TIONS AND VERIFIED ANSWERS|GRADED A+|PASS FIRST AT-
Risk management strategies' general focus - ANSWER Meeting or exceeding an organiza-
tion's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation - ANSWER Risk management professional's role in Im-
plementing Risk Strategies
Risk Identification Process - ANSWER Finding, Recognizing and Recording Risks
Risk Analysis - 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 ac-
cept risk.
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interde-
pendencies - ANSWER Risk is typically analyzed on the basis of
Bow tie analysis - ANSWER hazard analysis technique (cause and consequence)
Business impact analysis - ANSWER consider business impacts at a location or from a spe-
cific process
Influence analysis/diagrams - 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.
1
, Risk Register Analysis - ANSWER compile risk into a risk register to analyze and manage
those risks in an organized way, typically by category.
Scenario analysis - 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 - ANSWER leaders at each site perform an assessment by analyzing and eval-
uating 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 - ANSWER mathematical technique that generates random varia-
bles 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 - 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 - ANSWER Examples of qualita-
tive methodology for analyzing data
Bowtie, business impact analysis, fault tree, cause/consequence analysis - ANSWER Ex-
amples of combined methodology for analyzing data
Monte Carlo, stress analysis - ANSWER Examples of quantitative methodology for analyz-
ing data
Risk evaluation - 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
2
Risk management strategies' general focus - ANSWER Meeting or exceeding an organiza-
tion's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation - ANSWER Risk management professional's role in Im-
plementing Risk Strategies
Risk Identification Process - ANSWER Finding, Recognizing and Recording Risks
Risk Analysis - 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 ac-
cept risk.
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interde-
pendencies - ANSWER Risk is typically analyzed on the basis of
Bow tie analysis - ANSWER hazard analysis technique (cause and consequence)
Business impact analysis - ANSWER consider business impacts at a location or from a spe-
cific process
Influence analysis/diagrams - 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.
1
, Risk Register Analysis - ANSWER compile risk into a risk register to analyze and manage
those risks in an organized way, typically by category.
Scenario analysis - 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 - ANSWER leaders at each site perform an assessment by analyzing and eval-
uating 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 - ANSWER mathematical technique that generates random varia-
bles 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 - 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 - ANSWER Examples of qualita-
tive methodology for analyzing data
Bowtie, business impact analysis, fault tree, cause/consequence analysis - ANSWER Ex-
amples of combined methodology for analyzing data
Monte Carlo, stress analysis - ANSWER Examples of quantitative methodology for analyz-
ing data
Risk evaluation - 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
2
