RIMS-CRMP EXAM STUDY GUIDE QUESTIONS WITH ACCURATE DETAILED
ANSWERS, Exams of Insurance Economics
Benchmarking - ANSWERThe process of measuring the performance of an
organization against external standards of reference that frequently come
from similar organizations doing similar things.
Corporate Governance - ANSWERThe system of rules, practices and processes
by which a company is directed and controlled.
Enterprise Risk Management - ANSWERA strategic discipline that supports
the achievement of an organization's objectives by addressing the full
spectrum of its risk and managing the combined impact of those risks as an
interrelated risk portfolio.
Gap Analysis - ANSWERComparison of an existing process or procedure to
recognize standards in order to identify deficiencies or excesses in the
existing process.
Key performance indicator (KPI) - ANSWERAs activity that signals the
achievement of organizational objectives, emphasize opportunities and
strategic objectives.
, Key risk indicator (KRI) - ANSWERdesigned to manage downside risk. A
measurement of how risk and volatility relate to achieving organizational
objectives,
PESTLE Analysis - ANSWERPESTLE is an acronym for Political, Economic,
Social, Technology, Legal and Environmental and identifies the categories
utilized to analyze internal and external environments. Other forms of the
acronym include "PEST" and "PESTEL."
Risk - ANSWERThe effect of uncertainty on objectives.
Risk Appetite - ANSWERThe 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
Risk Attitude - ANSWERAn 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.
Risk Culture - ANSWERThe 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.
Risk Champion - ANSWERAny person in an organization who is a leader and
influences peers regarding the value that risk management adds to the
organization.
ANSWERS, Exams of Insurance Economics
Benchmarking - ANSWERThe process of measuring the performance of an
organization against external standards of reference that frequently come
from similar organizations doing similar things.
Corporate Governance - ANSWERThe system of rules, practices and processes
by which a company is directed and controlled.
Enterprise Risk Management - ANSWERA strategic discipline that supports
the achievement of an organization's objectives by addressing the full
spectrum of its risk and managing the combined impact of those risks as an
interrelated risk portfolio.
Gap Analysis - ANSWERComparison of an existing process or procedure to
recognize standards in order to identify deficiencies or excesses in the
existing process.
Key performance indicator (KPI) - ANSWERAs activity that signals the
achievement of organizational objectives, emphasize opportunities and
strategic objectives.
, Key risk indicator (KRI) - ANSWERdesigned to manage downside risk. A
measurement of how risk and volatility relate to achieving organizational
objectives,
PESTLE Analysis - ANSWERPESTLE is an acronym for Political, Economic,
Social, Technology, Legal and Environmental and identifies the categories
utilized to analyze internal and external environments. Other forms of the
acronym include "PEST" and "PESTEL."
Risk - ANSWERThe effect of uncertainty on objectives.
Risk Appetite - ANSWERThe 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
Risk Attitude - ANSWERAn 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.
Risk Culture - ANSWERThe 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.
Risk Champion - ANSWERAny person in an organization who is a leader and
influences peers regarding the value that risk management adds to the
organization.
