ARM 400 Missed test bank exam Questions and answers 2023

ARM 400 Missed test bank exam Questions and answers 2023Which of the following risk management program goals is an essential goal for all public entities? Continuity of operations The fundamental purpose of a risk management framework is to Integrate risk management throughout the organization. Which one of the following is a tool that can be used by fraud investigators to compare documents and analyze notes? Text mining Samuel was recently hired as a risk management professional for Parker Property Management. He has been asked by senior management to review the organization's current insurance policies to make sure that the organization is adequately protected, and also see if there are any opportunities to save on the premiums. Samuel must do which one of the following through internal communication before he will be able to complete this task? Determine the organization's risk appetite One enterprise risk management (ERM) approach to categorizing risks involves dividing risks into four risk quadrants. The risks categorized as hazard risks are Traditionally managed by risk management professionals. Which one of the following provides a measure of the maximum potential damage associated with an occurrence? Exposure When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? Enhance stakeholders' confidence in the process The fundamental purpose of a risk management framework is to Integrate risk management throughout the organization. Risk can be classified as diversifiable or nondiversifiable. Which one of the following statements is true with respect to this type of risk classification? Diversifiable risks tend not to be correlated so they can be managed through diversification or spread of risk. According to the law of large numbers, as the number of exposure units insured increases, The relative accuracy of predictions about future losses increases. An organization must meet the standard of care that it owes to others in order to ensure that Legal obligations are satisfied. In an effort to grow its personal lines book, an insurer decides to offer discounts on homeowners and personal auto insurance to the employees of its largest business lines account. Which one of the following risk measures is most likely to increase as a result of this marketing decision? Correlation