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RIMS-CRMP EXAM STUDY GUIDE with complete solutions latest 2025/2026RIMS-CRMP EXAM STUDY GUIDE with complete solutions latest 2025/2026
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Benchmarking - correct answerThe 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 answerThe system of rules, practices and processes by which a company is directed and controlled. Enterprise Risk Management - correct answerA 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 answerComparison of an existing process or procedure to recognize standards in order to identify deficiencies or excesses in the existing process. Key performance indicator (KPI) - correct answerAs activity that signals the achievement of organizational objectives, emphasize opportunities and strategic objectives. Key risk indicator (KRI) - correct answerdesigned to manage downside risk. A measurement of how risk and volatility relate to achieving organizational objectives, PESTLE Analysis - correct answerPESTLE 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 answerThe effect of uncertainty on objectives. Risk Appetite - correct answerThe 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 answerAn 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. Risk Culture - correct answerThe 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. Risk Champion - correct answerAny person in an organization who is a leader and influences peers regarding the value that risk management adds to the organization.
Risk governance - correct answerThe architecture within which risk management operates in a company Risk Management - correct answerThe process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization. Risk Owner - correct answerAn individual accountable for the identification, assessment, treatment and monitoring of risks in a specific environment Risk Portfolio - correct answerA complete collection and range of uncertainties that affect an organization's future. Risk Tolerance - correct answerThe 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. Root Cause - correct answerA factor that, if removed from a chain of events, causes a problem to not occur or lessens the impact of a problem. Root Cause Analysis - correct answerA problem-solving methodology used to find the root causes of problem Strategic risk management (SRM) - correct answerA business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization's strategy and strategy execution. SWOT analysis - correct answerSWOT 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. SMART goals - correct answerSMART is an acronym for Simple, Measurable, Achievable, Realistic and Timely and refers to characteristics of high quality goals and objectives. Value Chain - correct answerA 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.