RAM Configuration

Question 1

The RAM initiation guided set ups are available on the Risk Workspace via which 2 playbooks?

Answer 1

one for the risk manager to create a number of assessment instances, one for the risk specialist to create specific assessments

Question 2

Both RAM initiation guided set up playbooks follow the same lifecycle except…?

Answer 2

scope definition lifecycle stage

Question 3

If assessing a risk scoped with an entity, the primary RAM is set on the ______ record

Answer 3

entity class

Question 4

What field appears when the Assess field on an Assessment is set to Object?

Answer 4

Table

Question 5

What is the risk level without controls or mitigation actions that often assesses the impact if the risk occurs and the likelihood of it occurring?

Answer 5

Inherent risk

Question 6

What is the assessment of effectiveness of mitigating controls to prevent, detect, or correct the risk?

Answer 6

Control effectiveness

Question 7

What is leftover risk after implementation of controls?

Answer 7

Residual risk

Question 8

Which 2 tabs can be enabled on risk assessment instances for risk-based assessments?

Answer 8

Risk Response and Target Risk

Question 9

What are the three available assessment types that can be included on a RAM template?

Answer 9

inherent risk, control effectiveness, residual risk

Question 10

The rollup configuration, Business rules and validation, risk response configurations, and reference information sections only appear if the Assess field has the value _____?

Answer 10

Risk

Question 11

What three Business rules are available in the RAM configuration?

Answer 11

mandate final comment, residual score lower than inherent, automatically create issue

Question 12

What are the two options for automatically creating an issue on a RAM configuration?

Answer 12

on breach of appetite and on breach of tolerance

Question 13

What 4 options are available under reference information on a risk assessment?

Answer 13

show related risk events, show related risk indicators, show open issues, show previous assessment

Question 14

The Other Configurations tab on a risk assessment contains what 6 fields?

Answer 14

Advance reminder, Overdue reminder, Risk identification, Copy previous responses, Allow override of results, and Configure section terminology

Question 15

What 2 options are under Risk Response configurations on a risk assessment?

Answer 15

Allow single risk response and Risk response is required

Question 16

What field appears under Other Configurations of an assessment when Object is selected from the Assess field?

Answer 16

Update assessment results to source record