RIMS CRMP IMPLEMENTING THE RISK
PROCESS COMPREHENSIVE EXAM STUDY
GUIDE 2026 QUESTIONS AND SOLUTIONS
◉ Risk Governance. Answer: The architecture within which risk
management operates in the company
◉ Core Competency: Organizational Knowledge. Answer:
Strategy/Objectives; operations; value chain; culture; decision-
making processes; stakeholder
◉ What should be considered when selecting a risk governance
framework to fit the risk maturity of the organization?. Answer:
Does a standard or framework for risk management already exist?
How effective is the current paradigm? What are the gaps between
the current and ideal state? Which standard or framework do key
stakeholders prefer?
◉ Area of improvement to encourage continuous learning:
Development of organizational risk management competencies.
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?
,◉ Catalyst. Answer: Risk management professional's role is to
provide insights on emerging risks and offer perspectives on leading
practices; share knowledge on potential exposures and the
implications to the organization.
◉ Maturity. Answer: refers to an evolution toward full development
of the risk management attributes and competency drivers.
◉ In facilitating risk identification, risk management professional
servers as. Answer: Data consolidator to aggregate and synthesize
data that enable people within an organization to make risk-effective
decisions.
◉ Analysis. 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?. 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. 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. 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?. 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. 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. 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. Answer: Risk management
professional's role in Implementing Risk Strategies
◉ Support Function: Legal. 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?. 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. Answer: Determines that actions the organization
will take at any stage of the planning period as circumstances
change.
◉ Risk owner. Answer: The individual who is ultimately accountable
for ensuring that risk is managed appropriately, including the
implementation of selected responses.
◉ Risk Identification Process. Answer: Finding, Recognizing and
Recording Risks
PROCESS COMPREHENSIVE EXAM STUDY
GUIDE 2026 QUESTIONS AND SOLUTIONS
◉ Risk Governance. Answer: The architecture within which risk
management operates in the company
◉ Core Competency: Organizational Knowledge. Answer:
Strategy/Objectives; operations; value chain; culture; decision-
making processes; stakeholder
◉ What should be considered when selecting a risk governance
framework to fit the risk maturity of the organization?. Answer:
Does a standard or framework for risk management already exist?
How effective is the current paradigm? What are the gaps between
the current and ideal state? Which standard or framework do key
stakeholders prefer?
◉ Area of improvement to encourage continuous learning:
Development of organizational risk management competencies.
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?
,◉ Catalyst. Answer: Risk management professional's role is to
provide insights on emerging risks and offer perspectives on leading
practices; share knowledge on potential exposures and the
implications to the organization.
◉ Maturity. Answer: refers to an evolution toward full development
of the risk management attributes and competency drivers.
◉ In facilitating risk identification, risk management professional
servers as. Answer: Data consolidator to aggregate and synthesize
data that enable people within an organization to make risk-effective
decisions.
◉ Analysis. 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?. 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. 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. 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?. 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. 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. 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. Answer: Risk management
professional's role in Implementing Risk Strategies
◉ Support Function: Legal. 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?. 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. Answer: Determines that actions the organization
will take at any stage of the planning period as circumstances
change.
◉ Risk owner. Answer: The individual who is ultimately accountable
for ensuring that risk is managed appropriately, including the
implementation of selected responses.
◉ Risk Identification Process. Answer: Finding, Recognizing and
Recording Risks
