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Questions and Answers
What is the primary role of the first and second lines of management according to the text?
What is the primary role of the first and second lines of management according to the text?
- Ensuring alignment of organizational objectives with stakeholders' interests
- Assuring adequacy and effectiveness of governance
- Managing risk and achieving organizational objectives (correct)
- Establishing the internal audit function
Which function is responsible for assuring the adequacy and effectiveness of governance and risk management?
Which function is responsible for assuring the adequacy and effectiveness of governance and risk management?
- Stakeholders
- Management
- Internal Audit (correct)
- Governing body
What is the main responsibility of the governing body as per the text?
What is the main responsibility of the governing body as per the text?
- Ensuring alignment of organizational objectives with stakeholders' interests (correct)
- Achieving organizational objectives
- Establishing the internal audit function
- Managing risk
What is a key function of the internal audit as mentioned in the text?
What is a key function of the internal audit as mentioned in the text?
Which group is primarily responsible for establishing the internal audit function?
Which group is primarily responsible for establishing the internal audit function?
What is a core responsibility of the management's first and second lines according to the text?
What is a core responsibility of the management's first and second lines according to the text?
What is the main focus of the governing body in the Three Lines Model?
What is the main focus of the governing body in the Three Lines Model?
Which line in the Three Lines Model is primarily responsible for managing risks?
Which line in the Three Lines Model is primarily responsible for managing risks?
What is the primary function of the Internal Audit in the Three Lines Model?
What is the primary function of the Internal Audit in the Three Lines Model?
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