ARM 54 Assignment 5- Questions and Answers 100%
Solved
purpose and process of gap analysis in determining a RM framework Correct Ans-
compares an organization's RM framework and process with an internationally recognized
standard thereby allowing the organization to focus resources on addressing any gaps in its
framework. by identifying gaps in the organization's RM program, the analysis helps eliminate
the need to redesign existing portions of the standard framework.
evaluation of an organization's internal environment Correct Ans-provides necessary info
about the organization for the RM framework. it begins with the organization's objectives,
risk appetite, and strategies and progresses to risks in different areas of the organization.
communication channels and resources need to be evaluated to determine how to implement
the framework effectively.
evaluation of an organization's external environment Correct Ans-provides info about the
organization's technical capabilities and economic, political, legal and regulatory, natural and
competitive landscapes. RM professionals should evaluate the external environment for all
operations.
key elements to successful implementation of a RM framework and process into existing
organizational processes Correct Ans-align RM objectives and policy with the
organization's overall objectives and risk appetite. use existing processes
categories of necessary resources to implement a RM framework and process Correct Ans-
-technology including systems and equipment
-administrative persons
, ARM 54 Assignment 5- Questions and Answers 100%
Solved
-specialists, either internal or external
-analysts
-training
importance of communicating an organization's RM policy Correct Ans-it is a key step in
integrating the RM framework and process throughout the organization. the way the policy is
communicated sets the tone, and the quality of communications helps ensure the successful
integration of the framework and process.
purpose of P-D-C-A cycle Correct Ans-used in many settings as an improvement model. the
"act" step simultaneously restarts the cycle with evaluation of the implemented improvement
reinitiating the "plan" phase
Risk Control Correct Ans-A conscious act or decision not to act that reduces the frequency
and/or severity of losses or makes losses more predictable.
Risk Financing Techniques Correct Ans-Risk management techniques, such as retention or
transfer, that generate funds to finance losses that risk control techniques cannot entirely
prevent or reduce.
steps of the ERM process Correct Ans--scan environment
-identify risks
-analyze risks
Solved
purpose and process of gap analysis in determining a RM framework Correct Ans-
compares an organization's RM framework and process with an internationally recognized
standard thereby allowing the organization to focus resources on addressing any gaps in its
framework. by identifying gaps in the organization's RM program, the analysis helps eliminate
the need to redesign existing portions of the standard framework.
evaluation of an organization's internal environment Correct Ans-provides necessary info
about the organization for the RM framework. it begins with the organization's objectives,
risk appetite, and strategies and progresses to risks in different areas of the organization.
communication channels and resources need to be evaluated to determine how to implement
the framework effectively.
evaluation of an organization's external environment Correct Ans-provides info about the
organization's technical capabilities and economic, political, legal and regulatory, natural and
competitive landscapes. RM professionals should evaluate the external environment for all
operations.
key elements to successful implementation of a RM framework and process into existing
organizational processes Correct Ans-align RM objectives and policy with the
organization's overall objectives and risk appetite. use existing processes
categories of necessary resources to implement a RM framework and process Correct Ans-
-technology including systems and equipment
-administrative persons
, ARM 54 Assignment 5- Questions and Answers 100%
Solved
-specialists, either internal or external
-analysts
-training
importance of communicating an organization's RM policy Correct Ans-it is a key step in
integrating the RM framework and process throughout the organization. the way the policy is
communicated sets the tone, and the quality of communications helps ensure the successful
integration of the framework and process.
purpose of P-D-C-A cycle Correct Ans-used in many settings as an improvement model. the
"act" step simultaneously restarts the cycle with evaluation of the implemented improvement
reinitiating the "plan" phase
Risk Control Correct Ans-A conscious act or decision not to act that reduces the frequency
and/or severity of losses or makes losses more predictable.
Risk Financing Techniques Correct Ans-Risk management techniques, such as retention or
transfer, that generate funds to finance losses that risk control techniques cannot entirely
prevent or reduce.
steps of the ERM process Correct Ans--scan environment
-identify risks
-analyze risks
