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
Risks
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<\/p>\n\n\n\n
Enterprise Risk Management
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
Support Function: Business continuity and crisis management
Risk identification, assessment and creation of emergency response and recovery plans related to threats or hazards that might lead to operational disruptions<\/p>\n\n\n\n
Analysis
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
To embed risk management in both routine and strategic decision, what should managers be able to recognize?
The type of decision being made; Who should be included in the decision making process; Where in the process decisions are being made<\/p>\n\n\n\n
Risk management strategies’ general focus
Meeting or exceeding an organization’s objectives
Adhering to control-based objectives, rules and\/or controls
Complying with regulatory requirements<\/p>\n\n\n\n
Support Function: Internal Audit
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.<\/p>\n\n\n\n
What steps can the risk management professional take to embed risk management in decision making?
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<\/p>\n\n\n\n
Gap Analysis
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
Risk appetite
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.<\/p>\n\n\n\n
Communication and Consultation
Risk management professional’s role in Implementing Risk Strategies<\/p>\n\n\n\n
Support Function: Legal
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.<\/p>\n\n\n\n
What are the typical failures in risk management which can be avoided if it is embedded in the decision making process?
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<\/p>\n\n\n\n
Strategic Plan
Determines that actions the organization will take at any stage of the planning period as circumstances change.<\/p>\n\n\n\n
Risk owner
The individual who is ultimately accountable for ensuring that risk is managed appropriately, including the implementation of selected responses.<\/p>\n\n\n\n
Risk Identification Process
Finding, Recognizing and Recording Risks<\/p>\n\n\n\n
Support Function: Compliance
Risk identification, assessment and treatment of risk related to regulations that may affect the organization’s ability to operate in its respective jurisdictions, as well as activities that fall within its compliance and ethics programs.<\/p>\n\n\n\n
To successfully integrate risk management into decision making, risk management professionals will rely on strategies that draw on personal and technical skills in
Building organizational awareness; . Differentiating the different types of decisions used in varying situations using elements of decision quality; Performing various roles in the taking risk into account in decision-making process<\/p>\n\n\n\n
Strategy
A complete plan of action for whatever situations might arise in achieving an organization’s goals within the established time.<\/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 risk category or for a specific initiative.<\/p>\n\n\n\n
Strategic Risk Management
A business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategic execution.<\/p>\n\n\n\n
Value Chain
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.<\/p>\n\n\n\n
To build organizational awareness, the risk management professional needs to do the following:
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<\/p>\n\n\n\n
Risk Analysis
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.<\/p>\n\n\n\n
Support Function: Safety
Risk identification, assessment and treatment of risks focused on preserving the physical well-being of employees and third parties.<\/p>\n\n\n\n
Likelihood, Consequences, other criteria such as timing, duration, vulnerability and interdependencies
Risk is typically analyzed on the basis of<\/p>\n\n\n\n
Support Function: Information Security
Risk Identification, assessment and treatment of risk arising our of or affecting information and technology infrastructure.<\/p>\n\n\n\n
To build organizational awareness, risk management creates the most value when
Risk management Aligns with strategic goals; Takes corporate culture into account; Involves key enterprise functions<\/p>\n\n\n\n
Financial Statements
Internal source of information that includes financial analytics or projections<\/p>\n\n\n\n
strategic planning team Internal Audit Reports risk management Support Function: Facilities Simple and frequent Bow tie analysis Business impact analysis Support Functions: Quality Significant importance or complex Organizational Structure Review the existing strategic plan key performance indicators External Organization Information Strategic importance and complex Support Function: Project Management Gap analysis How to obtain the real story aside from reading information? assumptions Root Cause Analysis Element of decision quality: Frame the issue; identify the need Risk Culture Influence analysis\/diagrams Training needs assessment: Why conduct the training? Element of decision quality: Explore doable alternatives Knowledge key risks to each strategic goal Risk Register Analysis Training needs assessment: Who is involved in the training? Element of decision quality: Consider meaningful, reliable information Skills Action plans Organize organizational strategy Element of decision quality: Develop realistic options available to the decision makers Scenario analysis Training needs assessment: How can the performance deficiency be fixed? Risk analysis results to Synthesize Element of decision quality: Understand clearly the values and trade-offs Training needs assessment: What is the best way to perform? Site analysis Prioritize risk register Element of decision quality: Use logical correct reasoning Training needs assessment: When will training take place? SWOT analysis Monte Carlo analysis Developing training goals: Align training to specific organizational performance goals What are the primary risk management skills? What are the components of enterprise risk profile that must be communicated to key stakeholders? Element of decision quality: Acting on the decision Stress analysis Developing training goals: Identify performance goals for learners Risk management professional’s role: Strategic Advisor How can you apply technical knowledge using risk management methods to business process? knowledge and understanding What are the methods of analyzing operations strong relationship Developing training goals: Determine the learning activities Risk management professional’s role: Facilitator Influence diagrams, scenario analysis, site analysis, SWOT Bowtie, business impact analysis, fault tree, cause\/consequence analysis What do learning objectives address? Risk management professional’s role: Spectator Conduct Risk ability to assess and plan Monte Carlo, stress analysis How do learning objectives function? Risk management professional’s role: Coordinator What are the steps to validate organizational information and behavior against an organization’s intended culture? risk awareness What are attributes of a learning organization? forward-looking, long-term view Risk evaluation Pre-decision environment How are learning objectives communicated? Risk appetite Coaching Active-decision Environment What are the steps in benchmarking? trusted adivsor To benchmark the organization against its peers and competitors, which information must be obtained? identify, assess and treat risk Risk tolerance Post-decision Environment ERM integration in organizational strategies: Establish a purpose and value outcome for developing risk management competencies Risk interdependencies ERM integration in organizational strategies: Establish guiding principles by articulating the organization’s risk philosophy Decision Making Environments In benchmarking, you may analyze and compare information and you can look for: matters to the organizational performance Core competencies Quantitative Scoring Methods Identify actual decision makers in the decision making environments ERM integration in organizational strategies: Establish a risk governance model that fits within the organization’s unique governance arrangements Indemnification Contractual risk transfer ERM integration in organizational strategies: Determine the risk management strategy that will build organizational competencies in support of the organization’s strategy Identify impact in the decision making environment Qualitative Scoring Method Core Competency: Attributes What are the specific knowledge risk professionals need during benchmarking? Core Competency: Organizational Knowledge Hold harmless Nine-box approach Ultimate risk oversight responsibilities Risk sharing\/transfer Operational risk assessment Risk attitude What are the factors that are linked to value chain identification process? Core Competency: Business Knowledge Core Competency: Risk Management Knowledge What concepts do risk professionals need to be familiar during the value chain analysis? Risk seeker Project risk assessment Insurance Consultative role of risk management professionals in implementing solutions Strategic risk assessment Risk neutral SWOT Analysis Core Competency: Technical Skills Core Competency: Management Skills Assumptions Risk avoider Integrate risk management process with organizational strategies Risk Monitoring Prioritize risks to be monitored Plan – Do – Check – Act, Deming Cycle, Shewhart Cycle In order to facilitate discussions about risk in decision process, what stages should be identified and influenced? Biases corporate success measures corporate score card Resources; In facilitating risk discussions, who should be included? Plan Risk metrics (key risk indicators) Reviews of the risk treatment plans Do What are characteristics of decisions that may increase the odds of successful outcomes through risk-informed decisions? What are the important ATTRIBUTES that are needed over the course of risk management professional career? performance evaluation process engagement and accountability What are the important SKILLS that are needed over the course of risk management professional career? What could successful discussions reveal Check Key performance indicators (KPI) Key risk indicators (KRI) Act Risk management professionals can encourage continuous learning by Risk Manager Core Competency Model corporate rewards strategy Progress reports Maturity models What are the RMP’s core competencies? strategy and measurement Area of improvement to encourage continuous learning: Design of organizational strategies Leader Risk management maturity Area of improvement to encourage continuous learning: Integration of risk management process Core Competency: Attributes Risk Governance Core Competency: Organizational Knowledge What should be considered when selecting a risk governance framework to fit the risk maturity of the organization? Area of improvement to encourage continuous learning: Development of organizational risk management competencies Catalyst Maturity In facilitating risk identification, risk management professional servers as Benefits of process improvement for risk management professionals Area of improvement to encourage continuous learning: Coaching the organization Core Competency: Business Knowledge What is important in risk committees? Core Competency: Risk Management Knowledge Business area managers or risk owners Collaboration in a more formal environment, such as a risk committee can provide what? Benefits of process improvement for stakeholders Profitability and value Cross-functional view and common risk assessment process Benefits of process improvement for organizations What occurs during the “push” flow of information? Core Competency: Technical Skills Top Management Unmanaged risk Adoption of ERM-based approach What occurs during the “pull” flow of information Core Competency: Management Skills Governing Body\/Board of Directors Risk ownership ERM process management RIMS Risk Maturity Model (RMM) Risks viewed as an interrelated portfolio Risk management Risk appetite management Developing risk governance model, is defining and ensuring the effectiveness of the process steps, methods, tools and techniques for: Clearly identified responsibility for risk management Root cause discipline commitment from leadership milestone\/s Uncovering risk Efficiency of risk management resources Risk Treatments Performance management governed and guided Emerging risks Business resilience and sustainability organizational risk management competencies Risk management culture and governance Benchmarking implementation plan success management agreement Ways to benchmark RMM attribute: Adoption of ERM-based process Engaging risk network promotes risk strategy and tactics; the enterprise communication process, the desired risk culture RMM attribute: ERM process management RMM attribute: Risk appetite management Identifying what training is needed communication channels RMM attribute: Root cause discipline Articulate specific training objectives type and frequency regulators; insurers; rating agencies RMM attribute: Uncovering risks Validate and improve training programs RMM attribute: Performance management Risk management coaching process includes crisis communication process RMM attribute: Business resiliency and sustainability Continuous improvement role political climate Successful outcomes are more likely when risk management Communication Risk management professionals can focus on the following in order to engage the risk network: enterprise culture; business mode; current enterprise strategy Consultation Engage Key Stakeholders Tangible goods immediate superior and his\/her superior Identify and gather available data Tangible services sufficient support for the strategy organization’s strategies Data collection Sentiments Surveys, interviews and focus groups Compliance for Mutual benefits secure support Benchmarking, document review, assets and process reviews Compensation for Costs remediate objective; benefits Equivalent Payments Existing capabilities Progress report should include these issues in the normal business How can risk management professionals take a collaborative approach with company executives? success measurement; return on investment When creating reports and presentations, the following must be considered How can risk management professionals develop the desired risk culture and risk management capabilities? mandate; training plan communication plan; resource support How can managers make risk informed decisions that enable them to succeed? In what areas and activities can risk management professional give advise? What is the process of giving advice? How to identify training needs? What opportunity does risk management provide? An enterprise-wide risk management framework views risk within an organization’s: How to validate whether the training programs are delivering what is expected? What does strategic risk management seeks to? Risk Categorization How to match training and media for audience? What actions could result to informed decisions that increase the likelihood of long-term organizational success? What must risk leaders understand? Key risk indicators Identify risk; Analyze risk; Evaluate, select and implement responses; Monitor results and revise 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 Risk network In developing risk strategy, it should: Reporting structure and top management views Risk threshold Risk management professional should focus on: Transfer risk using insurance Collaborative relationship between risk management professionals, the risk network and other within the organization Strategic; Operational; Financial; Hazard; Regulatory External; People; Process; Relationships; Systems Budgeting for risk solutions Consider all risks and exploit risks as part of the strategy Competitive advantage improvement Total cost of risk Risk Evaluation Process development; improvement options
The risk manager should be a part of the ___________<\/em><\/strong><\/em><\/strong> to provide the structure discipline for consideration of risks in a strategic portfolio.<\/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
______<\/em><\/strong><\/em><\/strong> should be an agenda item at every strategy session.<\/p>\n\n\n\n
Risk identification, assessment and treatment of the organization’s properties, equipment and physical infrastructure systems.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
hazard analysis technique (cause and consequence)<\/p>\n\n\n\n
consider business impacts at a location or from a specific process<\/p>\n\n\n\n
Risk identification, assessment and treatment of risks related to products and services.<\/p>\n\n\n\n
A type of decision that require more deliberate effort. These decisions generally have some period of planning and a longer decision timeline.<\/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
The first step for the risk manager is to ______________<\/em><\/strong><\/em><\/strong> to identify and understand the organization’s goals.<\/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
External source of information that includes external audit reports, competitive analysis, rating agency, consumer reports, legal matters, media coverage<\/p>\n\n\n\n
A type of decision that call for formal planning process over a longer timeline in which multiple risk management techniques can be applied. Decision quality elements should be embedded in the process. Due to the importance of the decision, biases should be formally considered by the entire planning team.<\/p>\n\n\n\n
Assess and identify project risks, mitigate threats and capitalize on opportunities that my affect the success of a specific project.<\/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
Talk to those inside the organization; Talk with external stakeholders ; Do site visits<\/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
multiple techniques designed to identify the underlying or initiating risk sources or drivers. (fault tree analysis, event tree analysis, failure mode and effect analysis and cause-and-effect analysis – fish bone diagram)<\/p>\n\n\n\n
Is solving this problem or realizing this opportunity worthwhile? What are the intended outcomes?<\/p>\n\n\n\n
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.<\/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
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<\/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
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
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
compile risk into a risk register to analyze and manage those risks in an organized way, typically by category.<\/p>\n\n\n\n
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.<\/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
A risk management professional must possess communication, technical and interpersonal skills to obtain organizational information.<\/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
After obtaining information, what should be the next step to be done?<\/p>\n\n\n\n
Risk strategy should be continually revised to align with ________<\/em><\/strong><\/em><\/strong>.<\/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
process of analyzing possible and plausible future events by considering alternative settings, circumstances and outcomes. It provides a basis for making decisions in the context of different conditions.<\/p>\n\n\n\n
Can training fix the performance deficiency or suggest other remediation if training is not appropriate? Conduct a performance analysis to identify what skill deficiency is to be fixed by a training remedy.<\/p>\n\n\n\n
determine the risk adjusted probability of achieving strategic objectives; determine the key risks that may negatively or positively affect the achievement of the strategic objectives<\/p>\n\n\n\n
A process of combining information in ways that are coherent, logical and meaningful.<\/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
Is there a better or preferred way to do a task to get the best results? Are job performance standards set by the organization? Are thre governmental regulations to consider when completing the task in a required manner? Conduct a task analysis to identify the best way to perform.<\/p>\n\n\n\n
leaders at each site perform an assessment by analyzing and evaluating the potential risks based on what is being produced at the site and its environmental factors. This may include threat, vulnerability and criticality analyses.<\/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
____<\/em><\/strong><\/em><\/strong> is a tool that can be used to provide an overview or the organization’s risk profile aligned to corporate strategy<\/p>\n\n\n\n
What biases may be influencing reasoning?<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
strengths and weaknesses (internal), opportunities and threats (external)<\/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
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
Organize and synthesize; Differentiate and prioritize; Employ computer and math skills<\/p>\n\n\n\n
Risk assessment; Risk appetite; Risk tolerance; Control 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
a form of simulation used to determine reactions to different situations. Also used to gauge how certain stressors will affect a company or industry.<\/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
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<\/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
Organizational risk competency capabilities: _____<\/em><\/strong><\/em><\/strong> of operations<\/p>\n\n\n\n
Identify the methods; Compare operations with intended culture and strategy; Validate<\/p>\n\n\n\n
Organizational risk competency capabilities: ____<\/em><\/strong><\/em><\/strong> with key stakeholders<\/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
encourages participants to share relevant information; provides the team with updates on the changes in the organization; Query and challenge what is said in order to fully develop a concept or issue and explore risks from a 360-degree perspective<\/p>\n\n\n\n
Examples of qualitative methodology for analyzing data<\/p>\n\n\n\n
Examples of combined methodology for analyzing data<\/p>\n\n\n\n
Knowledge, skills or attitudes, what learners will know, such as the elements of risk management process, skills learners can hold, such as those relating to risk appetite and tolerance.<\/p>\n\n\n\n
refrains from influencing a risk dialogue; only take meeting notes or for staff development purposes, provide exposure to the risk management process<\/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
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
Examples of quantitative methodology for analyzing data<\/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
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.<\/p>\n\n\n\n
Scrutinize organizational functions; Compare the organization’s business model and strategy with its operations to identify connections and points of dissonance<\/p>\n\n\n\n
Organizational risk competency capabilities: __<\/strong><\/em><\/strong> as a core cultural characteristic<\/p>\n\n\n\n
Supports constructive criticism; Supports healthy debates; Open to understand attitudes about uncertainties, risk taking and tolerance<\/p>\n\n\n\n
Organizational risk competency capabilities: _______<\/em><\/strong><\/em><\/strong> into emerging risks<\/p>\n\n\n\n
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<\/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
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
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.<\/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
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
Compare organization with peers and competitors; Differentiate and prioritize to identify peers<\/p>\n\n\n\n
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 _<\/em><\/strong><\/em><\/strong>.<\/p>\n\n\n\n
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<\/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
is the amount of uncertainty an organization is prepared to accept in total – or more narrowly, within a certain business unit, a particular risk category, or for a specific initiative.<\/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
What value outcome will risk management competencies provide for strategy development and performance at strategic, operational and tactical levels?<\/p>\n\n\n\n
are situations where risks can have a cascading effect. Understanding this provides an opportunity to facilitate collaboration among various business units by addressing similar or related risks together.<\/p>\n\n\n\n
Risk philosophy aligned with vision, mission and values; create and protect value<\/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
Gaps, strengths and weaknesses, differentiators; risks<\/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
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
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
Identify those who are accountable for performance<\/p>\n\n\n\n
Oversight, roles and responsibilities, structure unique to the organization<\/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
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
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
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
Scoring Method when rating organization against peers based on economic, environmental and philanthropic programs that increase brand quality<\/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
Market analysis and environmental scanning; Business acumen-market analysis and value assessment; Due diligence and analytics<\/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
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
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
Belong at the board level<\/p>\n\n\n\n
action taken when i) costs of retaining risk exceeds the organization’s risk tolerance; ii) risks or some portion can be transferred at a lower cost, iii) risks should be apportioned based o an agreement and iv) it is required by regulation.<\/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
the organization’s or individual’s 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
Value chains; Resources within the value chain; Key inputs and outputs ; Differentiators within an organization with its peers; Influential macro-economic factors<\/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
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
Economic concepts; Business Process; Value Chains; Interdependencies between external factors and internal performance; Analysis of value chains, peer groups and statistical analysis<\/p>\n\n\n\n
Risk attitude that take on risk in order to maximize gain expected from the decision<\/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
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
Strategic advisors
Solutions advocates
Collaboration facilitators<\/p>\n\n\n\n
focuses on broader deliberation and actions regarding uncertainties that affect an organization’s planned strategy and strategy execution such as growth or contraction objectives.<\/p>\n\n\n\n
Risk attitude that is indifferent as to risk-taking in relation to the decision<\/p>\n\n\n\n
A method to identify uncertainties regarding obstacles and accelerators.<\/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
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
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
Risk attitude that considers “what can go wrong” rather than “what needs to go right” related to the decision<\/p>\n\n\n\n
consider the organization’s planning processes and calendar<\/p>\n\n\n\n
Observe
Check the progress or quality of something over a period of time
Keep under systematic review<\/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
Continuous improvement multi-step quality model<\/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
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
Success measures: aligning risk measures to ____<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Success measures: Gaining lace on the __<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
A method to identify uncertainties allocates resources for managing risk related to organizational objectives.<\/p>\n\n\n\n
Decision makers, other influencers, accountable individuals; impacted stakeholders; those responsible for managing related risks<\/p>\n\n\n\n
A step in continuous improvement model to identify an opportunity and plan for change.<\/p>\n\n\n\n
In monitoring risks, what should be integrated into the performance objectives of the organization?<\/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
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
Be transparent; Resolve potential conflicts; Follow escalation guidelines<\/p>\n\n\n\n
Assertiveness; Inquisitiveness; Judgment; Curiosity; Courage; Persuasiveness<\/p>\n\n\n\n
Success measures: Integrating risk success measurement into the organization’s ____<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Success measures: Making the case for risk management ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Investigation skills; Strategic thinking; Inductive reasoning; Behavior modification; Relationship development; Decision making<\/p>\n\n\n\n
Potential untapped opportunities; Uncertainties that may benefit from scenario planning; Cognitive Biases, anchoring and loss aversion; Potential outcomes<\/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
help a firm see how it is performing in relation to its strategic goals and objectives.<\/p>\n\n\n\n
are leading indicators of risk to business performance, giving early warning about potential risks.<\/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
Advising on alignment of the decisions within the organization’s strategy and external information; Suggest improvements when changes may need to be made in other areas; Developing a sustainable communication process and network.<\/p>\n\n\n\n
Consists of key skills and knowledge that will help a risk manager thrive. This can be used for position definition, professional development, communication and many other purposes<\/p>\n\n\n\n
Success measures: Tying risk engagement, accountability and results to the __<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
What should be monitored in terms of significant risks and use of risk process?<\/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
Business insight; integrity\/ethics; communication; collaboration; consultation<\/p>\n\n\n\n
Enterprise Risk Management, in contrast to traditional risk management, takes into account __________<\/em><\/strong><\/em><\/strong> where it considers all risks as part of strategy and includes the upside of risk, concept of build, expand and exploit to add value, push and pull of risk performance data and uses RIMS risk maturity model<\/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
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
represents the degree of formality and effectiveness of risk management activities and processes in an organization at different levels, from ad hoc practices, to formal defined steps, to management result metrics to actively making the most effective use of processes and capabilities.<\/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
Leader; visionary; negotiator; innovator; facilitator; inquisitive<\/p>\n\n\n\n
The architecture within which risk management operates in the company<\/p>\n\n\n\n
Strategy\/Objectives; operations; value chain; culture; decision-making processes; stakeholder<\/p>\n\n\n\n
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?<\/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
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
refers to an evolution toward full development of the risk management attributes and competency drivers.<\/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
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
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
Business model; performance management, economics, functional areas<\/p>\n\n\n\n
Purpose and process must be established (committee use and structure); Relationship between risk performance and the reward system<\/p>\n\n\n\n
Standards\/Frameworks; Concepts; Adaption approaches; process; solution; subspecialties<\/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
give managers an open venue to share concerns and receive feedback from colleagues<\/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 benefit of ERM that provides improved profitability, increased shareholder value, reduced financial volatility<\/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
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
Risk management professionals have an outlet to push out information to department leaders that might prompt them to reassess their business processes or even identify new exposures<\/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
Participants in the ERM governance model who establishes risk management policies\/tolerances; review and reports significant risk issues; controls risk governance and infrastructure<\/p>\n\n\n\n
greatest source of waste in business and economy and can have a damaging effect on companies, employees and communities where the business operates.<\/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
Risk management professionals can pull information about new developments and promote action plans that manage significant risks<\/p>\n\n\n\n
Strategic perspective; planning; organizing; decision making; relationship development<\/p>\n\n\n\n
Participants in the ERM governance model who is the ultimate risk management oversight responsibility<\/p>\n\n\n\n
Essential to the successful implementation of an ERM program because it places the responsibility, accountability and authority for volatile situations on those stakeholders directly affected by risk.<\/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 best practice framework for enterprise risk management. Developed as an umbrella framework of the international, cross-industry standards, the RIMS RMM allows organizations to measure how well their risk management efforts align with these best practices.<\/p>\n\n\n\n
Coordinated and strategic approach of risk management<\/p>\n\n\n\n
strategic business discipline that supports the achievement of an organization’s objectives by addresssing the full spectrum of its risks and managing the combined impact of those risks as an interrelated portfolio.<\/p>\n\n\n\n
Competency Drivers: Risk portfolio review; risk reward tradeoffs<\/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
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
Competency Drivers: Dependencies and consequences; Indicator classifications; risk (uncertainties) and opportunity information collection; root cause consideration<\/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
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
Competency Drivers: Formalized risk indicators and measures; adverse (potential) outcomes as opportunities; follow-up reporting; risk ownership by business areas<\/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
Avoidance, Transfer, Acceptance, Mitigate<\/p>\n\n\n\n
Compentency drivers: ERM information and planning; communicating goals; ERM process goals and activities<\/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
Completely new or extremely rare negative events<\/p>\n\n\n\n
Compentency Drivers: Analysis-based planning; resilience and operational planning; understanding consequences<\/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
Examples include Adhere to systematic and consistent practices, limit future losses, optimal risk\/reward structure<\/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
Component in implementing enterprise risk plan: Develop metrics to measure ___<\/em><\/strong><\/em><\/strong><\/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
Industry groups; conferences, sumits and workshops; participation in surveys; association, academic, government and other research; networking<\/p>\n\n\n\n
RMM attribute: This attribute measures the organization’s risk culture, and considers the degree of executive or board-level support for enterprise risk management.<\/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
Component of risk communication strategy: Ensure alignment with ___<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
RMM attribute: This attribute measures the extent to which the organization has adopted an ERM methodology throughout its culture and business decisions, and how well the risk management program follows best practice steps to identify, assess, evaluate, mitigate, and monitor risks.<\/p>\n\n\n\n
RMM attribute: This attribute evaluates the level of awareness around risk-reward trade-offs, accountability for risk, defining risk tolerances, and whether the organization is effective in closing the gap between potential and actual risk.<\/p>\n\n\n\n
Logical first step before developing training goals<\/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
RMM attribute: This attribute assesses the extent to which an organization identifies risk by source, or root cause, versus the symptoms and outcomes they produce. Focusing on the root cause of a risk and classifying them accordingly, will strength response and mitigation efforts.<\/p>\n\n\n\n
Step to perform before preparing training media and materials.<\/p>\n\n\n\n
Component of risk communication strategy: Define the _____<\/em><\/strong><\/em><\/strong> of internal messaging delivered to risk stakeholder leaders; risk owners; key functional leaders; business unit heads; top management; governing body<\/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
RMM attribute: This attribute measures the quality and coverage of your risk assessments. It examines the method of collecting risk information, the risk assessment process and whether enterprise-wide trends and correlations can be uncovered from the risk information.<\/p>\n\n\n\n
final step once the training is determined and materials are developed.<\/p>\n\n\n\n
RMM attribute: This attribute determines the degree to which an organization executes on its visions and strategy. It evaluates the strength in planning, communicating and measuring core enterprise goals with a risk-based process, and the extent to which progress deviates from expectations.<\/p>\n\n\n\n
Identifying coaching needs; identifying existing coaching relationships; conducting gap analysis between existing coaching relations and current coaching needs; matching coaches with targeted stakeholders<\/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
RMM attribute: This attribute evaluates the extent to which business continuity, operational planning and other sustainability activities are approached with a risk-based methodology.<\/p>\n\n\n\n
Ongoing effort to improve products, services or processes within an organization.<\/p>\n\n\n\n
Component of risk communication strategy: Determine and define the _<\/em><\/strong> of the risk management function in communicating with the media<\/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
Is integrated into day-to-day activities; Fosters collaboration cross-functionally; Builds competency through training and coaching; Strives for continuous improvement<\/p>\n\n\n\n
Risk Management Professional’s role to convey information.<\/p>\n\n\n\n
Discovering mutual benefits; Understanding the department’s specific objectives and the risk management process used; Demonstrating the value of an enterprise-wide approach to risk management<\/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
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
A step in identifying risk whereby considering those most closely associated with achieving the organization’s objectives.<\/p>\n\n\n\n
A risk management professional may offer budget dollars, equipment or personnel time in exchange for implementing enterprise-wdse collaboration<\/p>\n\n\n\n
Strategies to obtain support: Secure alignment with _____<\/em><\/strong><\/em><\/strong><\/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
A risk management professional may offer faster response, useful or sensitive information or public support in exchange for implementing enterprise-wide collaboration<\/p>\n\n\n\n
Strategies to obtain support: Determine if there is _______<\/em><\/strong><\/em><\/strong> from your immediate chain of command<\/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
A strategy for gathering data to identify a risk that should be comprehensive, strategic and timely<\/p>\n\n\n\n
A risk management professional may offer gratitude, appreciation or praise in exchange for implementing enterprise-wide colaboration<\/p>\n\n\n\n
Methodologies used for gathering data to identify a risk<\/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
Strategies to obtain support: Define, communicate and _______<\/em><\/strong><\/em><\/strong> from key leaders for the risk roles needed from stakeholders and employees in general, that would enable the desired risk competencies in the enterprise<\/p>\n\n\n\n
A strategy for gathering data to identify a risk involving external resources<\/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
Strategies to obtain support: Identify gaps and __<\/em><\/strong> them<\/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
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
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
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
Build relationships; Practice empathy and listening; Present yourself as an ally; Focus on organizational objectives<\/p>\n\n\n\n
Value proposition of ERM: There is a __<\/em><\/strong><\/em><\/strong> methodology; there some form of __<\/em><\/strong><\/em><\/strong> message that can ultimately be validated.<\/p>\n\n\n\n
Understand the audience; Understand the purpose; Type and detail of information; Insights and recommendations<\/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
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
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
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
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
Evaluate metrics and reports; Gain insights into organizational performance; Validate insights with key stakeholders; Develop recommendations; Communicate recommendations<\/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
An opportunity to identify risks that can be exploited to benefit the organization’s mission and goals<\/p>\n\n\n\n
Unique strategy; Tolerance; Culture; Decision Making; Governance<\/p>\n\n\n\n
Engaging others in feedback reviews; Testing training in small groups<\/p>\n\n\n\n
Drive deliberate and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategy execution<\/p>\n\n\n\n
helps assign accountability, allocate resources, and ensure that the risk reports are more easily understood by top management<\/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
Building organizational risk competency; Aligning risk strategy to corporate strategy; Embedding risk awareness and competency throughout organizational functions and processes<\/p>\n\n\n\n
Organizational strategy and operations; Key strategic goals to define success; Operational tactics that will be used to achieve strategic goals; Ways in which risk will make or break mission accomplishment.<\/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
Describe the risk process<\/p>\n\n\n\n
Specific techniques for identifying risks include:<\/p>\n\n\n\n
the integration of risk management activities and resources across the organization<\/p>\n\n\n\n
Align with the strategic plan; Infuses risk management throughout the structure of the organization<\/p>\n\n\n\n
Determine the risk categorization that most closely aligns with:<\/p>\n\n\n\n
Level of uncertainty and potential impact that precipitates an organization to take action<\/p>\n\n\n\n
Strategic alignment; Success measures; Needed competencies; Securing support for the risk strategy<\/p>\n\n\n\n
Strategy of traditional risk management<\/p>\n\n\n\n
A key consideration in successful exchange of benefits<\/p>\n\n\n\n
Common risk categorization<\/p>\n\n\n\n
Other type of risk categorization<\/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
Strategy of Enterprise Risk Management<\/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
Continuous improvement model (Plan): Identify continuous _<\/em><\/strong><\/em><\/strong> opportunities; Identify options for _<\/em><\/strong><\/em><\/strong><\/p>\n\n\n\n
Measurement of traditional risk management<\/p>\n\n\n\n
At what stage should the proposed risk treatment methods be evaluated to consider the cost-benefit of the measure to modify the risk and whether the risk treatment changes or introduces new to the organization and its value chain?<\/p>\n\n\n\n
Continuous improvement model (Do): Collaborate in the assessment and