RIMS CRMP-Implementing the Risk Process Test with all
Correct & 100% Verified Answers |Latest Version |
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Risk management strategies' general focus ✔Correct Answer-Meeting or exceeding an
organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation ✔Correct Answer-Risk management professional's role in
Implementing Risk Strategies
Risk Identification Process ✔Correct Answer-Finding, Recognizing and Recording Risks
Risk Analysis ✔Correct Answer-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.
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and
interdependencies ✔Correct Answer-Risk is typically analyzed on the basis of
Bow tie analysis ✔Correct Answer-hazard analysis technique (cause and consequence)
Business impact analysis ✔Correct Answer-consider business impacts at a location or from a
specific process
Influence analysis/diagrams ✔Correct Answer-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.
Risk Register Analysis ✔Correct Answer-compile risk into a risk register to analyze and manage
those risks in an organized way, typically by category.
Scenario analysis ✔Correct Answer-process of analyzing possible and plausible future events
by considering alternative settings, circumstances and outcomes. It provides a basis for making
decisions in the context of different conditions.
Site analysis ✔Correct Answer-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.
, Monte Carlo analysis ✔Correct Answer-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 Answer-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 Answer-Examples of
qualitative methodology for analyzing data
Bowtie, business impact analysis, fault tree, cause/consequence analysis ✔Correct Answer-
Examples of combined methodology for analyzing data
Monte Carlo, stress analysis ✔Correct Answer-Examples of quantitative methodology for
analyzing data
Risk evaluation ✔Correct Answer-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 interdependencies ✔Correct Answer-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.
Indemnification ✔Correct Answer-contractual obligation placed on the indemnifier to return
the indemnified to essentially the same financial condition that existed prior to the loss or claim
or to stand in as the source for financing the legal liability.
Contractual risk transfer ✔Correct Answer-a legally binding agreement between two parties
whereby one agrees to indemnify and hold another party harmless for specified actions,
inactions, injuries or damages.
Hold harmless ✔Correct Answer-wording that requires one party to shield the other party
from the effects of the legal liability assignable to transferor or obligor.
Risk sharing/transfer ✔Correct Answer-action taken when i) costs of retaining risk exceeds the
organization's risk tolerance; ii) risks or some portion can be transferred at a lower cost, iii) risks
should be apportioned based o an agreement and iv) it is required by regulation.
Insurance ✔Correct Answer-risk transfer mechanism that ensures full or partial financial
compensation for the loss, damage and legal obligations of a policy holder or beneficiary.
Correct & 100% Verified Answers |Latest Version |
Already Graded A+
Risk management strategies' general focus ✔Correct Answer-Meeting or exceeding an
organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation ✔Correct Answer-Risk management professional's role in
Implementing Risk Strategies
Risk Identification Process ✔Correct Answer-Finding, Recognizing and Recording Risks
Risk Analysis ✔Correct Answer-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.
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and
interdependencies ✔Correct Answer-Risk is typically analyzed on the basis of
Bow tie analysis ✔Correct Answer-hazard analysis technique (cause and consequence)
Business impact analysis ✔Correct Answer-consider business impacts at a location or from a
specific process
Influence analysis/diagrams ✔Correct Answer-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.
Risk Register Analysis ✔Correct Answer-compile risk into a risk register to analyze and manage
those risks in an organized way, typically by category.
Scenario analysis ✔Correct Answer-process of analyzing possible and plausible future events
by considering alternative settings, circumstances and outcomes. It provides a basis for making
decisions in the context of different conditions.
Site analysis ✔Correct Answer-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.
, Monte Carlo analysis ✔Correct Answer-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 Answer-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 Answer-Examples of
qualitative methodology for analyzing data
Bowtie, business impact analysis, fault tree, cause/consequence analysis ✔Correct Answer-
Examples of combined methodology for analyzing data
Monte Carlo, stress analysis ✔Correct Answer-Examples of quantitative methodology for
analyzing data
Risk evaluation ✔Correct Answer-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 interdependencies ✔Correct Answer-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.
Indemnification ✔Correct Answer-contractual obligation placed on the indemnifier to return
the indemnified to essentially the same financial condition that existed prior to the loss or claim
or to stand in as the source for financing the legal liability.
Contractual risk transfer ✔Correct Answer-a legally binding agreement between two parties
whereby one agrees to indemnify and hold another party harmless for specified actions,
inactions, injuries or damages.
Hold harmless ✔Correct Answer-wording that requires one party to shield the other party
from the effects of the legal liability assignable to transferor or obligor.
Risk sharing/transfer ✔Correct Answer-action taken when i) costs of retaining risk exceeds the
organization's risk tolerance; ii) risks or some portion can be transferred at a lower cost, iii) risks
should be apportioned based o an agreement and iv) it is required by regulation.
Insurance ✔Correct Answer-risk transfer mechanism that ensures full or partial financial
compensation for the loss, damage and legal obligations of a policy holder or beneficiary.
