Corporate RM & Insurance
Events that have a low likelihood but an enormous impact.
What is a Black Swan
The acronym ALARP stand for this.
What is As Low as Reasonably Practicable.
A process that mitigates risk, assists employees to cope and react, and minimizes downtime of critical business processes.
What is business continuity or business continuity planning.
List the 4 categories of threats
What are
-Natural or Acts of Nature
-Man-Made
-Political
-Technological/Infrastructure
When it comes to Emergency response, one would find Command Centres (CC) at what two locations?
What are Impacted Site and Alternate(recovery site).
When dealing with emerging risks it's important to focus on the impacts and use...
Existing mechanisms
A blend of engineering and management skills focused on preventing catastrophic accidents, particularly explosions, fires, and toxic releases, associated with the use of chemicals and petroleum products
What is Process Safety
__________ must be involved in the understanding of the BC plan and the role that they play before, during and after a crisis or disaster.
Who is everyone?
"Evaluate the critical operations for the organization and determine the resources needed to run them" is the objective of what BC step?
What is Business Impact Analysis.
Any BC strategies should be validated against this.
What is BIA?
List one of the 3 benefits of insurance.
What is
1. Paying for losses
2. Managing Cash Flow Uncertainty
3. Complying with legal requirements
These systems include, but are not limited to, tank dikes, curbing around process equipment, drainage collection systems into segregated oily drain systems, the outer wall of double walled tanks, etc
What is secondary containment.
List one of the thee objectives of the Project Initiation stage of Business Continuity.
What is
1.Establish the need for a BCM Program
2.Obtain commitment and support from Sr. Management
3.Organize & Manage the program
List 1 of the 3 purposes of a risk assessment.
What is
Prioritize planning & resource allocation
Identify & mitigate exposures
Identify the threats, risks & vulnerabilities in the “disaster chain”
When determining alternate sites, this type of site costs the most but provides full hardware and telecommunications equipment and requires no setup time.
What is mirrored.
Management liability is not something that can be insured. (T/F)
What is False.
These should be used to control all work around process areas.
What are safety work permits.
A sudden, unplanned, calamitous event causing great damage or loss.
What is a Disaster
This is considered a deadline for pre-defined systems, applications, functions or operations to be restored and available to users or customers to prevent severe or fatal impact to the organization, its business or mission.
What is RTO (Recovery Time Objective).
When developing BC strategy, it's this person's role to understand available alternatives, disadvantages and cost ranges.
Who is the BCP Professional.
According to our work in class, Corporate Risk can be broken into these 4 categories.
What is Strategic, Financial, Operational and Hazard
The acronym LOPA stands for?
What is Layers of Protection Analysis.
Systems whose incapacity or destruction would have a debilitating impact on the economic security of an organization, community, nation, etc.
What is Critical information.
List the three organizational vulnerabilities that form the HRVA
What are Human, Property and Business.
During and emergency response situation and organization would go through these 4 phases.
Reduce, Respond, Recover/Resume and Restore/Return