RIMS-CRMP EXAM STUDY GUIDE 100% Correct!!

Benchmarking - ANSWERThe process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar things. Corporate Governance - ANSWERThe system of rules, practices and processes by which a company is directed and controlled. Enterprise Risk Management - ANSWERA 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 - ANSWERComparison of an existing process or procedure to recognize standards in order to identify deficiencies or excesses in the existing process. Key performance indicator (KPI) - ANSWERAs activity that signals the achievement of organizational objectives, emphasize opportunities and strategic objectives. Key risk indicator (KRI) - ANSWERdesigned to manage downside risk. A measurement of how risk and volatility relate to achieving organizational objectives, PESTLE Analysis - ANSWERPESTLE 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 - ANSWERThe effect of uncertainty on objectives. Risk Appetite - ANSWERThe 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 - ANSWERAn 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 - ANSWERThe 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 - ANSWERAny person in an organization who is a leader and