RIMS CRMP EXAM PREP/COMPREHENSIVE GUIDE/ QUESTIONS AND
RIMS-CRMP EXAM STUDY GUIDE
CORRECT ANSWERS (VERIFIED ANSWERS) | GRADED A+ | LATEST
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EXAM | JUST RELEASED
1. Benchmarking The process of measuring the performance of an organization against
external standards of reference that frequently come from similar
organizations doing similar things.
2. Corporate Governance The system of rules, practices and processes by which a company is
directed and controlled.
3. Enterprise Risk Manage- A strategic discipline that supports the achievement of an organi-
ment zation's objectives by addressing the full spectrum of its risk and
managing the combined impact of those risks as an interrelated risk
portfolio.
4. Gap Analysis Comparison of an existing process or procedure to recognize stan-
dards in order to identify deficiencies or excesses in the existing
process.
5. Key performance indica- As activity that signals the achievement of organizational objectives,
tor (KPI) emphasize opportunities and strategic objectives.
6. Key risk indicator (KRI) designed to manage downside risk. A measurement of how risk and
volatility relate to achieving organizational objectives,
7. PESTLE Analysis PESTLE is an acronym for Political, Economic, Social, Technology, Legal
and Environmental and identifies the categories utilized to analyze in-
ternal and external environments. Other forms of the acronym include
"PEST" and "PESTEL."
8. Risk The effect of uncertainty on objectives.
9. Risk Appetite 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
10. Risk Attitude
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An organization's or individuals' view/perspective of the perceived
qualitative and quantitative value that may be gained in comparison
to the related potential loss or losses.
11. Risk Culture 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.
12. Risk Champion Any person in an organization who is a leader and influences peers
regarding the value that risk management adds to the organization.
13. Risk governance The architecture within which risk management operates in a company
14. Risk Management The process of making and implementing decisions that will minimize
the adverse effects of accidental losses on an organization.
15. Risk Owner An individual accountable for the identification, assessment, treatment
and monitoring of risks in a specific environment
16. Risk Portfolio A complete collection and range of uncertainties that affect an orga-
nization's future.
17. Risk Tolerance The amount of uncertainty an organization is prepared to accept in
total or more narrowly within a certain business unit, a particular
category or for a specific initiative.
18. Root Cause A factor that, if removed from a chain of events, causes a problem to
not occur or lessens the impact of a problem.
19. Root Cause Analysis A problem-solving methodology used to find the root causes of prob-
lem
20.
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RIMS-CRMP EXAM STUDY GUIDE
CORRECT ANSWERS (VERIFIED ANSWERS) | GRADED A+ | LATEST
Study online at https://quizlet.com/_h6t5h0
EXAM | JUST RELEASED
1. Benchmarking The process of measuring the performance of an organization against
external standards of reference that frequently come from similar
organizations doing similar things.
2. Corporate Governance The system of rules, practices and processes by which a company is
directed and controlled.
3. Enterprise Risk Manage- A strategic discipline that supports the achievement of an organi-
ment zation's objectives by addressing the full spectrum of its risk and
managing the combined impact of those risks as an interrelated risk
portfolio.
4. Gap Analysis Comparison of an existing process or procedure to recognize stan-
dards in order to identify deficiencies or excesses in the existing
process.
5. Key performance indica- As activity that signals the achievement of organizational objectives,
tor (KPI) emphasize opportunities and strategic objectives.
6. Key risk indicator (KRI) designed to manage downside risk. A measurement of how risk and
volatility relate to achieving organizational objectives,
7. PESTLE Analysis PESTLE is an acronym for Political, Economic, Social, Technology, Legal
and Environmental and identifies the categories utilized to analyze in-
ternal and external environments. Other forms of the acronym include
"PEST" and "PESTEL."
8. Risk The effect of uncertainty on objectives.
9. Risk Appetite 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
10. Risk Attitude
1/5
, RIMS-CRMP EXAM STUDY GUIDE
Study online at https://quizlet.com/_h6t5h0
An organization's or individuals' view/perspective of the perceived
qualitative and quantitative value that may be gained in comparison
to the related potential loss or losses.
11. Risk Culture 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.
12. Risk Champion Any person in an organization who is a leader and influences peers
regarding the value that risk management adds to the organization.
13. Risk governance The architecture within which risk management operates in a company
14. Risk Management The process of making and implementing decisions that will minimize
the adverse effects of accidental losses on an organization.
15. Risk Owner An individual accountable for the identification, assessment, treatment
and monitoring of risks in a specific environment
16. Risk Portfolio A complete collection and range of uncertainties that affect an orga-
nization's future.
17. Risk Tolerance The amount of uncertainty an organization is prepared to accept in
total or more narrowly within a certain business unit, a particular
category or for a specific initiative.
18. Root Cause A factor that, if removed from a chain of events, causes a problem to
not occur or lessens the impact of a problem.
19. Root Cause Analysis A problem-solving methodology used to find the root causes of prob-
lem
20.
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