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Financial Services Sector Risks

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Questions and Answers

What is the primary focus of risk management?

Identifying what could go wrong (correct)

Identifying opportunities for growth

Developing a response plan to address risks

Evaluating which risks should be dealt with

What is the benefit of identifying risks in advance and having a response plan?

It reduces the cost of dealing with a risk when it occurs (correct)

It is not a necessary step in risk management

It increases the likelihood of a risk occurring

It eliminates the need for risk management

What is the role of the business unit in risk management?

To perform risk oversight and report to the board

To identify risks and develop a response plan

To monitor and report on risks to the independent risk management function

To perform day-to-day risk management (correct)

What is the purpose of risk oversight?

To identify and assess risks, and ensure they are appropriately controlled Signup and view all the answers

What is the role of the independent risk management function?

To oversee risk management and agree on results and action plans with the business units Signup and view all the answers

What is the relationship between risk management and good business management?

Risk management is an integral part of good business management Signup and view all the answers

What is the role of the board in risk management?

To establish risk policies and governance Signup and view all the answers

What is the purpose of risk policies and governance?

To establish a framework for managing risk Signup and view all the answers

What is the benefit of having a simple risk framework?

It helps to identify and manage risks more effectively Signup and view all the answers

What is the role of risk management in a firm?

To evaluate and manage risks Signup and view all the answers