RIMS - CRMP ACTUAL EXAM
QUESTIONS AND COMPLETE
SOLUTIONS LATEST UPDATE
2026/2027
GRADED A+ .
,1. Risks: The ettect 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
2. Enterprise Risk Management: A 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.
3. Support Function: Business continuity and crisis management: Risk identification,
assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions
4. Analysis: A 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-ettect relationships, thus providing basis for problem solving and
decision making.
5. To embed risk management in both routine and strategic decision, what
should managers be able to recognize ✔✔ CORRECT ANSWER The type of decision being made; Who should be included in the decision
making process; Where in the process decisions are being made
6. Risk management strategies' general focus: Meeting or exceeding an organization's objec-tives
Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements
7. Support Function: Internal Audit: Risk identification, assessment and treatment through audit
plans with focus on fraud, corruption, regulatory noncompliance and/or misrepresentation related to the organi-zation's internal control systems, financial operations,
financial statements and reporting as well as enterprise risk and the organization's risk management framework and process.
8. What steps can the risk management professional take to embed risk man-
agement in decision making ✔✔ CORRECT ANSWER Include risk assessment in planning process; Leverage cross-functional risk assessment team
and subject matter experts to identify enterprise risks; Consider cascading and cumulative ettects
9. Gap Analysis: Technique that can be used to determine what steps might need to be taken to improve the
organization's capacity to move from a current state to a desired future state.
10. Risk appetite: The total exposed amount that an organization wishes to undertake on the basis of risk-return trade-otts for one or more desire and expected
outcomes.
, 11. Communication and Consultation: Risk management professional's role in Implementing Risk Strategies
12. Support Function: Legal: Risk identification, assessment and treatment of risks related to the obliga-tion an organization undertakes and transfers through
contracting, as well as its compliance with applicable laws and regulatory obligations.
13. What are the typical failures in risk management which can be avoided if
it is embedded in the decision making process ✔✔ CORRECT ANSWER Program not integrated into strategy or its execution; Focused on
the wrong risks; Not executed in a repeatable process; Risk management is practiced in a silo; Activity not viewed as being value added
14. Strategic Plan: Determines that actions the organization will take at any stage of the planning period as
circumstances change.
15. Risk owner: The individual who is ultimately accountable for ensuring that risk is managed appropriately, including the implementation of selected responses.
16. Risk Identification Process: Finding, Recognizing and Recording Risks
17. Support Function: Compliance: Risk identification, assessment and treatment of risk related to regulations that may attect the organization's ability to
operate in its respective jurisdictions, as well as activities that fall within its compliance and ethics programs.
18. To successfully integrate risk management into decision making, risk man-
agement professionals will rely on strategies that draw on personal and technical skills in: Building organizational awareness; .
Ditterentiating the ditterent types of decisions used in varying situations using elements of decision quality; Performing various roles in the taking risk into account in
decision-making process
19. Strategy: A complete plan of action for whatever situations might arise in achieving an organization's goals
within the established time.
20. Risk tolerance: The amount of uncertainty an organization is prepared to accept in total or more narrowly within a certain business unit, a particular risk category or
for a specific initiative.
21. Strategic Risk Management: A business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that attect an
organization's strategy and strategic execution.
22. Value Chain: The series of functions, processes, materials and activities (inputs) from concept to the eventual end user that creates and builds value at every step in
order to deliver a product or service.
23. To build organizational awareness, the risk management professional needs to do the following:: Be a persuasive
communicator and facilitator; Have a clear communication
QUESTIONS AND COMPLETE
SOLUTIONS LATEST UPDATE
2026/2027
GRADED A+ .
,1. Risks: The ettect 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
2. Enterprise Risk Management: A 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.
3. Support Function: Business continuity and crisis management: Risk identification,
assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions
4. Analysis: A 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-ettect relationships, thus providing basis for problem solving and
decision making.
5. To embed risk management in both routine and strategic decision, what
should managers be able to recognize ✔✔ CORRECT ANSWER The type of decision being made; Who should be included in the decision
making process; Where in the process decisions are being made
6. Risk management strategies' general focus: Meeting or exceeding an organization's objec-tives
Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements
7. Support Function: Internal Audit: Risk identification, assessment and treatment through audit
plans with focus on fraud, corruption, regulatory noncompliance and/or misrepresentation related to the organi-zation's internal control systems, financial operations,
financial statements and reporting as well as enterprise risk and the organization's risk management framework and process.
8. What steps can the risk management professional take to embed risk man-
agement in decision making ✔✔ CORRECT ANSWER Include risk assessment in planning process; Leverage cross-functional risk assessment team
and subject matter experts to identify enterprise risks; Consider cascading and cumulative ettects
9. Gap Analysis: Technique that can be used to determine what steps might need to be taken to improve the
organization's capacity to move from a current state to a desired future state.
10. Risk appetite: The total exposed amount that an organization wishes to undertake on the basis of risk-return trade-otts for one or more desire and expected
outcomes.
, 11. Communication and Consultation: Risk management professional's role in Implementing Risk Strategies
12. Support Function: Legal: Risk identification, assessment and treatment of risks related to the obliga-tion an organization undertakes and transfers through
contracting, as well as its compliance with applicable laws and regulatory obligations.
13. What are the typical failures in risk management which can be avoided if
it is embedded in the decision making process ✔✔ CORRECT ANSWER Program not integrated into strategy or its execution; Focused on
the wrong risks; Not executed in a repeatable process; Risk management is practiced in a silo; Activity not viewed as being value added
14. Strategic Plan: Determines that actions the organization will take at any stage of the planning period as
circumstances change.
15. Risk owner: The individual who is ultimately accountable for ensuring that risk is managed appropriately, including the implementation of selected responses.
16. Risk Identification Process: Finding, Recognizing and Recording Risks
17. Support Function: Compliance: Risk identification, assessment and treatment of risk related to regulations that may attect the organization's ability to
operate in its respective jurisdictions, as well as activities that fall within its compliance and ethics programs.
18. To successfully integrate risk management into decision making, risk man-
agement professionals will rely on strategies that draw on personal and technical skills in: Building organizational awareness; .
Ditterentiating the ditterent types of decisions used in varying situations using elements of decision quality; Performing various roles in the taking risk into account in
decision-making process
19. Strategy: A complete plan of action for whatever situations might arise in achieving an organization's goals
within the established time.
20. Risk tolerance: The amount of uncertainty an organization is prepared to accept in total or more narrowly within a certain business unit, a particular risk category or
for a specific initiative.
21. Strategic Risk Management: A business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that attect an
organization's strategy and strategic execution.
22. Value Chain: The series of functions, processes, materials and activities (inputs) from concept to the eventual end user that creates and builds value at every step in
order to deliver a product or service.
23. To build organizational awareness, the risk management professional needs to do the following:: Be a persuasive
communicator and facilitator; Have a clear communication
