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RIMS CRMP-Implementing the Risk Process
Questions with Detailed Verified Answers
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 are discovered Ans: Risks
Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements Ans: Risk management
strategies' general focus
Risk management professional's role in Implementing Risk Strategies
Ans: Communication and Consultation
Finding, Recognizing and Recording Risks Ans: Risk Identification
Process
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The process of characterizing and understanding the nature of risk and of
considering the level of risk in the context of the organization's
willingness to accept risk. Ans: Risk Analysis
Risk is typically analyzed on the basis of Ans: Likelihood,
Consequences, other criteria such as timing, duration, vulnerability and
interdependencies
hazard analysis technique (cause and consequence) Ans: Bow tie
analysis
consider business impacts at a location or from a specific process Ans:
Business impact analysis
determine steps to improve the organization's capacity to move from a
current state to a desired, future state. (current available factors, success
factors needed to achieve future desired objectives, highlighting the
gaps) Ans: Gap analysis
multiple techniques designed to identify the underlying or initiating risk
sources or drivers. (fault tree analysis, event tree analysis, failure mode
and effect analysis and cause-and-effect analysis - fish bone diagram)
Ans: Root Cause Analysis
identify the strength of influencing factors and help 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. Ans: Influence
analysis/diagrams
RIMS CRMP-Implementing the Risk Process
Questions with Detailed Verified Answers
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 are discovered Ans: Risks
Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements Ans: Risk management
strategies' general focus
Risk management professional's role in Implementing Risk Strategies
Ans: Communication and Consultation
Finding, Recognizing and Recording Risks Ans: Risk Identification
Process
, Page | 2
The process of characterizing and understanding the nature of risk and of
considering the level of risk in the context of the organization's
willingness to accept risk. Ans: Risk Analysis
Risk is typically analyzed on the basis of Ans: Likelihood,
Consequences, other criteria such as timing, duration, vulnerability and
interdependencies
hazard analysis technique (cause and consequence) Ans: Bow tie
analysis
consider business impacts at a location or from a specific process Ans:
Business impact analysis
determine steps to improve the organization's capacity to move from a
current state to a desired, future state. (current available factors, success
factors needed to achieve future desired objectives, highlighting the
gaps) Ans: Gap analysis
multiple techniques designed to identify the underlying or initiating risk
sources or drivers. (fault tree analysis, event tree analysis, failure mode
and effect analysis and cause-and-effect analysis - fish bone diagram)
Ans: Root Cause Analysis
identify the strength of influencing factors and help 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. Ans: Influence
analysis/diagrams
