RIMS CRMP-Implementing the Risk Process Exam 2024 Expected Questions and Answers (Verified by Expert)

RIMS CRMP-Implementing the Risk Process Exam 2024 Expected Questions and Answers (Verified by Expert) RIMS CRMP-Implementing the Risk Process Exam 2024 Expected Questions and Answers (Verified by Expert) RIMS CRMP-Implementing the Risk Process Exam 2024 Expected Questions and Answers (Verified by Expert) RIMS CRMP-Implementing the Risk Process 1. Risks ANS 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 2. Risk management strategies' general focus ANS Meeting or exceeding an orga- nization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements 3. Communication and Consultation ANS Risk management professional's role in Implementing Risk Strategies 4. Risk Identification Process ANS Finding, Recognizing and Recording Risks 5. Risk Analysis ANS 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. 6. Likelihood, Consequences, other criteria such as timing, duration, vulner- ability and interdependencies ANS Risk is typically analyzed on the basis of 7. Bow tie analysis ANS hazard analysis technique (cause and consequence) 8. Business impact analysis ANS consider business impacts at a location or from a specific process 9. Gap analysis ANS 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) 10. Root Cause Analysis ANS 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) 11. Influence analysis/diagrams ANS 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. 12. Risk Register Analysis ANS compile risk into a risk register to analyze and man- age those risks in an organized way, typically by category. 13. Scenario analysis ANS 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. 14. Site analysis ANS 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 analy- ses. 15. SWOT analysis ANS strengths and weaknesses (internal), opportunities and threats (external) 16. Monte Carlo analysis ANS mathematical technique that generates random vari- ables for modelling risk or uncertainty of a certain system (simulation). The random variables or inputs are modelled on the basis of probability distributions 17. Stress analysis ANS a form of simulation used to determine reactions to different situations. Also used to gauge how certain stressors will affect a company or industry.