to determine what steps might need to be
taken to improve the organization's capacity to move from a current state
to a desired future state.
5. Key An activity that signals the achievement of organizational objectives
performance
indicator (KPI)
A measurement of how risk and volatility relate to achieving
6. Key risk
organizational objec-tives
indicator (KRI)
, RIMS CRMP Exam Study Guide with all Correct & 100%
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Designed to manage the
downside of risk
, RIMS CRMP Exam Study Guide with all Correct & 100%
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Leading indicators of risk to business performance; giving early
warning of poten-tial risk
early signal of changes in risk exposures in various areas of the
enterprise
7. Risk Metrics Integrated into the performance objectives of the organization for
monitoring risks
Examples: KPIs and KRIs
8. Indemnification Contractual obligation placed on the indemnifier to return the indemnified
to
essentially the same financial condition that existed prior to the loss or
claim, to stand in as the source for financing the legal liability
9. Contractual A legally binding agreement between two parties whereby one agrees
Risk Transfer
to indem-nify and hold another party harmless for specified actions,
inactions, injuries or damages
10. Hold Harmless wording that requires one party to shield the other party from the ettects
of the legal liability assignable to transfer or obligor
11. Risk Action taken when 1) costs of retaining risks exceeds the organization's
Trans-
risk toler-ance; 2) risks (or some portion) can be transferred at a lower
fer/Sharin
cost; 3) risks should be apportioned based on an agreement, and 4) it is
g
required by regulation
12. Insurance Risk-transfer mechanism that ensured full or partial financial compensation
for the loss, damage and legal obligations of a policyholder or
beneficiary
13. PESTLE analysis Political, Economic, Social, Technological, Legal and Environmental and
identifies the categories utilized to analyze internal and external
, RIMS CRMP Exam Study Guide with all Correct & 100%
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environments.
14. Risk The ettect of uncertainty on objectives
Chance of Something happening that has an impact on objectives
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1. Benchmarking The process of measuring the performance of an organization against
external standards of reference that frequently come from similar
organizations doing similar things.
2. Corporate The system of rules, practices and processes by which a company is
gover-nance
directed and controlled
3. Enterprise
A strategic discipline that supports the achievement of an organization's
risk
objectives by addressing the full spectrum of its risk and managing the
manageme
combined impact of those risks as an interrelated risk portfolio.
nt
Strategy: Consider all risks and exploit risks as part of strategy
Measurement: Include Upside of Risk (Bugalla and
Kugler) Look at building, expanding, exploiting to add
value
Push and Pull risk performance data
This approach is Coordinated & Strategic
4. Gap analysis Comparison of an existing process or procedure to recognized
standards in order to identify deficiencies or excesses in the existing
process.
Technique that can be used to determine what steps might need to be
taken to improve the organization's capacity to move from a current state
to a desired future state.
5. Key An activity that signals the achievement of organizational objectives
performance
indicator (KPI)
A measurement of how risk and volatility relate to achieving
6. Key risk
organizational objec-tives
indicator (KRI)
, RIMS CRMP Exam Study Guide with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
Designed to manage the
downside of risk
, RIMS CRMP Exam Study Guide with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
Leading indicators of risk to business performance; giving early
warning of poten-tial risk
early signal of changes in risk exposures in various areas of the
enterprise
7. Risk Metrics Integrated into the performance objectives of the organization for
monitoring risks
Examples: KPIs and KRIs
8. Indemnification Contractual obligation placed on the indemnifier to return the indemnified
to
essentially the same financial condition that existed prior to the loss or
claim, to stand in as the source for financing the legal liability
9. Contractual A legally binding agreement between two parties whereby one agrees
Risk Transfer
to indem-nify and hold another party harmless for specified actions,
inactions, injuries or damages
10. Hold Harmless wording that requires one party to shield the other party from the ettects
of the legal liability assignable to transfer or obligor
11. Risk Action taken when 1) costs of retaining risks exceeds the organization's
Trans-
risk toler-ance; 2) risks (or some portion) can be transferred at a lower
fer/Sharin
cost; 3) risks should be apportioned based on an agreement, and 4) it is
g
required by regulation
12. Insurance Risk-transfer mechanism that ensured full or partial financial compensation
for the loss, damage and legal obligations of a policyholder or
beneficiary
13. PESTLE analysis Political, Economic, Social, Technological, Legal and Environmental and
identifies the categories utilized to analyze internal and external
, RIMS CRMP Exam Study Guide with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
environments.
14. Risk The ettect of uncertainty on objectives
Chance of Something happening that has an impact on objectives
