Arm 400 stuvia Study guides, Class notes & Summaries

The fundamental purpose of a risk management framework is to - Answer Integrate risk management throughout the organization Company G is a manufacturer of high profile golf equipment. The risk management professional for Company G is concerned about loss of business related to product design. Failing to respond to changing customer demand and preferences in the design of golf clubs could cost Company G significant market share. Categorized according to the quadrants of risk, this exposure to ...

When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? A. Seek feedback from stakeholders B. Stay focused on the organization's objectives C. Define the organization's risk appetite D. Enhance stakeholders' confidence in the process - ANSWERSD Which of the following risk management program goals is an essential goal for all public entities? A. Earning stability B. Co...

SRP stages - ANSWERS-emergency stage -alternative marketing stage -contingency production stage -communication stage strategic redeployment plan - ANSWERSdetermines how to resume operations in a way that repairs an org's reputation and ensures its recovery and survival; when BCPs fail BCP elements - ANSWERS-time goal -operational goal -resources needed -details tasks and procedures -documentation risk-transfer model - ANSWERSpurchasing BI insurance prioritization model - ANSW...

According to the law of large numbers, as the number of exposure units insured increases, - Answer The relative accuracy of predictions about future losses increases The fundamental purpose of a risk management framework is to - Answer Integrate risk management throughout the organization Which one of the following provides a measure of the maximum potential damage associated with an occurrence? - Answer Exposure Aligning risks with the organization's risk appetite defines - Answer Tol...

SRP stages - Answer -emergency stage -alternative marketing stage -contingency production stage -communication stage strategic redeployment plan - Answer determines how to resume operations in a way that repairs an org's reputation and ensures its recovery and survival; when BCPs fail BCP elements - Answer -time goal -operational goal -resources needed -details tasks and procedures -documentation risk-transfer model - Answer purchasing BI insurance prioritization model - Answ...

Traditional Risk Management (TRM) - Answer - Risks are evaluated in a "silo" approach - Losses are usually insurable, pure risks -focus on cost reduction rather than value creation -root cause analysis (RCA) approach ERM - Answer Enterprise Risk Management Enterprise Risk Management (ERM) - Answer a comprehensive risk management program that addresses the organization's pure, speculative, strategic, and operational risks Data Capture - Answer Term for the various methods by which ...

Encouraging the expression of feelings as well as facts and following up with employees on the problems they report are two ways that managers and supervisors can A. Cultivate two-way communication. B. Facilitate active listening. C. Support diverse groups. D. Maintain control of the conversation. - Answer A. Cultivate two-way communication. Before speaking with a group or individual, the speaker should think about what he or she wants the other person(s) to do as a result of the conversa...

what two things lie at the base of every risk management concept - Answer the intersection of different types of risk a method for identifying, assessing, and treating all risks traditional risk assessment techniques focus on what - Answer root cause analysis - which identifies a loss's predominant cause what is wrong with Root Cause Analyses - Answer it can only look backward and might not catch all root causes what are the 3 steps in how big data transforms RM - Answer data capture ...

Sets of data that are too large to be gathered and analyzed by traditional methods - Answer Big Data An innovative item that uses sensors; wireless sensor networks; and data collection, transmission, and analysis to further enable the item to be faster, more useful, or otherwise improved - Answer Smart Product A network of objects that transmit data to and from each other without human interaction - Answer Internet of Things (IoT) Information, technology, and storage services contractua...

According to the law of large numbers, as the number of exposure units insured increases, - ANSWERSThe relative accuracy of predictions about future losses increases The fundamental purpose of a risk management framework is to - ANSWERSIntegrate risk management throughout the organization Which one of the following provides a measure of the maximum potential damage associated with an occurrence? - ANSWERSExposure Aligning risks with the organization's risk appetite defines - ANSWERSTol...