ARM 401 Complete Questions And Answers(Latest Update 2023)

holistic approach to managing risk - ANSWER -broader in scope, managing all areas of the business, not just hazard risks -encompasses the analysis and predictability of business processes and organizational decisions -mandates the collaboration of internal and external stakeholders to identify, assess, and treat risks -involves looking at what might be gained from decisions or actions -can uncover inconsistencies in how a company managers loss retention -can help orgs better absorb losses strategic risk - ANSWER -uncertainties associated with the organization's long-term goals and management decisions -may carry a greater risk dynamic, positive or negative, that the other categories operational risk - ANSWER uncertainties associated with the organization's procedures, systems, and policies financial risk - ANSWER uncertainties associated with the organization's financial activities today's conception of risk - ANSWER incorporates the idea that taking risks is fundamentally necessary for growth predictive modeling - ANSWER can empower decision making by uncovering previously imperceptible risk factors Internet of Things - ANSWER network of devices that sense their environment, process data, and share it instantly cloud computing - ANSWER enables orgs to store and share data through wireless internet and networking services blockchain technology - ANSWER -facilitates secure transactions without the need for a third party -protects against cyber threats -eliminates the need to verify the accuracy of risk management data -lets risk managers spend more time on forward-looking functions what fuels the future of holistic risk management? - ANSWER the capture, storage, and analysis of data