Mixed Deck — All CRM Topics Flashcards
100 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 20 Mixed Deck — All CRM Topics flashcards as text
What does Recovery Point Objective (RPO) define in business continuity planning?
Answer: The maximum acceptable amount of data loss measured in time
RPO defines the maximum tolerable period of data loss measured in time, determining how frequently backups must occur.
Which of the following best describes the concept of 'supply chain resilience' as part of business continuity management?
Answer: Identifying and managing risks that could disrupt the flow of goods and services from external suppliers
Supply chain resilience involves assessing and managing vulnerabilities in the supplier network to ensure continuity of critical inputs even when individual suppliers are disrupted.
What does 'control environment' refer to in risk mitigation?
Answer: Organizational culture and structure.
The 'control environment' refers to the overall attitude, awareness, and actions of management and the board of directors regarding internal controls and their importance. It encompasses the ethical values, competence, organizational structure, and assignment of authority and responsibility within an entity. Essentially, it sets the tone at the top for risk management.
Which liability coverage protects a business against claims arising from its products after they leave the premises?
Answer: Products liability
Products liability coverage protects manufacturers and sellers against claims arising from harm caused by their products.
What is a 'low likelihood, high impact' risk typically considered?
Answer: A strategic risk.
A 'low likelihood, high impact' risk is typically considered a strategic risk. While these events may not happen often, their occurrence could have severe, far-reaching consequences for an organization's long-term goals, reputation, or even survival. Such risks require careful planning and contingency strategies despite their low probability.
What ethical standard governs core concepts and principles practice?
Answer: Adherence to the profession's code of ethics and applicable laws and regulations
Professional ethics codes and applicable laws provide the framework for ethical practice in every professional field.
What is the foundational principle of continuing education requirements in the Certified Relationship Manager field?
Answer: Maintaining competence, integrity, and service to stakeholders
The foundational principles of continuing education requirements in Certified Relationship Manager center on maintaining competence, integrity, and quality service.
What is the first step in the risk management process?
Answer: Identify potential risks.
The first step in the risk management process is to identify potential risks. This involves systematically determining what events or circumstances could negatively impact an organization's objectives. Without first identifying these risks, it is impossible to effectively evaluate, treat, or monitor them, making this a foundational and critical initial step.
How should communication and documentation knowledge be maintained and updated?
Answer: Through continuous professional development, current literature review, and professional networking
Professional competence requires ongoing development through education, literature review, and engagement with the professional community.
What quality assurance measure supports continuing education requirements?
Answer: Regular self-assessment, peer review, and adherence to established standards
Ongoing quality assurance through self-assessment, peer review, and standards adherence ensures continuous improvement.
How should professionals apply communication and documentation in daily practice?
Answer: Consistently integrate best practices into every aspect of professional work
Consistent application of professional standards ensures quality outcomes and builds professional credibility.
How should continuing education requirements knowledge be maintained and updated?
Answer: Through continuous professional development, current literature review, and professional networking
Professional competence requires ongoing development through education, literature review, and engagement with the professional community.
How should professionals apply assessment and evaluation in daily practice?
Answer: Consistently integrate best practices into every aspect of professional work
Consistent application of professional standards ensures quality outcomes and builds professional credibility.
Which of the following is a key characteristic that distinguishes crisis management from routine incident management?
Answer: Crisis management requires executive-level decision-making due to high stakes and uncertainty
Crisis management addresses high-stakes, high-uncertainty events that can threaten organizational survival, requiring senior leadership involvement and strategic decision-making.
What does 'loss frequency' refer to in insurance and risk management?
Answer: How often losses occur within a given period
Loss frequency measures how often loss events occur, which helps predict future losses and set appropriate premiums.
What is the primary goal of Enterprise Risk Management (ERM)?
Answer: Integrate risk management across all business functions
ERM integrates risk management across all business units to provide a holistic view of organizational risk.
Which of the following best describes a 'hot site' in business continuity terminology?
Answer: A fully equipped backup facility that can be operational within hours
A hot site is a fully configured backup facility with hardware, software, and data replication that can assume operations within hours of a primary site failure.
When should risk communication occur during a project?
Answer: Throughout the entire project lifecycle.
Risk communication should be an ongoing process, not a one-time event. Risks can emerge, change, or disappear at any stage of a project, so continuous communication ensures that all stakeholders are kept informed of the evolving risk landscape. This allows for timely adjustments to strategies and maintains a shared understanding of project risks.
Which ERM approach considers both upside opportunities and downside threats?
Answer: Enterprise Risk Management
ERM uniquely considers both upside opportunities and downside threats, unlike traditional risk management which focuses mainly on losses.
How should core concepts and principles knowledge be maintained and updated?
Answer: Through continuous professional development, current literature review, and professional networking
Professional competence requires ongoing development through education, literature review, and engagement with the professional community.