CPHRM Enterprise Risk Management Flashcards
6 cards from real CPHRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CPHRM Enterprise Risk Management flashcards as text
What is the primary purpose of a risk heat map in healthcare ERM?
Answer: To visually prioritize risks by likelihood and severity
A risk heat map visually plots risks by their probability and impact, helping leadership prioritize which risks need immediate attention.
Which governance body typically has ultimate oversight responsibility for an ERM program in a US hospital?
Answer: The Board of Directors
The Board of Directors holds fiduciary and governance responsibility, including ultimate oversight of the organization's ERM program.
How does operational risk differ from strategic risk in a healthcare ERM program?
Answer: Operational risk involves day-to-day processes, while strategic risk involves long-term goals
Operational risk stems from failures in internal processes, people, or systems, whereas strategic risk relates to threats against achieving organizational goals.
A key difference between traditional risk management and enterprise risk management in healthcare is that ERM:
Answer: Integrates risk across all organizational functions and aligns with strategy
ERM takes a holistic, organization-wide view that integrates risk management with strategic planning across all departments.
Which of the following is an example of a 'key risk indicator' (KRI) in a hospital ERM program?
Answer: Monthly staff turnover rate exceeding a defined threshold
A KRI is a measurable metric that signals an increasing risk exposure; a rising staff turnover rate can indicate workforce and patient safety risks.
In ERM, 'scenario analysis' is used primarily to:
Answer: Explore potential future risk events and their organizational impact
Scenario analysis in ERM helps organizations anticipate and prepare for plausible future risk events by evaluating their potential consequences.