RIMS CRMP-Implementing the Risk Process Questions with Correct Answers, A+

performance objectives - cORRECT sOLUTIONS Monitoring risk process: developing risk metrics integrated with _______________ monitoring schedules - cORRECT sOLUTIONS Monitoring risk process: Establishing _________________ to check progress over time expected value of the of the collective objectives - cORRECT sOLUTIONS Monitoring risk process: validating whether the ___________________ from making risk-informed decisions and implementing risk solutions have been achieved Site analysis - cORRECT sOLUTIONS leaders at each site perform an assessment by analyzing and evaluating the potential risks based on what is being produced at the site and its environmental factors. This may include threat, vulnerability and criticality analyses. SWOT analysis - cORRECT sOLUTIONS strengths and weaknesses (internal), opportunities and threats (external) Monte Carlo analysis - cORRECT sOLUTIONS mathematical technique that generates random variables for modelling risk or uncertainty of a certain system (simulation). The random variables or inputs are modelled on the basis of probability distributions Stress analysis - cORRECT sOLUTIONS a form of simulation used to determine reactions to different situations. Also used to gauge how certain stressors will affect a company or industry. Influence diagrams, scenario analysis, site analysis, SWOT - cORRECT sOLUTIONS Examples of qualitative methodology for analyzing data Bowtie, business impact analysis, fault tree, cause/consequence analysis - cORRECT sOLUTIONS Examples of combined methodology for analyzing data Monte Carlo, stress analysis - cORRECT sOLUTIONS Examples of quantitative methodology for analyzing data Risk evaluation - cORRECT sOLUTIONS uses which risk criteria (risk appetite, risk tolerance, outputs from risk identification and risk analysis process) to determine which risks are acceptable and which require additional modification or treatment Risk appetite - cORRECT sOLUTIONS is the total exposed amount that an organization wishes to undertake on the basis of risk-return trade-offs for one or more desire and expected outcomes. Risk tolerance - cORRECT sOLUTIONS is the amount of uncertainty an organization is prepared to accept in total - or more narrowly, within a certain business unit, a particular risk category, or for a specific initiative. Risk interdependencies - cORRECT sOLUTIONS are situations where risks can have a cascading effect. Understanding this provides an opportunity to facilitate collaboration among various business units by addressing similar or related risks together.