ARM 401 exam 2023 with 100% correct answers

HAZOP Process Steps - correct answer 1. Divide project/system into small components 2. Review components to identify risk 3. Identify cause and potential outcomes of risks 4. Develop solutions to risks 5. Ensure solutions work and reevaluate SWOT analysis (strengths, weaknesses, opportunities, threats) - correct answer A SWOT analysis is useful when there is a specific goal, such as determining whether engaging in a new product or project is feasible. It's less useful for analyzing current processes and procedures to identify risks unless there is a specific objective, such as whether a procedure conforms to new regulations or customer specifications. A goal is necessary to keep the SWOT analysis from becoming too general or failing to provide actionable information. Generally "go" or "no go" Risk Threshold - correct answer The range or amount of risk that is acceptable Radio Frequency Identification (RFID) - correct answer A technology that uses radio frequency to identify objects Artificial Intelligence - correct answer Computer processing or output that simulates human reasoning or knowledge Computer Vision - correct answer A technology that simulates human vision Risk registers should always do these 4 things: - correct answer Identifies the organization's risks appropriately Prioritizes risks according to their potential effects on the organization Allows for collaboration and instant updating by risk managers and stakeholders Tracks impr