
General ERM Flashcard
Flashcard
•
Business
•
Professional Development
•
Practice Problem
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
A business model is a set of assumptions about the _____ .
Back
way an organization creates value
Answer explanation
The business model represents the value an organization creates.
2.
FLASHCARD QUESTION
Front
What two analytical tools are particularly useful in analyzing the business model?
Back
Value chain analysis and benchmarking
Answer explanation
The risk management professional should utilize appropriate analytical tools for analyzing the business model.
3.
FLASHCARD QUESTION
Front
Risk management professionals conduct supply-chain analyses to identify _____ .
Back
potential vulnerabilities to the organization
Answer explanation
The vulnerability of the supply-chain helps determine the organization’s ability to meet performance objectives.
4.
FLASHCARD QUESTION
Front
Which activity does the risk management professional perform immediately after obtaining internal and external information about the organization?
Back
organize the information
Answer explanation
To properly perform due diligence, the risk management professional needs to know the order of processing the information. Information must be organized before it can be analyzed, prioritized, or reported.
5.
FLASHCARD QUESTION
Front
Which risk identification and analysis technique should a risk management professional use in order to gather information from multiple departments in a brainstorming session that helps to identify shared risks within an organization?
Back
workshops
Answer explanation
Workshops have an advantage in that they have a facilitator that can help to guide the discussion and identify information in this interactive format. Checklists, flowcharts, and questionnaires are less able to identify shared risks between departments as they are completed in a silo approach.
6.
FLASHCARD QUESTION
Front
When analyzing an organization’s value chain, which of the following would be considered a primary activity?
Options: technological development, human resources management, infrastructure management, outbound logistics
Back
outbound logistics
Answer explanation
Porter’s value chain model considers the following to be primary activities: Inbound logistics, Operations, Outbound Logistics, Marketing and Sales, and Service.
7.
FLASHCARD QUESTION
Front
The organization’s resources and internal support are _____ the risk management strategy.
Back
inputs in the development of
Answer explanation
The appropriate risk management strategy aligns with the organization’s internal resources and support.
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