RIMS-CRMP Vocab Definitions Exam Questions With Correct Answers

RIMS-CRMP Vocab Definitions Exam Questions With
Correct Answers


Benchmarking |- |CORRECT |ANSWER✔✔-The |process |of |measuring |the |performance |of |an |
organization |against |external |standards |of |reference |that |frequently |come |from |similar |
organizations |doing |similar |things.



Corporate |Governance |- |CORRECT |ANSWER✔✔-The |system |of |rules, |practices, |and |processes |
by |which |a |company |is |directed |and |controlled.



Enterprise |Risk |Management |- |CORRECT |ANSWER✔✔-A |strategic |discipline |that |supports |the |
achievement |of |an |organization's |objectives |by |addressing |the |full |spectrum |of |its |risk |and |
managing |the |combined |impact |of |those |risks |as |an |interrelated |risk |portfolio



Gap |Analysis |- |CORRECT |ANSWER✔✔-Comparison |of |an |existing |process |or |procedure |(current
|state-what |is) |to |a |desired, |future |state |(what |should |be) |in |order |to |identify |deficiencies |or |


excesses |in |the |existing |process |(what |to |consider).



Key |Performance |Indicators |(KPIs) |- |CORRECT |ANSWER✔✔-Measure(s) |of |deviations |from |
expected |outcomes |to |help |a |firm |see |how |it |is |performing.



Key |Risk |Indicators |(KRIs) |- |CORRECT |ANSWER✔✔-Leading |indicator(s) |of |risk |to |business |
performance, |giving |early |warning |about |potential |risks.



PESTLE |Analysis |- |CORRECT |ANSWER✔✔-Political, |Economic, |Social, |technological, |Legal |and |
Environmental |and |identifies |the |categories |utilized |to |analyze |internal |and |external |
environments.



Risk |- |CORRECT |ANSWER✔✔-The |effect |of |uncertainty |of |objectives.

, Risk |Attitude |- |CORRECT |ANSWER✔✔-An |organization's |or |individual's |view/perspective |of |the
|perceived |qualitative |and |quantitative |value |that |may |be |gained |in |comparison |to |the |related |


potential |loss |or |losses.



Risk |Appetite |- |CORRECT |ANSWER✔✔-The |total |exposed |amount |that |an |organization |wishes |
to |undertake |on |the |basis |of |risk-return |trade-offs |for |one |or |more |desired |and |expected |
outcomes.



Risk |Culture |- |CORRECT |ANSWER✔✔-The |beliefs, |values, |norms, |and |traditions |of |behavior |of |
individuals |and |groups |within |an |organization |that |determine |the |way |in |which |they |identify, |
understand, |discuss, |and |act |on |the |risk(s) |the |organization |confronts |and |takes.



Risk |Champion |- |CORRECT |ANSWER✔✔-Any |person |in |an |organization |who |is |a |leader |and |
influences |peers |regarding |the |value |that |risk |management |adds |to |the |organization.



Risk |Governance |- |CORRECT |ANSWER✔✔-Encompasses |the |oversight, |practices |and |respective
|roles |and |responsibilities |for |risk |within |an |organization's |unique |corporate |governance.




Risk |Management |- |CORRECT |ANSWER✔✔-Coordinated |activities |to |plan, |direct, |control |and |
make |decisions |concerning |the |effects |of |uncertainty |on |objectives.



Risk |Owner |- |CORRECT |ANSWER✔✔-An |individual |accountable |for |the |identification, |
assessment, |treatment, |and |monitoring |of |risks |in |a |specific |environment.



Risk |Portfolio |- |CORRECT |ANSWER✔✔-A |broad |collection |and |range |of |uncertainties |that |can |
affect |an |organization's |future