RIMS CRMP PRACTICE EXAM STUDY
GUIDE WITH ANSWERS
Benchmarking - CORRECT ANSWER-The process of
measuring the performance of an organization against external
standards of reference that frequently come from similar
organizations doing similar things.
Corporate Governance - CORRECT ANSWER-The system of
rules, practices and processes by which a company is directed
and controlled.
Enterprise Risk Management - CORRECT ANSWER-A
strategic discipline that supports the achievement of an
organization's objectives by addressing the full spectrum of its
risk and managing the combined impact of those risks as an
interrelated risk portfolio.
Gap Analysis - CORRECT ANSWER-Comparison of an
existing process or procedure to recognize standards in order
to identify deficiencies or excesses in the existing process.
Key performance indicator (KPI) - CORRECT ANSWER-As
activity that signals the achievement of organizational
objectives, emphasize opportunities and strategic objectives.
Key risk indicator (KRI) - CORRECT ANSWER-designed to
manage downside risk. A measurement of how risk and
volatility relate to achieving organizational objectives,
PESTLE Analysis - CORRECT ANSWER-PESTLE is an
acronym for Political, Economic, Social, Technology, Legal and
Environmental and identifies the categories utilized to analyze
, internal and external environments. Other forms of the acronym
include "PEST" and "PESTEL."
Risk - CORRECT ANSWER-The effect of uncertainty on
objectives.
Risk Appetite - CORRECT ANSWER-The total exposed
amount that an organization wishes to undertake on the basis
of risk return trade-offs for one or more desired and expected
outcomes
Risk Attitude - CORRECT ANSWER-An organization's or
individuals' view/perspective of the perceived qualitative and
quantitative value that may be gained in comparison to the
related potential loss or losses.
Risk Culture - CORRECT ANSWER-The beliefs, values, norms
and traditions of behavior of individuals and groups within an
organization that determine the way in which they identify,
understand, discuss and act on the risk(s) the organization
confronts and takes.
Risk Champion - CORRECT ANSWER-Any person in an
organization who is a leader and influences peers regarding the
value that risk management adds to the organization.
Risk governance - CORRECT ANSWER-The architecture
within which risk management operates in a company
Risk Management - CORRECT ANSWER-The process of
making and implementing decisions that will minimize the
adverse effects of accidental losses on an organization.
Risk Owner - CORRECT ANSWER-An individual accountable
for the identification, assessment, treatment and monitoring of
risks in a specific environment
GUIDE WITH ANSWERS
Benchmarking - CORRECT ANSWER-The process of
measuring the performance of an organization against external
standards of reference that frequently come from similar
organizations doing similar things.
Corporate Governance - CORRECT ANSWER-The system of
rules, practices and processes by which a company is directed
and controlled.
Enterprise Risk Management - CORRECT ANSWER-A
strategic discipline that supports the achievement of an
organization's objectives by addressing the full spectrum of its
risk and managing the combined impact of those risks as an
interrelated risk portfolio.
Gap Analysis - CORRECT ANSWER-Comparison of an
existing process or procedure to recognize standards in order
to identify deficiencies or excesses in the existing process.
Key performance indicator (KPI) - CORRECT ANSWER-As
activity that signals the achievement of organizational
objectives, emphasize opportunities and strategic objectives.
Key risk indicator (KRI) - CORRECT ANSWER-designed to
manage downside risk. A measurement of how risk and
volatility relate to achieving organizational objectives,
PESTLE Analysis - CORRECT ANSWER-PESTLE is an
acronym for Political, Economic, Social, Technology, Legal and
Environmental and identifies the categories utilized to analyze
, internal and external environments. Other forms of the acronym
include "PEST" and "PESTEL."
Risk - CORRECT ANSWER-The effect of uncertainty on
objectives.
Risk Appetite - CORRECT ANSWER-The total exposed
amount that an organization wishes to undertake on the basis
of risk return trade-offs for one or more desired and expected
outcomes
Risk Attitude - CORRECT ANSWER-An organization's or
individuals' view/perspective of the perceived qualitative and
quantitative value that may be gained in comparison to the
related potential loss or losses.
Risk Culture - CORRECT ANSWER-The beliefs, values, norms
and traditions of behavior of individuals and groups within an
organization that determine the way in which they identify,
understand, discuss and act on the risk(s) the organization
confronts and takes.
Risk Champion - CORRECT ANSWER-Any person in an
organization who is a leader and influences peers regarding the
value that risk management adds to the organization.
Risk governance - CORRECT ANSWER-The architecture
within which risk management operates in a company
Risk Management - CORRECT ANSWER-The process of
making and implementing decisions that will minimize the
adverse effects of accidental losses on an organization.
Risk Owner - CORRECT ANSWER-An individual accountable
for the identification, assessment, treatment and monitoring of
risks in a specific environment
