RIMS - CRMP Complete Study Guide;100% Correct!!

Risks - ANSWERThe 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 Enterprise Risk Management - ANSWERA strategic business discipline that supports the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. Support Function: Business continuity and crisis management - ANSWERRisk identification, assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions Analysis - ANSWERA systematic examination and evaluation of data or information by breaking it into its component parts to uncover their relationships. An examination of data and facts to uncover and understand cause-effect relationships, thus providing basis for problem solving and decision making. To embed risk management in both routine and strategic decision, what should managers be able to recognize? - ANSWERThe type of decision being made; Who should be included in the decision making process; Where in the process decisions are being made Risk management strategies' general focus - ANSWERMeeting or exceeding an organization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements Support Function: Internal Audit - ANSWERRisk identification, assessment and treatment through audit plans with focus on fraud, corruption, regulatory noncompliance and/or misrepresentation related to the organization's internal control systems, financial operations, financial statements and reporting as well as enterprise risk and the organization's risk management framework and process. What steps can the risk management professional take to embed risk management in decision making? - ANSWERInclude risk assessment in planning process; Leverage cross-functional risk assessment team and subject matter experts to