RIMS CRMP EXAM STUDY GUIDE 2023 Complete
Solutions Verified
Benchmarking
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
The system of rules, practices and processes by which a company is directed and
controlled.
Enterprise Risk Management
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
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)
As activity that signals the achievement of organizational objectives, emphasize
opportunities and strategic objectives.
Key risk indicator (KRI)
designed to manage downside risk. A measurement of how risk and volatility relate to
achieving organizational objectives,
PESTLE Analysis
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
The effect of uncertainty on objectives.
Risk Appetite
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
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
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
Any person in an organization who is a leader and influences peers regarding the value
that risk management adds to the organization.
Risk governance
The architecture within which risk management operates in a company
Solutions Verified
Benchmarking
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
The system of rules, practices and processes by which a company is directed and
controlled.
Enterprise Risk Management
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
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)
As activity that signals the achievement of organizational objectives, emphasize
opportunities and strategic objectives.
Key risk indicator (KRI)
designed to manage downside risk. A measurement of how risk and volatility relate to
achieving organizational objectives,
PESTLE Analysis
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
The effect of uncertainty on objectives.
Risk Appetite
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
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
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
Any person in an organization who is a leader and influences peers regarding the value
that risk management adds to the organization.
Risk governance
The architecture within which risk management operates in a company
