RIMS - CRMP COMPLETE STUDY
GUIDE QUESTIONS AND ANSWER
ability to assess and plan - correct answer-
Organizational risk competency capabilities:
_______________________ for the appropriate number
and type of resources necessary to execute a risk strategy
and tactical plan
Accountability for risk - correct answer- this
matters when it is measured and can achieve a trickle
down effect as the operations and functional managers
engage their staff to support in the achieving the
objectives
Act - correct answer- A step in continuous
improvement model to implement successful
improvement changes on a wider scale and continuously
assess your results.
Action plans - correct answer- _____________
should be developed to address gaps between the key
,risks to the strategic plan and the successful delivery of
the mission.
actions - correct answer- Elements of treatment
plans: proposed __________ and timeline
Active-decision Environment - correct answer-
Decision is in the process of being made; RMP should
identify the stakeholders, understand success measures;
integration of risk management process; develop
monitoring process
Adoption of ERM-based approach - correct
answer- Comptency Drivers: Executive support of
ERM; business process definition and risk ownership, far-
sighted risk management vision; front line and support
process owner participation
An enterprise-wide risk management framework views
risk within an organization's: - correct answer-
Unique strategy; Tolerance; Culture; Decision Making;
Governance
,Analysis - correct answer- A systematic
examination and evaluation of data or information by
breaking it into its component parts to uncover their
relationships. An examination of data and facts to uncover
and understand cause-effect relationships, thus providing
basis for problem solving and decision making.
approving and implementing the plan - correct
answer- Elements of treatment plans: those who
are accountable and responsible for ______________
Area of improvement to encourage continuous learning:
Coaching the organization - correct answer-
Develop and track feedback mechanisms to judge success
and adjust risk management process accordingly. Is there
a consensus on the evaluation of the outcome? What
could be learned by including others into the decision-
making process? What re the implications for the
organization?
Area of improvement to encourage continuous learning:
Design of organizational strategies - correct
, answer- Are decisions aligned with the risk
management goals, objectives and risk culture? Are
decisions aligned with acceptable risk tolerance and
appetite guidance? Is the decision achievable with
resources available? Does it meet or align with the
measures of success established?
Area of improvement to encourage continuous learning:
Development of organizational risk management
competencies - correct answer- Does the
organization realize how risk-based decisions are
impacting the organization? What evidence demonstrates
that risk-based decisions are leading to continuous
improvement?
Area of improvement to encourage continuous learning:
Integration of risk management process - correct
answer- Does the risk management process occur
at the optimal stage in decision-making during business
process? Are organizational risk management capabilities
adequate or are these areas that need to be improved?
GUIDE QUESTIONS AND ANSWER
ability to assess and plan - correct answer-
Organizational risk competency capabilities:
_______________________ for the appropriate number
and type of resources necessary to execute a risk strategy
and tactical plan
Accountability for risk - correct answer- this
matters when it is measured and can achieve a trickle
down effect as the operations and functional managers
engage their staff to support in the achieving the
objectives
Act - correct answer- A step in continuous
improvement model to implement successful
improvement changes on a wider scale and continuously
assess your results.
Action plans - correct answer- _____________
should be developed to address gaps between the key
,risks to the strategic plan and the successful delivery of
the mission.
actions - correct answer- Elements of treatment
plans: proposed __________ and timeline
Active-decision Environment - correct answer-
Decision is in the process of being made; RMP should
identify the stakeholders, understand success measures;
integration of risk management process; develop
monitoring process
Adoption of ERM-based approach - correct
answer- Comptency Drivers: Executive support of
ERM; business process definition and risk ownership, far-
sighted risk management vision; front line and support
process owner participation
An enterprise-wide risk management framework views
risk within an organization's: - correct answer-
Unique strategy; Tolerance; Culture; Decision Making;
Governance
,Analysis - correct answer- A systematic
examination and evaluation of data or information by
breaking it into its component parts to uncover their
relationships. An examination of data and facts to uncover
and understand cause-effect relationships, thus providing
basis for problem solving and decision making.
approving and implementing the plan - correct
answer- Elements of treatment plans: those who
are accountable and responsible for ______________
Area of improvement to encourage continuous learning:
Coaching the organization - correct answer-
Develop and track feedback mechanisms to judge success
and adjust risk management process accordingly. Is there
a consensus on the evaluation of the outcome? What
could be learned by including others into the decision-
making process? What re the implications for the
organization?
Area of improvement to encourage continuous learning:
Design of organizational strategies - correct
, answer- Are decisions aligned with the risk
management goals, objectives and risk culture? Are
decisions aligned with acceptable risk tolerance and
appetite guidance? Is the decision achievable with
resources available? Does it meet or align with the
measures of success established?
Area of improvement to encourage continuous learning:
Development of organizational risk management
competencies - correct answer- Does the
organization realize how risk-based decisions are
impacting the organization? What evidence demonstrates
that risk-based decisions are leading to continuous
improvement?
Area of improvement to encourage continuous learning:
Integration of risk management process - correct
answer- Does the risk management process occur
at the optimal stage in decision-making during business
process? Are organizational risk management capabilities
adequate or are these areas that need to be improved?
