100+ Free CRM55 Practice Questions

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2026 Statistics

Key Facts: CRM55 Exam

MCQ Questions

RIMS CRM Exam Information

100 min

Time Limit

RIMS (1 hour 40 minutes)

70%

Passing Score

RIMS / UCalgary CRM pages

$205/$225

Exam Fee (USD)

RIMS member/non-member

Dec 15

Access Deadline

Year of purchase

CRM55 (RIMS/GRMI) is a 70-MCQ, 100-minute virtual exam with a 70% pass mark; registration is $205 USD for RIMS members or $225 USD for non-members. It pairs with Insurance Institute R120 Risk Assessment and Treatment content. This free bank has 100 practice questions weighted across the official RIMS CRM55 topic list.

Sample CRM55 Practice Questions

Try these sample questions to test your CRM55 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In the CRM55 risk treatment framework, which technique eliminates an activity so the associated loss exposure no longer exists?

A.Avoidance

B.Loss prevention

C.Duplication

D.Loss reduction

Explanation: Avoidance removes the activity that creates the exposure, so the organization no longer faces that particular risk. Loss prevention and reduction keep the activity but change probability or severity; duplication keeps spare capacity without eliminating the exposure.

2A manufacturer installs machine guards to reduce the likelihood of worker injury without stopping production. Which risk control technique is this?

A.Avoidance

B.Loss prevention

C.Separation

D.Risk financing

Explanation: Loss prevention measures reduce the probability of loss while the operation continues. Machine guards are a classic pre-loss control aimed at frequency, not severity after injury occurs.

3Automatic sprinklers that activate after ignition primarily illustrate which risk control technique?

A.Avoidance

B.Loss prevention

C.Loss reduction

D.Diversification

Explanation: Sprinklers assume a fire may start and then limit damage severity—loss reduction. Loss prevention would focus on reducing ignition probability (e.g., hot-work permits, housekeeping).

4A retailer stores inventory in two warehouses in different provinces so a single regional event cannot destroy all stock. This is best classified as:

A.Duplication

B.Avoidance

C.Contractual transfer

D.Separation

Explanation: Separation disperses exposures so one event affects only part of the total. Duplication keeps idle backups of the same asset; here both warehouses are in active use.

5An organization maintains an idle backup data center that activates only if the primary site fails. Which technique does this exemplify?

A.Duplication

B.Separation

C.Diversification

D.Avoidance

Explanation: Duplication provides substitute capacity held in reserve for use after a loss. Separation would run active operations at multiple sites as part of normal production.

6A restaurant chain reduces dependence on a single cuisine concept by also selling branded sauces through grocery channels. This primarily illustrates:

A.Loss prevention

B.Diversification

C.Loss reduction

D.Avoidance

Explanation: Diversification spreads revenue across distinct markets or products so a downturn in one line is less devastating. It is a risk control approach for strategic/operational concentration risk.

7Which statement best distinguishes risk assessment from risk treatment in the CRM55 curriculum?

A.Assessment selects insurance limits; treatment only identifies hazards

B.Assessment is limited to financial risk; treatment covers only physical hazards

C.Assessment analyzes and prioritizes exposures; treatment selects and implements control or financing responses

D.Assessment requires actuarial models; treatment never uses quantitative data

Explanation: Risk assessment identifies, analyzes, and prioritizes risks. Risk treatment then chooses, implements, and monitors techniques (control and/or financing) to manage those prioritized exposures.

8When monitoring risk treatment, which action best confirms that selected controls remain effective?

A.Cancel all insurance once controls are installed

B.Rely solely on the original implementation checklist indefinitely

C.Transfer monitoring responsibility exclusively to external regulators

D.Periodically test, audit, and update controls against residual risk and changing conditions

Explanation: CRM55 emphasizes selection, implementation, and monitoring. Ongoing testing and audits verify that controls still reduce residual risk as operations, threats, and regulations change.

9Which combination correctly pairs a technique with its primary effect on loss?

A.Avoidance → sets probability of that exposure’s loss to zero by ending the activity

B.Loss prevention → reduces severity after loss begins

C.Loss reduction → reduces frequency of loss events

D.Duplication → permanently eliminates all residual risk

Explanation: Avoidance ends the activity, so that exposure’s loss probability becomes zero for the organization. Prevention targets frequency; reduction targets severity; duplication addresses continuity, not total residual risk elimination.

10The 5 Whys technique is primarily used to:

A.Calculate expected monetary value of a loss

B.Drill from a problem statement toward underlying causes by repeated questioning

C.Map all possible AND/OR failure paths for a top event

D.Compare construction, occupancy, protection, and exposure factors

Explanation: 5 Whys iteratively asks why an event occurred until deeper causes surface. It is a simple RCA tool, not a quantitative loss model, fault tree, or COPE property analysis.

About the CRM55 Exam

CRM55 is the RIMS standardized Canadian Risk Management exam on Risk Assessment and Treatment. Candidates complete a provider course (such as Insurance Institute R120), then sit a separate 70-question, 100-minute virtual exam covering assessment/treatment techniques, root cause analysis, business continuity, and major operational risk domains including property, IP/reputation, legal, management liability/HR, environmental, crime/cyber, fleet, and smart products.

Assessment

70 multiple-choice questions in two sections (50 + 20) on The Institutes virtual LMS. Maps to Insurance Institute R120 / The Institutes Risk Assessment and Treatment curriculum used by CRM providers.

Time Limit

1 hour 40 minutes

Passing Score

70% (pass/fail displayed on completion)

Exam Fee

$205 USD RIMS members / $225 USD non-members per exam (RIMS CRM Exam Registration) (Risk and Insurance Management Society (RIMS) / GRMI)

CRM55 Exam Content Outline

Introduction to Risk Assessment and Treatment

Assessment vs treatment; core risk control techniques; monitoring.

Root Cause Analysis

5 Whys, fishbone, fault tree, change analysis.

Business Continuity Management

BIA, RTO/RPO, crisis management, testing.

10%

Physical Property Risk

Fire triangle, COPE, sprinklers, housekeeping.

Intellectual Property and Reputation Risk

IP types, secrecy, licensing, reputation response.

Legal and Regulatory Risk

Compliance inventory, gaps, audits, contracts.

10%

Management Liability and HR Risk

D&O, EPL, WC, workplace violence, governance.

Environmental Risk

Pollution, SDS, containment, environmental insurance.

Crime and Cyber Risk

Fraud controls, MFA, ransomware, BEC, IR.

Fleet Risk

Drivers, telematics, maintenance, fatigue.

Smart Products and Risk Management

IoT security, OTA, privacy, product liability.

How to Pass the CRM55 Exam

What You Need to Know

Passing score: 70% (pass/fail displayed on completion)
Assessment: 70 multiple-choice questions in two sections (50 + 20) on The Institutes virtual LMS. Maps to Insurance Institute R120 / The Institutes Risk Assessment and Treatment curriculum used by CRM providers.
Time limit: 1 hour 40 minutes
Exam fee: $205 USD RIMS members / $225 USD non-members per exam (RIMS CRM Exam Registration)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

CRM55 Study Tips from Top Performers

1Memorize the six classic risk control techniques (avoidance, loss prevention, loss reduction, separation, duplication, diversification) and practice matching scenarios.

2Know BIA vs RTO vs RPO and how crisis management sits inside BCM—CRM55 lists these explicitly.

3Drill domain applications (COPE/fire, IP/reputation, D&O/EPL, pollution, cyber/crime, fleet telematics, IoT security) rather than only definitions.

Frequently Asked Questions

What is the CRM55 exam?

CRM55 is the RIMS/GRMI standardized Canadian Risk Management exam titled Risk Assessment and Treatment. It is separate from any Insurance Institute or university course exam and is required (with CRM54 and CRM56) to earn the CRM designation.

How many questions and how long is CRM55?

RIMS states CRM exams are 70 multiple-choice questions with 1 hour 40 minutes, split into a 50-question section and a 20-question section, delivered virtually on The Institutes LMS.

What is the CRM55 passing score and fee?

Passing is 70%. RIMS lists registration at $205 USD for members and $225 USD for non-members per exam. Exam access ends December 15 of the purchase year.

What topics does CRM55 cover?

Per RIMS exam registration: introduction to risk assessment and treatment; root cause analysis; business continuity management; physical property risk; intellectual property and reputation risk; legal and regulatory risk; management liability and human resource risk; environmental risk; crime and cyber risk; fleet risk; and smart products and risk management.

How does CRM55 relate to Insurance Institute R120?

Insurance Institute R120 Risk Assessment and Treatment is a recognized foundation course for CRM. Completing R120 (or an equivalent provider course) supports eligibility; you still must pass the separate RIMS CRM55 standardized exam.