CRM - Administration

Question 0

What are the 6 general classes of risk?

Answer 0

Juridical
Economic
Legal
Physical
Political
Social

Question 1

What is risk?

Answer 1

Uncertainty that might be positive or negative given a set of circumstances

Question 2

What is risk management?

Answer 2

The process of managing uncertainty of exposures that affect an organizations assets and financial statements using identification, analysis, control, financing and administration

Question 3

What are the 5 steps of the risk management process?

Answer 3

Identification 
Analysis
Control
Financing
Administration - implement & monitor

Question 4

Discuss how risk administration supports the risk management program

Answer 4

Identify skills attributes and traits of risk mgr
Develop internal & external members if team
Using technology for communication
Developing & implementing risk mgmt policies and procedures
Addressing internal and external consulting services
Addressing ethics in risk mgmt
Addressing how risk mgmt can be effective in the organization culture

Question 5

Discuss the demands and skill set required if an effective risk manager

Answer 5

Technical - 5 steps to RM process
Management - POLC - planning, organizing, leading, controlling
Personal, professional & technical, managerial

Question 6

Discuss the value an effective risk mgr adds to an organization

Answer 6

Elevates the importance and support of risk mgmt
Supports mgmt decisions to achieve planning and budget
Reduce frequency and severity
Improves morale and productivity
Protects brand and reputation