CPCU 500
CPCU 500 ASSIGNMENT 3 QUESTIONS & CORRECT DETAILED
ANSWERS NEWEST UPLOAD
Terms In This Set (30)
Uncertainties associated with the organization's long-term
Define strategic risk
Goals and management decisions
Uncertainties associated with the organization's procedures,
Define operational risk
Systems, and policies
Uncertainties associated with the organization's financial
Define financial risk
Activities
More and better data, coupled with newer,
What is predictive modeling sophisticated software tools that analyze,
extrapolate, and predict
Outcomes
In automobiles that create a pictured of an insured's
Examples of telematics driving habits, heat/moisture/noise/air quality
devices sensors in buildings, drones, smart phones and
tablets, health trackers, robots, high def cameras
and sensors
, CPCU 500
- Identify and quantify relationships among various
sources of risk
Why measure correlation - Communicate the degree of uncertainty in a risk portfolio
and covariance -Prioritize investments in loss control
-Optimize financing for multiple sources of risk
-Evaluate the effectiveness of a risk management program
A neutral party with no stake in the outcome
administers the risk workshop and propels the group
Define facilitated workshops
to achieve its goal
Help identify risks in a dynamic way, brainstorming
Uses opinions of a select group of experts to identify
risks, usually through survey.
Define delphi technique At least two rounds of queries, same questions posed again
Predetermined number of rounds or until consensus
is reached
Identifies identifies various risks and projects the
potential consequences of those risks
Advantage - brings cross functional together, so they
Define scenario analysis
can be addressed as a whole
Disadvantage - risk identification process may be
limited by the imagination and brainstorming
capabilities
Hazard and operability study, comprehensive review of
a process or system
Used to design complex, scientific systems such as those
Define HAZOP
Used in engineering, chemical, mechanical,
electronic, and computer operations
CPCU 500 ASSIGNMENT 3 QUESTIONS & CORRECT DETAILED
ANSWERS NEWEST UPLOAD
Terms In This Set (30)
Uncertainties associated with the organization's long-term
Define strategic risk
Goals and management decisions
Uncertainties associated with the organization's procedures,
Define operational risk
Systems, and policies
Uncertainties associated with the organization's financial
Define financial risk
Activities
More and better data, coupled with newer,
What is predictive modeling sophisticated software tools that analyze,
extrapolate, and predict
Outcomes
In automobiles that create a pictured of an insured's
Examples of telematics driving habits, heat/moisture/noise/air quality
devices sensors in buildings, drones, smart phones and
tablets, health trackers, robots, high def cameras
and sensors
, CPCU 500
- Identify and quantify relationships among various
sources of risk
Why measure correlation - Communicate the degree of uncertainty in a risk portfolio
and covariance -Prioritize investments in loss control
-Optimize financing for multiple sources of risk
-Evaluate the effectiveness of a risk management program
A neutral party with no stake in the outcome
administers the risk workshop and propels the group
Define facilitated workshops
to achieve its goal
Help identify risks in a dynamic way, brainstorming
Uses opinions of a select group of experts to identify
risks, usually through survey.
Define delphi technique At least two rounds of queries, same questions posed again
Predetermined number of rounds or until consensus
is reached
Identifies identifies various risks and projects the
potential consequences of those risks
Advantage - brings cross functional together, so they
Define scenario analysis
can be addressed as a whole
Disadvantage - risk identification process may be
limited by the imagination and brainstorming
capabilities
Hazard and operability study, comprehensive review of
a process or system
Used to design complex, scientific systems such as those
Define HAZOP
Used in engineering, chemical, mechanical,
electronic, and computer operations
