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All Rims Crmp Exam Study Guide Common Terms Definitions

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ALL RIMS CRMP EXAM STUDY GUIDE COMMON TERMS DEFINITIONS

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ALL RIMS CRMP EXAM
STUDY GUIDE COMMON
TERMS DEFINITIONS




Benchmarkingb-bcorrectbanswer-
Thebprocessbofbmeasuringbthebperformancebofbanborganizationbagainstbexternalbsta
ndardsbofbreferencebthatbfrequentlybcomebfrombsimilarborganizationsbdoingbsimilarbt
hings.

Corporatebgovernanceb-bcorrectbanswer-
Thebsystembofbrules,bpracticesbandbprocessesbbybwhichbabcompanybisbdirectedband
bcontrolled


Enterprisebriskbmanagementb-bcorrectbanswer-
Abstrategicbdisciplinebthatbsupportsbthebachievementbofbanborganization'sbobjectives

, bbybaddressingbthebfullbspectrumbofbitsbriskbandbmanagingbthebcombinedbimpactbofbt
hosebrisksbasbanbinterrelatedbriskbportfolio.

Strategy:bConsiderballbrisksbandbexploitbrisksbasbpartbofbstrategy

Measurement:bIncludebUpsidebofbRiskb(BugallabandbKugler)
Lookbatbbuilding,bexpanding,bexploitingbtobaddbvalue
PushbandbPullbriskbperformancebdata

ThisbapproachbisbCoordinatedb&bStrategic

Gapbanalysisb-bcorrectbanswer-
Comparisonbofbanbexistingbprocessborbprocedurebtobrecognizedbstandardsbinborderbt
obidentifybdeficienciesborbexcessesbinbthebexistingbprocess.

Techniquebthatbcanbbebusedbtobdeterminebwhatbstepsbmightbneedbtobbebtakenbtobim
provebtheborganization'sbcapacitybtobmovebfrombabcurrentbstatebtobabdesiredbfutureb
state.

Keybperformancebindicatorb(KPI)b-bcorrectbanswer-
Anbactivitybthatbsignalsbthebachievementbofborganizationalbobjectives

Keybriskbindicatorb(KRI)b-bcorrectbanswer-
Abmeasurementbofbhowbriskbandbvolatilitybrelatebtobachievingborganizationalbobjectiv
es

Designedbtobmanagebthebdownsidebofbrisk

Leadingbindicatorsbofbriskbtobbusinessbperformance;bgivingbearlybwarningbofbpotenti
albrisk

earlybsignalbofbchangesbinbriskbexposuresbinbvariousbareasbofbthebenterprise

RiskbMetricsb-bcorrectbanswer-
Integratedbintobthebperformancebobjectivesbofbtheborganizationbforbmonitoringbrisks

Examples:bKPIsbandbKRIs

Indemnificationb-bcorrectbanswer-
Contractualbobligationbplacedbonbthebindemnifierbtobreturnbthebindemnifiedbtobessent
iallybthebsamebfinancialbconditionbthatbexistedbpriorbtobtheblossborbclaim,btobstandbinb
asbthebsourcebforbfinancingbtheblegalbliability

ContractualbRiskbTransferb-bcorrectbanswer-
Ablegallybbindingbagreementbbetweenbtwobpartiesbwherebybonebagreesbtobindemnify
bandbholdbanotherbpartybharmlessbforbspecifiedbactions,binactions,binjuriesborbdamag
es

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