RIMS - CRMP Complete Study Guide; Exam
Questions with Verified Detailed Correct Answers
100% Solved Latest Update 2025
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
Enterprise Risk Management --- correct answer ---A strategic business
discipline that supports the achievement of an organization's objectives by
addressing the full spectrum of its risks and managing the combined impact
of those risks as an interrelated risk portfolio.
Support Function: Business continuity and crisis management --- correct
answer ---Risk identification, assessment and creation of emergency
response and recovery plans related to threats or hazards that might lead to
operational disruptions
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.
To embed risk management in both routine and strategic decision, what
should managers be able to recognize? --- correct answer ---The type of
decision being made; Who should be included in the decision making
process; Where in the process decisions are being made
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
Support Function: Internal Audit --- correct answer ---Risk identification,
assessment and treatment through audit plans with focus on fraud,
corruption, regulatory noncompliance and/or misrepresentation related to
the organization's internal control systems, financial operations, financial
statements and reporting as well as enterprise risk and the organization's
risk management framework and process.
What steps can the risk management professional take to embed risk
management in decision making? --- correct answer ---Include risk
assessment in planning process; Leverage cross-functional risk assessment
,team and subject matter experts to identify enterprise risks; Consider
cascading and cumulative effects
Gap Analysis --- correct answer ---Technique that can be used to determine
what steps might need to be taken to improve the organization's capacity to
move from a current state to a desired future state.
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 desire and expected outcomes.
Communication and Consultation --- correct answer ---Risk management
professional's role in Implementing Risk Strategies
Support Function: Legal --- correct answer ---Risk identification, assessment
and treatment of risks related to the obligation an organization undertakes
and transfers through contracting, as well as its compliance with applicable
laws and regulatory obligations.
What are the typical failures in risk management which can be avoided if it
is embedded in the decision making process? --- correct answer ---Program
not integrated into strategy or its execution; Focused on the wrong risks;
Not executed in a repeatable process; Risk management is practiced in a
silo; Activity not viewed as being value added
, Strategic Plan --- correct answer ---Determines that actions the organization
will take at any stage of the planning period as circumstances change.
Risk owner --- correct answer ---The individual who is ultimately
accountable for ensuring that risk is managed appropriately, including the
implementation of selected responses.
Risk Identification Process --- correct answer ---Finding, Recognizing and
Recording Risks
Support Function: Compliance --- correct answer ---Risk identification,
assessment and treatment of risk related to regulations that may affect the
organization's ability to operate in its respective jurisdictions, as well as
activities that fall within its compliance and ethics programs.
To successfully integrate risk management into decision making, risk
management professionals will rely on strategies that draw on personal and
technical skills in --- correct answer ---Building organizational awareness; .
Differentiating the different types of decisions used in varying situations
using elements of decision quality; Performing various roles in the taking
risk into account in decision-making process
Strategy --- correct answer ---A complete plan of action for whatever
situations might arise in achieving an organization's goals within the
established time.
Questions with Verified Detailed Correct Answers
100% Solved Latest Update 2025
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
Enterprise Risk Management --- correct answer ---A strategic business
discipline that supports the achievement of an organization's objectives by
addressing the full spectrum of its risks and managing the combined impact
of those risks as an interrelated risk portfolio.
Support Function: Business continuity and crisis management --- correct
answer ---Risk identification, assessment and creation of emergency
response and recovery plans related to threats or hazards that might lead to
operational disruptions
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.
To embed risk management in both routine and strategic decision, what
should managers be able to recognize? --- correct answer ---The type of
decision being made; Who should be included in the decision making
process; Where in the process decisions are being made
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
Support Function: Internal Audit --- correct answer ---Risk identification,
assessment and treatment through audit plans with focus on fraud,
corruption, regulatory noncompliance and/or misrepresentation related to
the organization's internal control systems, financial operations, financial
statements and reporting as well as enterprise risk and the organization's
risk management framework and process.
What steps can the risk management professional take to embed risk
management in decision making? --- correct answer ---Include risk
assessment in planning process; Leverage cross-functional risk assessment
,team and subject matter experts to identify enterprise risks; Consider
cascading and cumulative effects
Gap Analysis --- correct answer ---Technique that can be used to determine
what steps might need to be taken to improve the organization's capacity to
move from a current state to a desired future state.
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 desire and expected outcomes.
Communication and Consultation --- correct answer ---Risk management
professional's role in Implementing Risk Strategies
Support Function: Legal --- correct answer ---Risk identification, assessment
and treatment of risks related to the obligation an organization undertakes
and transfers through contracting, as well as its compliance with applicable
laws and regulatory obligations.
What are the typical failures in risk management which can be avoided if it
is embedded in the decision making process? --- correct answer ---Program
not integrated into strategy or its execution; Focused on the wrong risks;
Not executed in a repeatable process; Risk management is practiced in a
silo; Activity not viewed as being value added
, Strategic Plan --- correct answer ---Determines that actions the organization
will take at any stage of the planning period as circumstances change.
Risk owner --- correct answer ---The individual who is ultimately
accountable for ensuring that risk is managed appropriately, including the
implementation of selected responses.
Risk Identification Process --- correct answer ---Finding, Recognizing and
Recording Risks
Support Function: Compliance --- correct answer ---Risk identification,
assessment and treatment of risk related to regulations that may affect the
organization's ability to operate in its respective jurisdictions, as well as
activities that fall within its compliance and ethics programs.
To successfully integrate risk management into decision making, risk
management professionals will rely on strategies that draw on personal and
technical skills in --- correct answer ---Building organizational awareness; .
Differentiating the different types of decisions used in varying situations
using elements of decision quality; Performing various roles in the taking
risk into account in decision-making process
Strategy --- correct answer ---A complete plan of action for whatever
situations might arise in achieving an organization's goals within the
established time.
