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RIMS - CRMP Complete Study Guide

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Risks - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔Risk identification, assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions Analysis - ** VERIFIED ANSWERS **✔✔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? - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔Meeting or exceeding an organization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements

Support Function: Internal Audit - ** VERIFIED ANSWERS **✔✔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? - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔Risk management professional's role in Implementing Risk Strategies Support Function: Legal - ** VERIFIED ANSWERS **✔✔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? - ** VERIFIED ANSWERS **✔✔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

Value Chain - ** VERIFIED ANSWERS **✔✔The series of functions, processes, materials and activities (inputs) from concept to the eventual end user that creates and builds value at every step in order to deliver a product or service. To build organizational awareness, the risk management professional needs to do the following: - ** VERIFIED ANSWERS **✔✔Be a persuasive communicator and facilitator; Have a clear communication plan; Engage interested parties, including primary and secondary audiences; Demonstrate that risk management creates the most value ; Develop feedback loops for continuous learning Risk Analysis - ** VERIFIED ANSWERS **✔✔The process of characterizing and understanding the nature of risk and of considering the level of risk in the context of the organization's willingness to accept risk. Support Function: Safety - ** VERIFIED ANSWERS **✔✔Risk identification, assessment and treatment of risks focused on preserving the physical well-being of employees and third parties. Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interdependencies - ** VERIFIED ANSWERS **✔✔Risk is typically analyzed on the basis of Support Function: Information Security - ** VERIFIED ANSWERS **✔✔Risk Identification, assessment and treatment of risk arising our of or affecting information and technology infrastructure. To build organizational awareness, risk management creates the most value when - ** VERIFIED ANSWERS **✔✔Risk management Aligns with strategic goals; Takes corporate culture into account; Involves key enterprise functions Financial Statements - ** VERIFIED ANSWERS **✔✔Internal source of information that includes financial analytics or projections strategic planning team - ** VERIFIED ANSWERS **✔✔The risk manager should be a part of the _______________________ to provide the structure discipline for consideration of risks in a strategic portfolio.

Internal Audit Reports - ** VERIFIED ANSWERS **✔✔Internal source of information that focuses on business practices important to the goals and reflection of regulatory environment of the organization risk management - ** VERIFIED ANSWERS **✔✔__________________ should be an agenda item at every strategy session. Support Function: Facilities - ** VERIFIED ANSWERS **✔✔Risk identification, assessment and treatment of the organization's properties, equipment and physical infrastructure systems. Simple and frequent - ** VERIFIED ANSWERS **✔✔A type of decision that are automatic, taken in the moment. These decisions generally rely on the knowledge and capability of the decision maker using the back-of-the-napkin technique. Bow tie analysis - ** VERIFIED ANSWERS **✔✔hazard analysis technique (cause and consequence) Business impact analysis - ** VERIFIED ANSWERS **✔✔consider business impacts at a location or from a specific process Support Functions: Quality - ** VERIFIED ANSWERS **✔✔Risk identification, assessment and treatment of risks related to products and services. Significant importance or complex - ** VERIFIED ANSWERS **✔✔A type of decision that require more deliberate effort. These decisions generally have some period of planning and a longer decision timeline. Organizational Structure - ** VERIFIED ANSWERS **✔✔Internal source of information that reports from different departments (HR, Legal, risk, operations, HS, environment, etc.)

event tree analysis, failure mode and effect analysis and cause-and-effect analysis - fish bone diagram) Element of decision quality: Frame the issue; identify the need - ** VERIFIED ANSWERS **✔✔Is solving this problem or realizing this opportunity worthwhile? What are the intended outcomes? Risk Culture - ** VERIFIED ANSWERS **✔✔The norms and traditions of behavior of individuals and of groups within an organization that determine the way in which they identify, understand, idsuss and act on the risk organization confronts and takes. Influence analysis/diagrams - ** VERIFIED ANSWERS **✔✔identify the strength of influencing factors and help determine potential weighting for consideration during the risk assessment process. Define root causes for major risks, define the chain of events likely in a scenario and become the foundation for further modeling. Training needs assessment: Why conduct the training? - ** VERIFIED ANSWERS **✔✔to tie the performance deficiency to a working need and be sure the benefits of conducting the traiing are greater than the problems being cuased by the performance deficiency. Conduct two types of analysis to answer this question: 1) needs versus wants analysis and 2) feasibility analysis Element of decision quality: Explore doable alternatives - ** VERIFIED ANSWERS **✔✔What options are available and how effective or disruptive will each one be in solving the problem or realizing the opportunity? What unintended consequences will each alternative create? Knowledge - ** VERIFIED ANSWERS **✔✔A risk management professional must possess general business acumen to generate conversations that lead to deeper understanding of organizational structure; value chain; market analysis, PESTLE, etc. key risks to each strategic goal - ** VERIFIED ANSWERS **✔✔The risk manager can then use in-depth risk analysis to assess the __________________ as well as the risks to the successful execution of the strategic plan.

Risk Register Analysis - ** VERIFIED ANSWERS **✔✔compile risk into a risk register to analyze and manage those risks in an organized way, typically by category. Training needs assessment: Who is involved in the training? - ** VERIFIED ANSWERS **✔✔involve appropriate parties to solve the deficiency. Conduct a target population analysis to learn as much as possible about those involved in the deficiency and how to customize a training program to capture their interest. Element of decision quality: Consider meaningful, reliable information - ** VERIFIED ANSWERS **✔✔Is the information accurate, applicable and useful? How will this information inform the decision-making process? What different interpretations of the data are possible and how will each one affect the decision- making process? Skills - ** VERIFIED ANSWERS **✔✔A risk management professional must possess communication, technical and interpersonal skills to obtain organizational information. Action plans - ** VERIFIED ANSWERS **✔✔_____________ should be developed to address gaps between the key risks to the strategic plan and the successful delivery of the mission. Organize - ** VERIFIED ANSWERS **✔✔After obtaining information, what should be the next step to be done? organizational strategy - ** VERIFIED ANSWERS **✔✔Risk strategy should be continually revised to align with ____________________. Element of decision quality: Develop realistic options available to the decision makers - ** VERIFIED ANSWERS **✔✔How feasible, acceptable or desirable is each option and which will be most useful in achieving the objective?

risk register - ** VERIFIED ANSWERS **✔✔________________ is a tool that can be used to provide an overview or the organization's risk profile aligned to corporate strategy Element of decision quality: Use logical correct reasoning - ** VERIFIED ANSWERS **✔✔What biases may be influencing reasoning? Training needs assessment: When will training take place? - ** VERIFIED ANSWERS **✔✔What is the best timing to delivery training? Attendance at training can be impacted by work cycles, holidays and so forth. Conduct a contextual analysis to answer logistic questions. SWOT analysis - ** VERIFIED ANSWERS **✔✔strengths and weaknesses (internal), opportunities and threats (external) Monte Carlo analysis - ** VERIFIED ANSWERS **✔✔mathematical technique that generates random variables for modelling risk or uncertainty of a certain system (simulation). The random variables or inputs are modelled on the basis of probability distributions Developing training goals: Align training to specific organizational performance goals - ** VERIFIED ANSWERS **✔✔Training should directly support specific organization performance goals, such as increasing, revenues, decreasing costs, teaching a new process, launching a new product or complying with regulations. What are the primary risk management skills? - ** VERIFIED ANSWERS **✔✔Organize and synthesize; Differentiate and prioritize; Employ computer and math skills What are the components of enterprise risk profile that must be communicated to key stakeholders? - ** VERIFIED ANSWERS **✔✔Risk assessment; Risk appetite; Risk tolerance; Control process

Element of decision quality: Acting on the decision - ** VERIFIED ANSWERS **✔✔Are these resources available for allocation to the decision? How readily will the decision be accepted and supported by stakeholders? Stress analysis - ** VERIFIED ANSWERS **✔✔a form of simulation used to determine reactions to different situations. Also used to gauge how certain stressors will affect a company or industry. Developing training goals: Identify performance goals for learners - ** VERIFIED ANSWERS **✔✔Performance goals identify the tasks team members have to perform to reach the goal. This the time to explore the peformance gaps between what the members are doing now and what they need to be able to do to accomplish the goal. Risk management professional's role: Strategic Advisor - ** VERIFIED ANSWERS **✔✔provides insights on known and emerging risks; shares specialized knowledge on potential exposures; recommend actions and influence decisions, identify and solicit involvement from key stakeholders How can you apply technical knowledge using risk management methods to business process? - ** VERIFIED ANSWERS **✔✔Identify the source of information; Rank its importance for the achievement of the organization's objectives; Compare the reliability of this source with other information sources; Determine whether to include the source as an important information source knowledge and understanding - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: _________________ of operations What are the methods of analyzing operations - ** VERIFIED ANSWERS **✔✔Identify the methods; Compare operations with intended culture and strategy; Validate strong relationship - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: ________________ with key stakeholders

Monte Carlo, stress analysis - ** VERIFIED ANSWERS **✔✔Examples of quantitative methodology for analyzing data How do learning objectives function? - ** VERIFIED ANSWERS **✔✔Learning objectives are SMART: five characteristics of effective learning objectives are that they are: specific, measurable, achievable, relevant and time bounded. Risk management professional's role: Coordinator - ** VERIFIED ANSWERS **✔✔arranging logistics of formal risk management planning meetings; set the date, location and agenda; keep team current and engaged; this can include risk updates to support a report, highlight specific risk for comment, detailing successes or adverse events. What are the steps to validate organizational information and behavior against an organization's intended culture? - ** VERIFIED ANSWERS **✔✔Scrutinize organizational functions; Compare the organization's business model and strategy with its operations to identify connections and points of dissonance risk awareness - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: ____________ as a core cultural characteristic What are attributes of a learning organization? - ** VERIFIED ANSWERS **✔✔Supports constructive criticism; Supports healthy debates; Open to understand attitudes about uncertainties, risk taking and tolerance forward-looking, long-term view - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: ___________________ into emerging risks Risk evaluation - ** VERIFIED ANSWERS **✔✔uses which risk criteria (risk appetite, risk tolerance, outputs from risk identification and risk analysis process) to determine which risks are acceptable and which require additional modification or treatment Pre-decision environment - ** VERIFIED ANSWERS **✔✔Decision has not yet been made; RMP should be able to articulate the value that can be gained by including

more formal risk management process into the decision-making process for more significant or complex project, initiatives and strategy setting How are learning objectives communicated? - ** VERIFIED ANSWERS **✔✔Learning objectives have four parts: Each learning objective should indicate who will perform the action (person), the specific behavior to be performed, the conditions under which the behavior will be performed, and the degree to which the person must perform the behavior. Risk appetite - ** VERIFIED ANSWERS **✔✔is 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. Coaching - ** VERIFIED ANSWERS **✔✔Methods of helping others to improve, develop, learn new skills, find success, achieve aims and manage change and challenges. Providing support and advice to an individual or group in order to help them recognize ways to improve their competencies and effectiveness. Active-decision Environment - ** VERIFIED ANSWERS **✔✔Decision is in the process of being made; RMP should identify the stakeholders, understand success measures; integration of risk management process; develop monitoring process What are the steps in benchmarking? - ** VERIFIED ANSWERS **✔✔Compare organization with peers and competitors; Differentiate and prioritize to identify peers trusted adivsor - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: Reputation for being technically risk-savvy and effective at influencing key decisions. Has earned the trust of leadership and decision-makers and is seen as a _____________. To benchmark the organization against its peers and competitors, which information must be obtained? - ** VERIFIED ANSWERS **✔✔Industry and trade publications; Stock analyst reports for publicly traded companies; Do your own research: Publicly available information such as google trends and prepare and competitive analysis

matters to the organizational performance - ** VERIFIED ANSWERS **✔✔Organizational risk competency capabilities: Clear view into risk materiality and ability to narrow the focus to what really _________________. Core competencies - ** VERIFIED ANSWERS **✔✔These are fundamental for successfully performing as a risk management professional, irrespective of level of experience or training. These competencies form the foundation for being able to apply the related knowledge and skill components of the model for the needs of an organization. Quantitative Scoring Methods - ** VERIFIED ANSWERS **✔✔Scoring Method when rating organization against peers based on readily available data such as stock price, market capitalization and earnings per share Identify actual decision makers in the decision making environments - ** VERIFIED ANSWERS **✔✔Identify those who are accountable for performance ERM integration in organizational strategies: Establish a risk governance model that fits within the organization's unique governance arrangements - ** VERIFIED ANSWERS **✔✔Oversight, roles and responsibilities, structure unique to the organization Indemnification - ** VERIFIED ANSWERS **✔✔contractual obligation placed on the indemnifier to return the indemnified to essentially the same financial condition that existed prior to the loss or claim or to stand in as the source for financing the legal liability. Contractual risk transfer - ** VERIFIED ANSWERS **✔✔a legally binding agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified actions, inactions, injuries or damages. ERM integration in organizational strategies: Determine the risk management strategy that will build organizational competencies in support of the organization's strategy - ** VERIFIED ANSWERS **✔✔Common definitions, references, measurements and process; improve risk management competencies

throughout the organization, iterative plan tasks aligned with organization's planning processs Identify impact in the decision making environment - ** VERIFIED ANSWERS **✔✔Which decisions make the greatest impact on a specific strategy? Leverage information by using organized internal and external sources; information gathered from meetings; key inputs and outputs of the value chain and operations Qualitative Scoring Method - ** VERIFIED ANSWERS **✔✔Scoring Method when rating organization against peers based on economic, environmental and philanthropic programs that increase brand quality Core Competency: Attributes - ** VERIFIED ANSWERS **✔✔Qualities, characteristics and behaviors that, when displayed, will assist risk management professionals in getting things done in areas where they do not hold direct responsibility. These attributes are particularly important when adapting and integrating a horizontal, portfolio approach to risk management across an organization. What are the specific knowledge risk professionals need during benchmarking? - ** VERIFIED ANSWERS **✔✔Market analysis and environmental scanning; Business acumen-market analysis and value assessment; Due diligence and analytics Core Competency: Organizational Knowledge - ** VERIFIED ANSWERS **✔✔Risk management professionals of all levels are expected to know unique aspects of their respective organizations: its industry dynamics, its operating environment, and the activities it undertakes to achieve its strategy, goals and objectives. Hold harmless - ** VERIFIED ANSWERS **✔✔wording that requires one party to shield the other party from the effects of the legal liability assignable to transferor or obligor.

Core Competency: Risk Management Knowledge - ** VERIFIED ANSWERS **✔✔Successful risk management professionals are knowledgeable about the standards, guidelines and concepts that reflect contemporary risk management thinking and practices. This area includes knowledge related to how risk management can be incorporated within diverse environments, process approaches, solutions and more extensive knowledge in respective subspecialty areas. What concepts do risk professionals need to be familiar during the value chain analysis? - ** VERIFIED ANSWERS **✔✔Economic concepts; Business Process; Value Chains; Interdependencies between external factors and internal performance; Analysis of value chains, peer groups and statistical analysis Risk seeker - ** VERIFIED ANSWERS **✔✔Risk attitude that take on risk in order to maximize gain expected from the decision Project risk assessment - ** VERIFIED ANSWERS **✔✔typically used to assess uncertainties and potential consequences related to expected outcomes of a particular initiative within the planned time, budget and scope. Insurance - ** VERIFIED ANSWERS **✔✔risk transfer mechanism that ensures full or partial financial compensation for the loss, damage and legal obligations of a policy holder or beneficiary. Consultative role of risk management professionals in implementing solutions - ** VERIFIED ANSWERS **✔✔Strategic advisors Solutions advocates Collaboration facilitators Strategic risk assessment - ** VERIFIED ANSWERS **✔✔focuses on broader deliberation and actions regarding uncertainties that affect an organization's planned strategy and strategy execution such as growth or contraction objectives.

Risk neutral - ** VERIFIED ANSWERS **✔✔Risk attitude that is indifferent as to risk-taking in relation to the decision SWOT Analysis - ** VERIFIED ANSWERS **✔✔A method to identify uncertainties regarding obstacles and accelerators. Core Competency: Technical Skills - ** VERIFIED ANSWERS **✔✔This is the operational layer where the specialized skills of risk professionals come into play. These skills include the ability to develop a horizontal, portfolio approach to managing risk. Application of specialized skills by risk management professionals provides guidance for increased clarity in decision making. Core Competency: Management Skills - ** VERIFIED ANSWERS **✔✔This area covers selected management skills required for successful risk management related to problem solving and decision making, planning, organizing, and relationship development. Assumptions - ** VERIFIED ANSWERS **✔✔A method to identify uncertainties which can reveal implicit expectations about organizational performance. Often, implicit expectations do not have metrics built around them that will help ensure success. Risk avoider - ** VERIFIED ANSWERS **✔✔Risk attitude that considers "what can go wrong" rather than "what needs to go right" related to the decision Integrate risk management process with organizational strategies - ** VERIFIED ANSWERS **✔✔consider the organization's planning processes and calendar Risk Monitoring - ** VERIFIED ANSWERS **✔✔Observe Check the progress or quality of something over a period of time Keep under systematic review