ARM 400 Questions and answers

RM 400 Questions and answersA what two things lie at the base of every risk management concept - ANSWER-the intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - ANSWER-root cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - ANSWER-it can only look backward and might not catch all root causes what are the 3 steps in how big data transforms RM - ANSWER-data capture data storage data analytics what enables data capture - ANSWER-smart products - uses sensors and data collection/transmission in order to be more useful what allows a vast amount of data to be stored and shared - ANSWER-cloud computing 4 ways insurers use data to provide better results/decisions - ANSWER-organizing large volumes of new data discovering new relationships in data exploring new sources of data developing new products what is