CRM - PRACTICE OF RISK
MANAGEMENT EXAM QUESTIONS
AND ANSWERS
Risk Management Standard Operating Procedures Manual - Describe the Content -
Answer-1.) Letter of support from chairman / CEO / President
2.) Risk management mission and policy statements
3.) Risk management department functions
4.) Ethical and regulatory considerations
5.) Risk financing program
a.) Philosophy and process
b.) Retention levels
c.) Insurance placement process
d.) Insurance carriers used
e.) Philosophy of renewal dates, e.g., consolidated renewal vs. spread over year
f.) Third-party service provider selection and insurance requirements
6.) Procedures
a.) Safety and loss control
b.) Claims management including investigation, incident and accident reporting
guidelines
c.) Litigation management
d.) OSHA Accident and Illness Reporting
e.) Return-to-work program
f.) Supervisor accountability
7.) Crisis Management and business continuity Plan
Risk Management Stewardship Report - Purpose? -Answer-Provides an overview of
risk management programs on a peridic basis to identify successes and
opportunities for improvement
Risk Management Stewardship Report - Describe Content -Answer-1.) Charts and
graphs - used to communicate visually and succinctly
2.) Organizations Core Values
a.) Organization's missions statement
b.) Risk management mission and policy statement
c.) Risk tolerance philosophy
3.) Total cost of risk
4.) Benchmarks, both time series and cross-sectional (internal and external)
5.) Loss control program features and results
6.) Claims management updates on settlements and reserves
7.) Status of open litigation
8.) Insurance program summary
9.) Projects and initiatives
10.) Other key indicators of success and opportunities for improvement
MANAGEMENT EXAM QUESTIONS
AND ANSWERS
Risk Management Standard Operating Procedures Manual - Describe the Content -
Answer-1.) Letter of support from chairman / CEO / President
2.) Risk management mission and policy statements
3.) Risk management department functions
4.) Ethical and regulatory considerations
5.) Risk financing program
a.) Philosophy and process
b.) Retention levels
c.) Insurance placement process
d.) Insurance carriers used
e.) Philosophy of renewal dates, e.g., consolidated renewal vs. spread over year
f.) Third-party service provider selection and insurance requirements
6.) Procedures
a.) Safety and loss control
b.) Claims management including investigation, incident and accident reporting
guidelines
c.) Litigation management
d.) OSHA Accident and Illness Reporting
e.) Return-to-work program
f.) Supervisor accountability
7.) Crisis Management and business continuity Plan
Risk Management Stewardship Report - Purpose? -Answer-Provides an overview of
risk management programs on a peridic basis to identify successes and
opportunities for improvement
Risk Management Stewardship Report - Describe Content -Answer-1.) Charts and
graphs - used to communicate visually and succinctly
2.) Organizations Core Values
a.) Organization's missions statement
b.) Risk management mission and policy statement
c.) Risk tolerance philosophy
3.) Total cost of risk
4.) Benchmarks, both time series and cross-sectional (internal and external)
5.) Loss control program features and results
6.) Claims management updates on settlements and reserves
7.) Status of open litigation
8.) Insurance program summary
9.) Projects and initiatives
10.) Other key indicators of success and opportunities for improvement
