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RIMS CRMP Implementing the Risk Process
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RIMS CRMP Implementing the Risk Process
- Risks
Answer: 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
- Risk management strategies' general focus
Answer:
Meeting or exceeding an organization's objectives Adhering to control-based objectives, rules and/or controls Complying with regulatory requirements
- Communication and Consultation
Answer: Risk management professional's role in Implementing Risk Strategies
- Risk Identification Process
Answer: Finding, Recognizing and Recording Risks
- Risk Analysis
Answer: 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.
- Likelihood, Consequences, other criteria such as timing, duration, vulnerability and
interdependencies: Risk is typically analyzed on the basis of
- Bow tie analysis
Answer: hazard analysis technique (cause and consequence)
- Business impact analysis
Answer: consider business impacts at a location or from a specific process
- Gap analysis
Answer: 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)
- Root Cause Analysis
Answer: 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)
- Influence analysis/diagrams
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Answer: 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
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