ARM 400 Assignment 1-3 Questions with Correct Answers

Traditional Risk Management (TRM) Correct Answer - Risks are evaluated in a "silo" approach - Losses are usually insurable, pure risks -focus on cost reduction rather than value creation -root cause analysis (RCA) approach ERM Correct Answer Enterprise Risk Management Enterprise Risk Management (ERM) Correct Answer a comprehensive risk management program that addresses the organization's pure, speculative, strategic, and operational risks Data Capture Correct Answer Term for the various methods by which data can be entered into the computer so that it can be processed. ex. smart products, IoT Smart Products Correct Answer cature and process data through sensors, wireless sensor networks, and data collection transmission enable item to be faster, more useful, etc Internet of Things (IoT) Correct Answer a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention Data Storage Correct Answer The process of updating one or more databases with new transactions. Cloud Computing Correct Answer the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer. vast amounts of data can be stored or shared w/o a direct server connection Blockchain Correct Answer -trusted, independent source of data -distributed digital ledger that facilitates secure transactions w/o need for a 3rd party -track chronology of a particular values change over time, adding a block to the chain -reliability depends on authority controlling access to ledger or blockchain (ie. cryptocurrencies)