RIMS CRMP-Implementing the Risk Process
Questions and answers
Risks CORRECT 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
Risk management strategies' general focus CORRECT ANSWERS Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation CORRECT ANSWERS Risk management professional's role in Implementing Risk Strategies
Risk Identification Process CORRECT ANSWERS Finding, Recognizing and Recording Risks
Risk Analysis CORRECT ANSWERS 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 ANSWERS Risk is typically analyzed on the basis of
Bow tie analysis CORRECT ANSWERS hazard analysis technique (cause and consequence)
Business impact analysis CORRECT ANSWERS consider business impacts at a location or from a specific process
Gap analysis CORRECT ANSWERS 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)
Root Cause Analysis CORRECT ANSWERS 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)
Influence analysis/diagrams CORRECT ANSWERS 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 ANSWERS compile risk into a risk register to analyze and manage those risks in an organized way, typically by category.
Scenario analysis CORRECT ANSWERS 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 ANSWERS 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.
SWOT analysis CORRECT ANSWERS strengths and weaknesses (internal), opportunities and threats (external)
Monte Carlo analysis CORRECT ANSWERS 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
Questions and answers
Risks CORRECT 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
Risk management strategies' general focus CORRECT ANSWERS Meeting or exceeding an organization's objectives
Adhering to control-based objectives, rules and/or controls
Complying with regulatory requirements
Communication and Consultation CORRECT ANSWERS Risk management professional's role in Implementing Risk Strategies
Risk Identification Process CORRECT ANSWERS Finding, Recognizing and Recording Risks
Risk Analysis CORRECT ANSWERS 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 ANSWERS Risk is typically analyzed on the basis of
Bow tie analysis CORRECT ANSWERS hazard analysis technique (cause and consequence)
Business impact analysis CORRECT ANSWERS consider business impacts at a location or from a specific process
Gap analysis CORRECT ANSWERS 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)
Root Cause Analysis CORRECT ANSWERS 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)
Influence analysis/diagrams CORRECT ANSWERS 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 ANSWERS compile risk into a risk register to analyze and manage those risks in an organized way, typically by category.
Scenario analysis CORRECT ANSWERS 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 ANSWERS 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.
SWOT analysis CORRECT ANSWERS strengths and weaknesses (internal), opportunities and threats (external)
Monte Carlo analysis CORRECT ANSWERS 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
