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Enterprise Risk Management - ANS A structured, consistent, and continuous process applied across an entire organization that fosters better understanding and ability to address its material risks relative to strategic objectives 2 direct drivers of ERM - ANS 1. Internal stakeholders - board of directors - senior management 2. External - regulators - rating agencies - lenders / insurers 4 indirect drivers of ERM - ANS 1. Shareholders 2. Employees 3. Financial...

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Chapter 1: Introduction to and Overview of Risk Management Que & Ans

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Probability - ANS The likelihood that an outcome or event will occur Two elements within the definition of risk - ANS Uncertainty of outcome and possibility of a negative outcome Pure risk - ANS A chance of loss or gain Speculative risk - ANS A chance of loss, no loss, or gain Credit risk - ANS The risk that customers or other creditors will fail to make promised payments as they come due Subjective risk - ANS The perceived amount of...

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Risk Management Exam 1 Questions And Answers Rated 100% !!!

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Donna has a home that is insured to its maximum value. She often leaves the door unlocked in case she forgets her keys. She knows that her insurance policy will pay for any losses if her home is robbed. Which of the following best applies to Donna? a. moral/morale hazard b. physical hazard c. societal hazard d. none of the above - ANS a. moral/morale hazard Loss frequency describes which of the following? a. number of losses b. financial impact of losses c. both the number...

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Risk Management Quiz 2 Mccloskey 100% Correct Answers

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Risk Management - ANS specialized branch of financial management Steps in a Risk Management Process - ANS 1. identify exposures to loss 2. evaluate exposures to loss 3. identify possible alternatives 4. select among the alternatives 5. implement the selection 6. re-evaluate periodically the chose strategies Loss exposure - ANS possibility of a financial loss that a particular entity faces as the result of peril striking a thing of value -anything that could ...

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Risk Management and Insurance Chapter 1 & 2 Que & Ans

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Objective Risk - ANS the relative variation of actual loss from expected loss Law of Large Numbers - ANS the number of exposure units increases, the more closely the actual loss experience will approach the expected loss experience Subjective Risk - ANS uncertainty based on a person's mental condition or state of mind Chance of Loss - ANS the probability that an event will occur Objective Probability - ANS The probability that an event will ...

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Topic 1: Introduction to Risk Management Questions And Answers

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Two Elements of Risk - ANS 1. Uncertainty of outcome 2. Possibility of negative outcome Uncertainty - ANS about what will actually happen (Type) and when the outcome will occur (timing) Possibility - ANS that an outcome or event may or may not occur Probability - ANS is measurable and has a value between zero and one Difference between Possibility and Probability - ANS Possibility verifies that risk is present Probability qunatifies risk ...

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Intro to Risk Management: EOCQ Questions And Answers

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Risk management in the case of individuals is best described as concerned with: a. hedging risk exposures b. maximizing utility while bearing a tolerable level of risk c. maximizing utility while avoiding exposure to undesirable risks - ANS b. maximizing utility while bearing a tolerable level of risk. certain risks cannot be avoided ( eg, health, theft, accident etc ) Which of the following may be controlled by an investor? a. Risk b. Raw returns c. Risk-adjusted...

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Risk Management Exam 1 (Chapters 1-4) 100% Correct Answers

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What is the definition of risk? - ANS No single definition of risk. Uncertainty concerning the occurrence of a loss. Any situation where there is uncertainty about what outcome will occur. Variation of outcomes. What is loss exposure? - ANS Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs. What are the three different types of risk attitude? - ANS 1. Risk Averse 2. Risk Neutral 3. Risk Taker (Lover) What is a ris...

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Risk Management questions TOP HAT Ch 1. Que With Complete Solutions

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Which of the following would be an example of a pure risk? a The risk from opening a small business b The risk of fire damage to a restaurant c The risk of a change in tax rates d All of the above - ANS B Cyber attack risk would be best classified as a Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a pure static risk b pure dynamic risk c speculative static risk d speculative dynamic risk - ANS B In d...

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RMIN 5950- Chapter 1: Introduction to Risk Que And ANS Graded A+!!!

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Which of the following would be an example of a pure risk? - ANS a. The risk from opening a small business b. The risk of fire damage to a restaurant (Correct Answer) c. The risk of a change in tax rates d. All of the above Cyber attack risk would be best classified as a - ANS a. pure static risk b. pure dynamic risk (Correct Answer) c. speculative static risk d. speculative dynamic risk Joe looks at a particular situation and considers it to be high risk. Sarah looks...

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