Casualty Actuarial Society (CAS) Practice Exam

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What characterizes the Delphi technique in risk identification?

Expert meetings to discuss potential risks
Surveying experts who respond anonymously
Collaboration among all staff members in the organization
Single feedback sessions from stakeholders

The correct answer is: Surveying experts who respond anonymously

The Delphi technique is characterized by surveying experts who respond anonymously. This method allows for the collection of informed opinions from a diverse group of specialists in a structured manner. By enabling anonymous responses, the technique encourages participants to share their insights freely without the influence of peer pressure or the domination of more vocal individuals. This anonymity can lead to more honest and objective inputs about potential risks, thus resulting in a richer gathering of forecasts regarding risk identification. In contrast, the other options do not encapsulate the essence of the Delphi technique. Although expert meetings (the first option) can also be effective for discussing risks, they do not provide the anonymity that is a hallmark of the Delphi method. Collaboration among all staff members (the third option) tends to be more inclusive but lacks the focused expert input of the Delphi technique. Finally, single feedback sessions from stakeholders (the fourth option) do not allow for the iterative process that is typically inherent in the Delphi method, where multiple rounds of questions and feedback help refine and clarify risk assessments.