Benchmarking
The process of measuring the performance of an organization against external standards of reference that frequently come from similar
... [Show More] organizations doing similar things.
Corporate Governance
The system of rules, practices and processes by which a company is directed and controlled.
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.
Gap Analysis
Comparison of an existing process or procedure to recognize standards in order to identify deficiencies or excesses in the existing process.
Key performance indicator (KPI)
As activity that signals the achievement of organizational objectives, emphasize opportunities and strategic objectives.
Key risk indicator (KRI)
designed to manage downside risk. A measurement of how risk and volatility relate to achieving organizational objectives,
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."
Risk
The effect of uncertainty on objectives.
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
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.
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.
Risk Champion
Any person in an organization who is a leader and influences peers regarding the value that risk management adds to the organization.
Risk governance
The architecture within which risk management operates in a company
Risk Management
The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization.
Risk Owner
An individual accountable for the identification, assessment, treatment and monitoring of risks in a specific environment
Risk Portfolio
A complete collection and range of uncertainties that affect an organization's future.
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.
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.
Root Cause Analysis
A problem-solving methodology used to find the root causes of problem
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.
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.
SMART goals
SMART is an acronym for Simple, Measurable, Achievable, Realistic and Timely and refers to characteristics of high quality goals and objectives.
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.
A business model is a set of assumptions about the
way an organization creates value
What two analytical tools are particularly useful in analytical tools for analyzing the business model?
Value chain analysis and benchmarking
Risk Management professional conduct supply-chain analysis to identify
potential vulnerabilities to the organization
Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?
Organize the information
The organization's resources and internal support are__________________ the risk management strategy
inputs in the development of
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
Which of the following is considered a risk analysis technique?
Monte Carlo Simulation
When an operational area develops a treatment for a critical risk, the risk management professional MUST
evaluate the impact upon other areas
A risk management professional advises management on the status of key risks by
providing insights into the changing characteristics of a risk
After validating the training curricula, a risk management professional
schedules and conducts training.
What is the role of risk management in the strategic planning process
identify threats and opportunitie [Show Less]