RIMS-CRMP EXAM STUDY GUIDE

• | Page

RIMS-CRMP EXAM STUDY GUIDE

UPDATED ACTUAL EXAM WITH CORRECT

SOLUTIONS.

Benchmarking - correct answer- The process of measuring the performance of an organization against external standards of reference that frequently come from similar organizations doing similar things.

Corporate Governance - correct answer- The system of rules, practices and processes by which a company is directed and controlled.

Enterprise Risk Management - correct answer- 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.

Gap Analysis - correct answer- Comparison of an existing process or procedure to recognize standards in order to identify deficiencies or excesses in the existing process.

• / 2

• | Page

Key performance indicator (KPI) - correct answer- As activity that signals the achievement of organizational objectives, emphasize opportunities and strategic objectives.

Key risk indicator (KRI) - correct answer- designed to manage downside risk. A measurement of how risk and volatility relate to achieving organizational objectives,

PESTLE Analysis - correct answer- 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."

Risk - correct answer- The effect of uncertainty on objectives.

Risk Appetite - correct answer- 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

Risk Attitude - correct answer- 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.

• / 2