RIMS CRMP-Implementing the Risk Process exam questions with verified correct answers

RIMS CRMP-Implementing the Risk Process
Risks - correct answer The effect 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



Risk management strategies' general focus - correct answer Meeting or exceeding an organization's
objectives

Adhering to control-based objectives, rules and/or controls

Complying with regulatory requirements



Communication and Consultation - correct answer Risk management professional's role in Implementing
Risk Strategies



Risk Identification Process - correct answer Finding, Recognizing and Recording Risks



Risk Analysis - correct answer The process of characterizing and understanding the nature of risk and of
considering the level of risk in the context of the organization's willingness to accept risk.



Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interdependencies -
correct answer Risk is typically analyzed on the basis of



Bow tie analysis - correct answer hazard analysis technique (cause and consequence)



Business impact analysis - correct answer consider business impacts at a location or from a specific
process



Gap analysis - correct answer determine steps to improve the organization's capacity to move from a
current state to a desired, future state. (current available factors, success factors needed to achieve
future desired objectives, highlighting the gaps)



Root Cause Analysis - correct answer multiple techniques designed to identify the underlying or initiating
risk sources or drivers. (fault tree analysis, event tree analysis, failure mode and effect analysis and
cause-and-effect analysis - fish bone diagram)

, RIMS CRMP-Implementing the Risk Process

Influence analysis/diagrams - correct answer identify the strength of influencing factors and help
determine potential weighting for consideration during the risk assessment process. Define root causes
for major risks, define the chain of events likely in a scenario and become the foundation for further
modeling.



Risk Register Analysis - correct answer compile risk into a risk register to analyze and manage those risks
in an organized way, typically by category.



Scenario analysis - correct answer process of analyzing possible and plausible future events by
considering alternative settings, circumstances and outcomes. It provides a basis for making decisions in
the context of different conditions.



Site analysis - correct answer leaders at each site perform an assessment by analyzing and evaluating the
potential risks based on what is being produced at the site and its environmental factors. This may
include threat, vulnerability and criticality analyses.



SWOT analysis - correct answer strengths and weaknesses (internal), opportunities and threats (external)



Monte Carlo analysis - correct answer mathematical technique that generates random variables for
modelling risk or uncertainty of a certain system (simulation). The random variables or inputs are
modelled on the basis of probability distributions



Stress analysis - correct answer a form of simulation used to determine reactions to different situations.
Also used to gauge how certain stressors will affect a company or industry.



Influence diagrams, scenario analysis, site analysis, SWOT - correct answer Examples of qualitative
methodology for analyzing data



Bowtie, business impact analysis, fault tree, cause/consequence analysis - correct answer Examples of
combined methodology for analyzing data



Monte Carlo, stress analysis - correct answer Examples of quantitative methodology for analyzing data