ARM 401 - Segment A - Chapters 1, 2, 3 with Complete Solutions 2023/2024

The Range or amount of risk that is acceptable - ANSWER-Risk Threshold A device that detects and measures stimuli in its environment - ANSWER-Sensor A technology that uses radio frequency to identify objects - ANSWER-Radio Frequency Identification (RFID) Computer processing or output that stimulates human reasoning or knowledge - ANSWER-Artificial intelligence (AI) A technology that stimulates human vision - ANSWER-Computer vision A tool developed at the risk owner level that links specific activities, processes, projects, or plans to a list of identified risks and results of risk analysis and evaluation and that is ultimately consolidated at the enterprise level - ANSWER-Risk Register A template depicting the likelihood and potential impact/consequences of risks - ANSWER-Risk Map Amount of risk an organization is willing to take on in order to achieve an anticipated result or return - ANSWER-Risk appetite The level of risk that would be faced if it were to remain untreated or no action were to be taken after the level of risk - ANSWER-Inherent Risk The level of risk remaining after actions are taken to alter the level of risk - ANSWER-Residual Risk The level of risk that is within an organization's risk appetite - ANSWER-Optimum risk The measure of how to random risk variables will change in relationship to each other; It's used to calculate the correlation between varibales - ANSWER-Covariance The spread of the data set - or how far apart the numbers are in relation to the mean (average) - ANSWER-Variance Technique: A neutral party, who has no stake in the outcome or participation responsibilities, administers the risk workshop and propels the group to achieve its goals