Benchmarking
The process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar things.<\/p>\n\n\n\n
Corporate Governance
The system of rules, practices and processes by which a company is directed and controlled.<\/p>\n\n\n\n
Enterprise Risk Management
A 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.<\/p>\n\n\n\n
Gap Analysis
Comparison of an existing process or procedure to recognize standards in order to identify deficiencies or excesses in the existing process.<\/p>\n\n\n\n
Key performance indicator (KPI)
As activity that signals the achievement of organizational objectives, emphasize opportunities and strategic objectives.<\/p>\n\n\n\n
Key risk indicator (KRI)
designed to manage downside risk. A measurement of how risk and volatility relate to achieving organizational objectives,<\/p>\n\n\n\n
PESTLE Analysis
PESTLE 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.”<\/p>\n\n\n\n
Risk
The effect of uncertainty on objectives.<\/p>\n\n\n\n
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<\/p>\n\n\n\n
Risk Attitude
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Risk Champion
Any person in an organization who is a leader and influences peers regarding the value that risk management adds to the organization.<\/p>\n\n\n\n
Risk governance
The architecture within which risk management operates in a company<\/p>\n\n\n\n
Risk Management
The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization.<\/p>\n\n\n\n
Risk Owner
An individual accountable for the identification, assessment, treatment and monitoring of risks in a specific environment<\/p>\n\n\n\n
Risk Portfolio
A complete collection and range of uncertainties that affect an organization’s future.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Root Cause Analysis
A problem-solving methodology used to find the root causes of problem<\/p>\n\n\n\n
Strategic risk management (SRM)
A business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategy execution.<\/p>\n\n\n\n
SWOT analysis
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats and is an analytical approach for environmental scanning that combines internal and external context with obstacles and accelerators to success in achieving objectives.<\/p>\n\n\n\n
SMART goals
SMART is an acronym for Simple, Measurable, Achievable, Realistic and Timely and refers to characteristics of high quality goals and objectives.<\/p>\n\n\n\n
Value Chain
A high-level model developed by Michael Porter used to describe the process by which businesses receive raw materials, add value to the raw materials through various processes to create a finished product, and then sell that end product to customers. Companies conduct value-chain analysis by looking at every production step required to create a product and identifying ways to increase the efficiency of the chain. The overall goal is to deliver maximum value for the least possible total cost and create a competitive advantage.<\/p>\n\n\n\n
A business model is a set of assumptions about the
way an organization creates value<\/p>\n\n\n\n
What two analytical tools are particularly useful in analytical tools for analyzing the business model?
Value chain analysis and benchmarking<\/p>\n\n\n\n
Risk Management professional conduct supply-chain analysis to identify
potential vulnerabilities to the organization<\/p>\n\n\n\n
Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?
Organize the information<\/p>\n\n\n\n
The organization’s resources and internal support are__________________ the risk management strategy
inputs in the development of<\/p>\n\n\n\n
When defining the success measures for the organization’s risk strategy, the risk management professional will include which of the following steps?
A review of the goals and objectives of the risk strategy<\/p>\n\n\n\n
Which of the following is considered a risk analysis technique?
Monte Carlo Simulation<\/p>\n\n\n\n
When an operational area develops a treatment for a critical risk, the risk management professional MUST
evaluate the impact upon other areas<\/p>\n\n\n\n
A risk management professional advises management on the status of key risks by
providing insights into the changing characteristics of a risk<\/p>\n\n\n\n
After validating the training curricula, a risk management professional
schedules and conducts training.<\/p>\n\n\n\n
What is the role of risk management in the strategic planning process
identify threats and opportunities.<\/p>\n\n\n\n
RIMS – CRMP Complete Study Guide; 1 Analyze the Business Model, 2 Developing Organizational Risk Strategies, 3 RIMS CRMP-Implementing the Risk Process, 4 Developing Organizational Risk Management Competency, 5 Supporting Decision Making, ,<\/p>\n\n\n\n
ability to assess and plan Accountability for risk Act Action plans actions Active-decision Environment Adoption of ERM-based approach Analysis approving and implementing the plan Area of improvement to encourage continuous learning: Coaching the organization Area of improvement to encourage continuous learning: Design of organizational strategies Area of improvement to encourage continuous learning: Development of organizational risk management competencies Area of improvement to encourage continuous learning: Integration of risk management process Articulate specific training objectives Assumptions assumptions Benchmarking Benchmarking, document review, assets and process reviews Benefits of process improvement for organizations Benefits of process improvement for risk management professionals Benefits of process improvement for stakeholders Biases Bow tie analysis Bowtie, business impact analysis, fault tree, cause\/consequence analysis Brainstorming; Checklists; Interview and self-assessment; Facilitated workshops; Risk questionnaires and risk surveys; Scenario analysis; others such as value chain analysis, system design review, process analysis and benchmarking Budgeting for risk solutions Business area managers or risk owners Business impact analysis Business resilience and sustainability Catalyst Check Clearly identified responsibility for risk management Coaching Collaboration in a more formal environment, such as a risk committee can provide what? Collaborative relationship between risk management professionals, the risk network and other within the organization commitment from leadership Communication Communication and Consultation communication channels communication plan; resource support Compensation for Costs Competitive advantage Compliance for Mutual benefits Conduct Risk Consider all risks and exploit risks as part of the strategy constraints and contingencies Consultation Consultative role of risk management professionals in implementing solutions Continuous improvement Contractual risk transfer Core competencies Core Competency: Attributes Core Competency: Attributes Core Competency: Business Knowledge Core Competency: Business Knowledge Core Competency: Management Skills Core Competency: Management Skills Core Competency: Organizational Knowledge Core Competency: Organizational Knowledge Core Competency: Risk Management Knowledge Core Competency: Risk Management Knowledge Core Competency: Technical Skills Core Competency: Technical Skills corporate rewards strategy corporate score card corporate success measures crisis communication process Cross-functional view and common risk assessment process Data collection Decision Making Environments Developing risk governance model, is defining and ensuring the effectiveness of the process steps, methods, tools and techniques for: Developing training goals: Align training to specific organizational performance goals Developing training goals: Determine the learning activities Developing training goals: Identify performance goals for learners development; improvement options Develop risk treatment plans Do Efficiency of risk management resources Element of decision quality: Acting on the decision Element of decision quality: Consider meaningful, reliable information Element of decision quality: Develop realistic options available to the decision makers Element of decision quality: Explore doable alternatives Element of decision quality: Frame the issue; identify the need Element of decision quality: Understand clearly the values and trade-offs Element of decision quality: Use logical correct reasoning Emerging risks Engage Key Stakeholders engagement and accountability Engaging risk network promotes enterprise culture; business mode; current enterprise strategy Enterprise Risk Management An enterprise-wide risk management framework views risk within an organization’s: Equivalent Payments ERM integration in organizational strategies: Determine the risk management strategy that will build organizational competencies in support of the organization’s strategy ERM integration in organizational strategies: Establish a purpose and value outcome for developing risk management competencies ERM integration in organizational strategies: Establish a risk governance model that fits within the organization’s unique governance arrangements ERM integration in organizational strategies: Establish guiding principles by articulating the organization’s risk philosophy ERM process management Existing capabilities expected value of the of the collective objectives External Organization Information External; People; Process; Relationships; Systems Financial Statements forward-looking, long-term view Gap Analysis Gap analysis governed and guided Governing Body\/Board of Directors Hold harmless How are learning objectives communicated? How can managers make risk informed decisions that enable them to succeed? How can risk management professionals develop the desired risk culture and risk management capabilities? How can risk management professionals gain credibility and engagement with key stakeholders How can risk management professionals gain insights into organizational performance related to the effectiveness of the organizational risk management? How can risk management professionals take a collaborative approach with company executives? How can you apply technical knowledge using risk management methods to business process? How do learning objectives function? How to identify training needs? How to match training and media for audience? How to obtain the real story aside from reading information? How to validate whether the training programs are delivering what is expected? Identify actual decision makers in the decision making environments Identify and gather available data identify, assess and treat risk Identify impact in the decision making environment Identifying what training is needed Identify risk; Analyze risk; Evaluate, select and implement responses; Monitor results and revise immediate superior and his\/her superior Implement implementation plan success improvement improvement options In benchmarking, you may analyze and compare information and you can look for: Include upside of risk; looking at building, expanding, exploiting and to add value; push and pull performance data; Use RIMS risk maturity model Indemnification In developing risk strategy, it should: Individuals with specific technical knowledge about the organization and capability and resources to implement solutions In facilitating risk discussions, who should be included? In facilitating risk identification, risk management professional servers as Influence analysis\/diagrams Influence diagrams, scenario analysis, site analysis, SWOT In order to facilitate discussions about risk in decision process, what stages should be identified and influenced? Insurance Integrate risk management process with organizational strategies Internal Audit Reports In what areas and activities can risk management professional give advise? key performance indicators Key performance indicators (KPI) Key risk indicators Key risk indicators (KRI) key risks to each strategic goal Knowledge knowledge and understanding Leader Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interdependencies management agreement mandate; training plan matters to the organizational performance Maturity Maturity models milestone\/s monitoring schedules Monte Carlo analysis Monte Carlo, stress analysis Nine-box approach objective; benefits Objective; Project; Product or Service overtime Operational risk assessment organizational risk management competencies organizational strategy Organizational Structure organization’s strategies Organize performance evaluation process Performance management performance measures performance objectives Plan Plan – Do – Check – Act, Deming Cycle, Shewhart Cycle political climate Post-decision Environment Pre-decision environment Primary responsibility of a great risk leadership priorities Prioritize Prioritize risks to be monitored Profitability and value Progress reports Progress report should include these issues in the normal business Project risk assessment Qualitative Scoring Method Quantitative Scoring Methods rationale; benefits regulators; insurers; rating agencies remediate reporting and monitoring Reporting structure and top management views Resources; Reviews of the risk treatment plans Review the existing strategic plan
Organizational risk competency capabilities: ___________<\/em><\/strong><\/em><\/strong> for the appropriate number and type of resources necessary to execute a risk strategy and tactical plan<\/p>\n\n\n\n
this matters when it is measured and can achieve a trickle down effect as the operations and functional managers engage their staff to support in the achieving the objectives<\/p>\n\n\n\n
A step in continuous improvement model to implement successful improvement changes on a wider scale and continuously assess your results.<\/p>\n\n\n\n
_<\/em><\/strong><\/em><\/strong> should be developed to address gaps between the key risks to the strategic plan and the successful delivery of the mission.<\/p>\n\n\n\n
Elements of treatment plans: proposed __<\/em><\/strong> and timeline<\/p>\n\n\n\n
Decision is in the process of being made; RMP should identify the stakeholders, understand success measures; integration of risk management process; develop monitoring process<\/p>\n\n\n\n
Comptency Drivers: Executive support of ERM; business process definition and risk ownership, far-sighted risk management vision; front line and support process owner participation<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Elements of treatment plans: those who are accountable and responsible for __<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Develop and track feedback mechanisms to judge success and adjust risk management process accordingly. Is there a consensus on the evaluation of the outcome? What could be learned by including others into the decision-making process? What re the implications for the organization?<\/p>\n\n\n\n
Are decisions aligned with the risk management goals, objectives and risk culture? Are decisions aligned with acceptable risk tolerance and appetite guidance? Is the decision achievable with resources available? Does it meet or align with the measures of success established?<\/p>\n\n\n\n
Does the organization realize how risk-based decisions are impacting the organization? What evidence demonstrates that risk-based decisions are leading to continuous improvement?<\/p>\n\n\n\n
Does the risk management process occur at the optimal stage in decision-making during business process? Are organizational risk management capabilities adequate or are these areas that need to be improved?<\/p>\n\n\n\n
Step to perform before preparing training media and materials.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The risk manager can then identify ____<\/em><\/strong><\/em><\/strong> made by management when developing these goals.<\/p>\n\n\n\n
comparing one’s processes and performance metrics against those of organizations known to be leaders in one or mor easpects of their operations<\/p>\n\n\n\n
A strategy for gathering data to identify a risk involving external resources<\/p>\n\n\n\n
tackle inadequately addressed uncertainties and opportunities; resolve business processes inefficiencies; build a repeatable and scalable process for better decision making.<\/p>\n\n\n\n
Establish a baseline of maturity levels; build consensus about areas for improvement and establish milestones; communicate clearly to the stakeholders and risk network<\/p>\n\n\n\n
Streamline risk management processes; eliminate dupplication of efforts and connect support functions with process owners; measure risk managemnt value, based on priorities; create a shreed language and vision<\/p>\n\n\n\n
A method to identify uncertainties which can help identify potentially hidden expectations, motivations or even conflicts within the organization. It may sometimes lead to perceptual distortion, inaccurate judgment and illogical analysis of information.<\/p>\n\n\n\n
hazard analysis technique (cause and consequence)<\/p>\n\n\n\n
Examples of combined methodology for analyzing data<\/p>\n\n\n\n
Specific techniques for identifying risks include:<\/p>\n\n\n\n
Reporting on risk and _____________<\/em><\/strong><\/em><\/strong> becomes naturally integrated, because each areas is required to report within the governance structure and budget resources to accomplish their respective objectives.<\/p>\n\n\n\n
Participants in the ERM governance model who engages in risk assessment at directed frequency; own risk treatment i.e. avoid, accept, transfer, mitigate, exploit; report on risk exposures\/actions<\/p>\n\n\n\n
consider business impacts at a location or from a specific process<\/p>\n\n\n\n
Compentency Drivers: Analysis-based planning; resilience and operational planning; understanding consequences<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
A step in continuous improvement model to use data to analyze the results of the change and determine whether it made a difference.<\/p>\n\n\n\n
A benefit of ERM that fosters an environment where risk-return trade-offs are carefully evaluated; responsibility and accountability for managing risks are explicit part of governance<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
give managers an open venue to share concerns and receive feedback from colleagues<\/p>\n\n\n\n
A key consideration in successful exchange of benefits<\/p>\n\n\n\n
Component in implementing enterprise risk plan: Obtain ______<\/em><\/strong><\/em><\/strong> of the organization for the purpose, scope and accountability, responsibility and resources to implement the risk management strategy.<\/p>\n\n\n\n
Risk Management Professional’s role to convey information.<\/p>\n\n\n\n
Risk management professional’s role in Implementing Risk Strategies<\/p>\n\n\n\n
Component of risk communication strategy: Determine _____<\/em><\/strong><\/em><\/strong> to be used for the variety of intended messaging<\/p>\n\n\n\n
Value proposition of ERM: A _<\/em><\/strong><\/em><\/strong> exists to keep players informed and provide channels for issue resolution: __<\/strong><\/em><\/strong> has been or will be secured to enable players to execute expected roles<\/p>\n\n\n\n
A form of exchange between departments and enterprise risk management where the latter offers to cover the cost associated with complying with the request; cost of additional staff, etc.<\/p>\n\n\n\n
The major strengths of the company combine to form the core competencies that provide the basis for the company to achieve what?<\/p>\n\n\n\n
A form of exchange between departments and enterprise risk management where there is increased ability to manage volatility, improved operational efficiency, more efficient process, strengthened supply chain, reduced operating costs<\/p>\n\n\n\n
Comprises a wide variety of activities and types of behavior that fall outside other main categories of risk ; Risk attached to the way in which a firm, and its staff, behave in a wide range of market-facing and internal situations; How customers are treated, remuneration of staff and how firms deal with conflicts of interest<\/p>\n\n\n\n
Strategy of Enterprise Risk Management<\/p>\n\n\n\n
Elements of treatment plans: resources required including _______<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Risk Management Professional’s role to anticipate that participants engage in conversation with the expectation that dialogue will contribute to and shape decisions.<\/p>\n\n\n\n
Strategic advisors
Solutions advocates
Collaboration facilitators<\/p>\n\n\n\n
Ongoing effort to improve products, services or processes within an organization.<\/p>\n\n\n\n
a legally binding agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified actions, inactions, injuries or damages.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Leader; visionary; negotiator; innovator; facilitator; inquisitive<\/p>\n\n\n\n
Business model; performance management, economics, functional areas<\/p>\n\n\n\n
To be competent in this area, risk management professionals need to have a thorough understanding
of general business models and measurements of business performance, as well as the roles and
responsibilities of various functional areas and interactions.<\/p>\n\n\n\n
Strategic perspective; planning; organizing; decision making; relationship development<\/p>\n\n\n\n
This area covers selected management skills required for successful risk management related to problem
solving and decision making, planning, organizing, and relationship development.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Strategy\/Objectives; operations; value chain; culture; decision-making processes; stakeholder<\/p>\n\n\n\n
Standards\/Frameworks; Concepts; Adaption approaches; process; solution; subspecialties<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Assessment methods & techniques; research; analytics; financial analysis; risk modification; statistics; data interpretation; behavior modification; information systems<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Success measures: Tying risk engagement, accountability and results to the __<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Success measures: Gaining lace on the __<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Success measures: aligning risk measures to ____<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Component of risk communication strategy: Determine and define the role of the risk management function in the ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
An ERM method which can maximize the efficiency of an organization’s risk management resources and activities<\/p>\n\n\n\n
A strategy for gathering data to identify a risk that should be comprehensive, strategic and timely<\/p>\n\n\n\n
Decisions can be categorized related to changes in the organization; scope and impact; level of familiarity<\/p>\n\n\n\n
Risk identification; Risk assessment; Risk Measurement; Risk Modification; Risk Modification
Risk Reporting; Risk data collection, storage and access protocols and procedures<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
This step involves identifying the activities that will help team members learn how to successfully achieve the specific perfor mance goals.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Continuous improvement model (Do): Collaborate in the assessment and _<\/em><\/strong><\/em><\/strong> of the options; Validate continuous __________<\/strong><\/em><\/strong><\/em> with stakeholders; Select and execute ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
A common method of implementing the selected risk solutions<\/p>\n\n\n\n
A step in continuous improvement model to implement change on a small scale; collaborating on the process assessment and potential options; validating the continuous improvement options; selecting and executing improvement options.<\/p>\n\n\n\n
A benefit of ERM that maximizes the efficiency of an organization’s risk management resources and activities through a cross-functional view and common risk assessment process<\/p>\n\n\n\n
Are these resources available for allocation to the decision? How readily will the decision be accepted and supported by stakeholders?<\/p>\n\n\n\n
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?<\/p>\n\n\n\n
How feasible, acceptable or desirable is each option and which will be most useful in achieving the objective?<\/p>\n\n\n\n
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?<\/p>\n\n\n\n
Is solving this problem or realizing this opportunity worthwhile? What are the intended outcomes?<\/p>\n\n\n\n
In pursuing each option, what are the consequences of making the trade-offs that will be needed? How clearly is the expected value understood?<\/p>\n\n\n\n
What biases may be influencing reasoning?<\/p>\n\n\n\n
Completely new or extremely rare negative events<\/p>\n\n\n\n
A step in identifying risk whereby considering those most closely associated with achieving the organization’s objectives.<\/p>\n\n\n\n
Success measures: Making the case for risk management ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
greater consistency in approaches and in developing capabilities for risk management activities across the organization.<\/p>\n\n\n\n
Strategies to obtain support: Assess current risk management competencies and identify gaps with misalignments with ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Unique strategy; Tolerance; Culture; Decision Making; Governance<\/p>\n\n\n\n
A form of exchange between departments and enterprise risk management where the latter offers services in exchange for supporting and implementing enterprise-wide risk management process<\/p>\n\n\n\n
Common definitions, references, measurements and process; improve risk management competencies throughout the organization, iterative plan tasks aligned with organization’s planning processs<\/p>\n\n\n\n
What value outcome will risk management competencies provide for strategy development and performance at strategic, operational and tactical levels?<\/p>\n\n\n\n
Oversight, roles and responsibilities, structure unique to the organization<\/p>\n\n\n\n
Risk philosophy aligned with vision, mission and values; create and protect value<\/p>\n\n\n\n
Competency Drivers: Repeatable and scalability; ERM program oversight ERM process steps; risk culture, accountability and communication, risk management reporting<\/p>\n\n\n\n
A strategy for gathering data to identify a risk that includes understanding current risk management processes and approaches, existing controls and their levels of effectiveness to identify known risks<\/p>\n\n\n\n
Monitoring risk process: validating whether the _______<\/em><\/strong><\/em><\/strong> from making risk-informed decisions and implementing risk solutions have been achieved<\/p>\n\n\n\n
External source of information that includes external audit reports, competitive analysis, rating agency, consumer reports, legal matters, media coverage<\/p>\n\n\n\n
Other type of risk categorization<\/p>\n\n\n\n
Internal source of information that includes financial analytics or projections<\/p>\n\n\n\n
Organizational risk competency capabilities: _______<\/em><\/strong><\/em><\/strong> into emerging risks<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
determine steps to improve the organization’s capacity to move from a current state to a desired, future state. (current available factors, success factors needed to achieve future desired objectives, highlighting the gaps)<\/p>\n\n\n\n
Component in implementing enterprise risk plan: Define who and how the plan will be _________<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Participants in the ERM governance model who is the ultimate risk management oversight responsibility<\/p>\n\n\n\n
wording that requires one party to shield the other party from the effects of the legal liability assignable to transferor or obligor.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Adapt risk management process to meet operational area need; Focus discussions on organization objectives; Develop a test case in a specific area<\/p>\n\n\n\n
Training sessions that clearly communicate the corporation’s attitude about risk-taking; Key risk indicators embedded into management performance objectives; On-boarding process; Risk management visualization technique<\/p>\n\n\n\n
validating insights with key stakeholders<\/p>\n\n\n\n
evaluating metrics and reports that result from a disciplined and informed risk management process<\/p>\n\n\n\n
Build relationships; Practice empathy and listening; Present yourself as an ally; Focus on organizational objectives<\/p>\n\n\n\n
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<\/p>\n\n\n\n
Learning objectives are SMART: five characteristics of effective learning objectives are that they are: specific, measurable, achievable, relevant and time bounded.<\/p>\n\n\n\n
Identify required performance or desired behavior; identify Gaps\/needs; What are the desired actual performance or behavior<\/p>\n\n\n\n
Message differs depending on the audience; Daily decision-making or general awareness; High-level overview operational instruction or general knowledge<\/p>\n\n\n\n
Talk to those inside the organization; Talk with external stakeholders ; Do site visits<\/p>\n\n\n\n
Engaging others in feedback reviews; Testing training in small groups<\/p>\n\n\n\n
Identify those who are accountable for performance<\/p>\n\n\n\n
A step in identifying risk whereby the purpose is to identify what might happen or what situations might exist that may affect the achievement of the organization’s strategy, objectives and tactical plans.<\/p>\n\n\n\n
Organizational risk competency capabilities: Ability to ___<\/em><\/strong><\/em><\/strong> within a clear appetite and tolerance context.<\/p>\n\n\n\n
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<\/p>\n\n\n\n
Logical first step before developing training goals<\/p>\n\n\n\n
Describe the risk process<\/p>\n\n\n\n
Strategies to obtain support: Secure alignment with _____<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Continuous improvement model (Act): _<\/em><\/strong><\/em><\/strong> validated improvement option more widely<\/p>\n\n\n\n
Component in implementing enterprise risk plan: Develop metrics to measure ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Continuous improvement model (Plan): Identify continuous _<\/em><\/strong><\/em><\/strong> opportunities; Identify options for _<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Continuous improvement model (Check): Monitor results on chosen ____<\/em><\/strong><\/em><\/strong>; Modify __<\/em><\/strong><\/em><\/strong> as necessary<\/p>\n\n\n\n
Gaps, strengths and weaknesses, differentiators; risks<\/p>\n\n\n\n
Measurement of Enterprise Risk Management<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Align with the strategic plan; Infuses risk management throughout the structure of the organization<\/p>\n\n\n\n
Who can best find, chose and implement effective risk solutions?<\/p>\n\n\n\n
Decision makers, other influencers, accountable individuals; impacted stakeholders; those responsible for managing related risks<\/p>\n\n\n\n
Data consolidator to aggregate and synthesize data that enable people within an organization to make risk-effective decisions.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Examples of qualitative methodology for analyzing data<\/p>\n\n\n\n
Timeline the decision is being made; The primary decision maker; If there is an establish risk tolerance and threshold<\/p>\n\n\n\n
risk transfer mechanism that ensures full or partial financial compensation for the loss, damage and legal obligations of a policy holder or beneficiary.<\/p>\n\n\n\n
consider the organization’s planning processes and calendar<\/p>\n\n\n\n
Internal source of information that focuses on business practices important to the goals and reflection of regulatory environment of the organization<\/p>\n\n\n\n
Strategy development and performance; Enterprise-wide or related areas, whether internal or external; Specific operational and functional areas; Development of new initiatives; New and evolving issues; Significant changes<\/p>\n\n\n\n
Each high-level strategy objective should be broken down into more tactical, operational _________<\/em><\/strong><\/em><\/strong> for analysis.<\/p>\n\n\n\n
help a firm see how it is performing in relation to its strategic goals and objectives.<\/p>\n\n\n\n
metrics used by organizations to provide an early signal of changes in risk exposures in various areas of the enterprise<\/p>\n\n\n\n
are leading indicators of risk to business performance, giving early warning about potential risks.<\/p>\n\n\n\n
The risk manager can then use in-depth risk analysis to assess the ______<\/em><\/strong><\/em><\/strong> as well as the risks to the successful execution of the strategic plan.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Organizational risk competency capabilities: _____<\/em><\/strong><\/em><\/strong> of operations<\/p>\n\n\n\n
Risk management professional’s role is to drive adoption of enterprise-wide approach to enable the organization to achieve its objectives; develop awareness for broad risk management competencies; enable execution of consistent risk assessment methodologies, guiding improvement and monitoring efforts.<\/p>\n\n\n\n
Risk is typically analyzed on the basis of<\/p>\n\n\n\n
Component of risk communication strategy: Define and secure ___<\/em><\/strong><\/em><\/strong> for key risk messages<\/p>\n\n\n\n
Value proposition of ERM: There is a from C-suite and board of directors; A __<\/strong><\/em><\/strong><\/em> exists to enable role performance<\/p>\n\n\n\n
Organizational risk competency capabilities: Clear view into risk materiality and ability to narrow the focus to what really _____<\/em><\/strong><\/em><\/strong>.<\/p>\n\n\n\n
refers to an evolution toward full development of the risk management attributes and competency drivers.<\/p>\n\n\n\n
recognized measurement concept for demonstrating development progress; linked closely with continuous improvement; represent the degree of formality and effectiveness of risk management activities and processes at different levels; highlighting consistent outcomes across organizations.<\/p>\n\n\n\n
Component in implementing enterprise risk plan: Define major ___<\/em><\/strong><\/em><\/strong>, accountable stakeholder owners and a timeline for each __<\/strong><\/em><\/strong><\/p>\n\n\n\n
Monitoring risk process: Establishing _____<\/em><\/strong><\/em><\/strong> to check progress over time<\/p>\n\n\n\n
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<\/p>\n\n\n\n
Examples of quantitative methodology for analyzing data<\/p>\n\n\n\n
Approach that facilitates the consideration of the impact of decision within the various stages of decision-making. User knowledge from value chains and series of business processes steps that follow in succession. Tie in to the value creation and the resource of the value chain.<\/p>\n\n\n\n
Value proposition of ERM: It is _<\/em><\/strong><\/em><\/strong> as possible; it defines the __<\/em><\/strong> deliverable to each stakeholder<\/p>\n\n\n\n
Acceptable risk levels will be unique to each organization and its value chain and may vary by the following factors:<\/p>\n\n\n\n
may be limitd to uncertainties associated with existing operations and operational plans – the assets, processes, people and systems in place – in order to deliver a particular outcome, such as planned earnings.<\/p>\n\n\n\n
Component in implementing enterprise risk plan: Design the plan so that it supports and aligns with the desired ______<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Risk strategy should be continually revised to align with ________<\/em><\/strong><\/em><\/strong>.<\/p>\n\n\n\n
Internal source of information that reports from different departments (HR, Legal, risk, operations, HS, environment, etc.)<\/p>\n\n\n\n
Strategies to obtain support: Validate risk management strategies with key stakeholders to confirm alignment with the _____________<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
After obtaining information, what should be the next step to be done?<\/p>\n\n\n\n
Success measures: Integrating risk success measurement into the organization’s ____<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Compentency drivers: ERM information and planning; communicating goals; ERM process goals and activities<\/p>\n\n\n\n
Elements of treatment plans: the ____<\/em><\/strong><\/em><\/strong> that validate that the solutions are working as planned<\/p>\n\n\n\n
Monitoring risk process: developing risk metrics integrated with ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
A step in continuous improvement model to identify an opportunity and plan for change.<\/p>\n\n\n\n
Continuous improvement multi-step quality model<\/p>\n\n\n\n
Strategies to obtain support: Asses the __<\/strong><\/em><\/strong> for change\/improve risk management approach<\/p>\n\n\n\n
Decision has already been made; RMP should create a learning environment for stakeholders to identify risks to performance through the execution process; Determine when in execution process risk-based discussions still could be used to favorably impact the outcome<\/p>\n\n\n\n
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<\/p>\n\n\n\n
Ensuring that risk stakeholders are enabled to play their roles and are guided down the path of risk competency maturity over time<\/p>\n\n\n\n
Monitoring risk process: setting _<\/em><\/strong> based on desire performance<\/p>\n\n\n\n
The step to choose the information that is most relevant, timely, useful and valuable for assessing risks that could affect the organization’s objectives.<\/p>\n\n\n\n
In monitoring risks, what should be done to identify the greatest potential for disrupting or accelerating performance?<\/p>\n\n\n\n
A benefit of ERM that provides improved profitability, increased shareholder value, reduced financial volatility<\/p>\n\n\n\n
What should be monitored in terms of significant risks and use of risk process?<\/p>\n\n\n\n
Material risk target outcome; Specific activities that have taken place since the last report; Challenges in executing the risk treatment plan; A trend assessment in the risk profile against the targeted outcome<\/p>\n\n\n\n
typically used to assess uncertainties and potential consequences related to expected outcomes of a particular initiative within the planned time, budget and scope.<\/p>\n\n\n\n
Scoring Method when rating organization against peers based on economic, environmental and philanthropic programs that increase brand quality<\/p>\n\n\n\n
Scoring Method when rating organization against peers based on readily available data such as stock price, market capitalization and earnings per share<\/p>\n\n\n\n
Elements of treatment plans: the _<\/strong><\/em> for the selection of the treatment plans; including the expected<\/strong> to be gained<\/p>\n\n\n\n
Component of risk communication strategy: Determine the requirements for communicating with external parties including _______<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Strategies to obtain support: Identify gaps and __<\/em><\/strong> them<\/p>\n\n\n\n
Elements of treatment plans: the required _______<\/em><\/strong><\/em><\/strong> of risks as part of normal business activity and reporting<\/p>\n\n\n\n
Determine the risk categorization that most closely aligns with:<\/p>\n\n\n\n
A method to identify uncertainties allocates resources for managing risk related to organizational objectives.<\/p>\n\n\n\n
In monitoring risks, what should be scheduled as an ongoing agenda item in the responsible leader’s staff agenda?<\/p>\n\n\n\n
The first step for the risk manager is to