RIMS CRMP Exam Package 2025: Newest Study Materials, Practice Tests & Flashcards

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Six steps of implementing risk process .....ANSWER..... 1. Identify

risks and opportunities

2. Analyze risk

3. Evaluate risk

4. Consult and create risk solutions

5. Monitor risk

6. Advise on RM

What methods can be used to find and recognize risks?

.....ANSWER..... 1. Brainstorming

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2. Checklists

3. Interview and self-assessment

4. Facilitated workshops

5. Risk questionnaires and surveys

6. Scenario analysis

7. Value chain analysis

8. System design review

9. Process analysis

10. Benchmarking

What are the two steps of identifying risks and opportunities

.....ANSWER..... 1. Finding and recognizing risks

2. Recording risks and opportunities using a risk register

What categories are considered when analyzing risks

.....ANSWER..... 1. Likelihood

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2. Consequences

3. Timing

4. Duration

5. Vulnerability

6. Interdependencies

Qualitative RM analysis methods .....ANSWER..... - SWOT

(Strengths, Weaknesses, Opportunities, Threats

- PESTLE (Political, Economic, Sociological, Technical, Legal,

Environmental)

- Risk matrix

- Decision tree

- Bowtie

- Delphi

- Scenario

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- Influence

- Threat modeling

- Vulnerability assessment

- Root cause

- HAZOP (Hazard and operability)

Quantitative RM analysis methods .....ANSWER..... - Monte Carlo

- Sensitivity analysis

- Probability

What are the five steps of evaluating risk .....ANSWER..... 1.

Combine results from analysis with measures of risk appetite and

tolerance levels

2. Establish definitions of what is significant to the org

3. Create thresholds to determine if risk appetite and tolerance

have been exceeded or not yet met