Monitoring and Evaluation Quiz

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Questions and Answers

What is the primary purpose of data visualization?

To present data in a graphical format (correct)

To generate random insights

To compile data into databases

To increase data collection

Which step is crucial before transforming data into visualizations?

Publishing the visualizations

Selecting the color palette

Collecting the relevant data (correct)

Designing the final report

What should you consider when determining how to present data visually?

The preferences of the data collection team

The latest software trends in data visualization

The corporate budget for data visualization tools

The audience's expectations and understanding (correct)

When generating insights from data visualization, what is a key question to address?

What is the one thing I want my audience to do with my data? Signup and view all the answers

What factor is critical in identifying the most important data to use?

What you aim to achieve with the data Signup and view all the answers

What is the primary focus of monitoring in the evaluation process?

Continuous oversight of progress Signup and view all the answers

Which skills are primarily required for effective monitoring?

Management Signup and view all the answers

What is necessary for the output processing of evaluation results?

Broad discussion and interpretation by all stakeholders Signup and view all the answers

Which principle ensures that monitoring and evaluation results are applicable and practical?

Focused and feasible Signup and view all the answers

When does evaluation typically occur in the process?

Intermittently at significant milestones Signup and view all the answers

Which of these options describes a role of stakeholders in the monitoring phase?

Setting goals and objectives Signup and view all the answers

Which is an example of a problem addressed by monitoring and evaluation?

Identifying a need for creativity enhancement Signup and view all the answers

What type of monitoring ensures that progress indicators are consistently tracked?

Continuous monitoring Signup and view all the answers

What is a key component of keeping track of performance?

Timely notifications to key stakeholders Signup and view all the answers

How are risks measured according to the provided content?

Using a risk matrix Signup and view all the answers

What is the main focus of monitoring as opposed to evaluation?

Collecting data on progress Signup and view all the answers

Which statement best describes the time focus of evaluation?

It reviews the past and considers future implications Signup and view all the answers

What should be included in identified risks?

Causes and potential impact of the risks Signup and view all the answers

What triggers reminders to stakeholders in the tracking process?

No actions taken during the window period Signup and view all the answers

What is the main question addressed by monitoring?

What is happening now to reach objectives? Signup and view all the answers

What is the sense of completion associated with monitoring?

Sense of progress Signup and view all the answers

What is a key purpose of monitoring and evaluation (M&E) for stakeholders?

To inform and improve future programs Signup and view all the answers

Which of the following is NOT typically monitored during an evaluation of a program?

Participants' personal opinions only Signup and view all the answers

What does the M&E framework include?

Data collection and analysis, reporting and dissemination Signup and view all the answers

Which question does NOT reflect the M&E questions framework?

What is the color of the equipment? Signup and view all the answers

What is the first step in carrying out M&E according to the framework?

Analyze and systematically lay out program elements Signup and view all the answers

Who are the primary stakeholders in program M&E?

Managers, donors, technocrats, and communities Signup and view all the answers

Which aspect does NOT contribute to the budget monitoring process in M&E?

Reviewing stakeholder feedback Signup and view all the answers

What question relates most directly to ensuring proper program implementation?

Is the program proceeding as per the plan? Signup and view all the answers

What do upper management behaviors primarily influence within an organization?

Overall workplace culture Signup and view all the answers

Which of the following is an example of a direct entity-level control?

Employee handbook Signup and view all the answers

What is the primary purpose of business monitoring?

To analyze operational performance Signup and view all the answers

Which of the following is NOT considered a part of indirect entity-level controls?

Audit reporting requirements Signup and view all the answers

What should a business do to effectively monitor its performance?

Regularly review progress against goals Signup and view all the answers

Which document helps establish a clear structure for conduct within a company?

Code of conduct Signup and view all the answers

How can an organization measure its long-term goals?

By setting key performance indicators (KPIs) Signup and view all the answers

Which is a key element that contributes to effective operations within a business?

Comprehensive business monitoring Signup and view all the answers

What is the primary purpose of horizon scanning?

To identify signals of change that may affect policy areas Signup and view all the answers

Which framework is mentioned as useful for identifying signals of change?

PESTLE Signup and view all the answers

What can cognitive biases affect in horizon scanning?

The inclusion of important information Signup and view all the answers

What benefit does horizon scanning provide regarding future assumptions?

It helps to surface and test assumptions about the future Signup and view all the answers

Which of the following is a limitation of horizon scanning?

Information must be interpreted to identify significant changes Signup and view all the answers

How does JP Morgan utilize horizon scanning?

To proactively determine market movements based on economic indicators Signup and view all the answers

Which activities are included in horizon scanning?

Conducting stakeholder interviews and workshops Signup and view all the answers

What is a common outcome of clustering signals in horizon scanning?

Identifying relationships between themes Signup and view all the answers

Study Notes

EastWest Bank Management Development Program: Module 5 - Risk Monitoring

Program offered by EastWest Bank
Module 5 is titled Risk Monitoring
Instructor: Atty. Mara Villegas
Presented through CORE (Continuing Real-World Education)

Agenda

A. Risk Management Information System: Introduces the risk management information system
B. Risk Management Communication Guidelines: Outlines guidelines for clear communication regarding risk management.
C. Data for Stakeholders: Discusses how data are presented to stakeholders.
D. Methods in Horizon Scanning: Covers various methods involved in horizon scanning

Icebreaker: Risk Response Simulation: Safeguarding the Bank

Objective: To enhance understanding of identifying, monitoring, and controlling risks in a banking environment through practical scenarios.
Instructions: Divide class into groups of 3-4. Assign scenarios based on different risk types faced by banks. Identify the specific risk. Propose monitoring metrics and early warning indicators. Develop a detailed control and mitigation strategy. Outline an escalation and communication plan.

Scenario #1: Cybersecurity Risk

Description: A phishing attack compromises an employee's credentials, giving hackers access to sensitive customer data (account numbers and transaction history).
Key Questions: How to detect and monitor such breaches? What steps should be taken to control the risk and prevent further damage? How to handle communication with customers and regulatory agencies?

Scenario #2: Credit Risk

Description: The bank observes a 20% increase in non-performing loans (NPLs) within its small business loan portfolio, attributed to an economic slowdown.
Key Questions: What metrics will help to monitor this risk early? What policies or strategies can be implemented to mitigate the impact of NPLs? How to balance customer retention with risk management?

Scenario #3: Market Risk

Description: A sudden hike in interest rates leads to a significant drop in the value of the bank's fixed-income investment portfolio.
Key Questions: How to monitor this risk on a daily/weekly basis? What risk control measures should be in place to minimize the impact? How to revise investment strategies in response?

Scenario #4: Operational Risk

Description: A critical system outage occurs in the bank's online transaction platform, resulting in delayed payments and frustrated customers.
Key Questions: What indicators should have flagged this risk in advance? How to manage customer relations and minimize reputational damage? What long-term controls should be implemented to avoid recurrence?

Scenario #5: Regulatory or Compliance Risk

Description: The central bank issues new anti-money laundering (AML) guidelines, requiring significant updates to the bank's reporting and monitoring systems. Current systems are outdated.
Key Questions: How to monitor compliance with the new guidelines? What steps are needed to align internal systems with regulatory requirements? How to address potential penalties or fines during the transition period?

Scenario #6: Fraud Risk

Description: A noticeable rise in fraudulent credit card transactions originating from a specific region, suggesting internal collusion.
Key Questions: What measures should be taken to monitor and detect fraudulent activity? How to investigate and address potential internal threats? What systems/controls can reduce fraud exposure?

Risk Identification

Describe the Risk: This step involves identifying the risk, causes and impact.
Key Metrics to Monitor: Determining how the identified risks will be monitored.
Tools and Systems: Identifying the correct tools and systems available for the monitoring process.

Risk Mitigation and Control

Proposed Mitigation Strategies: The immediate steps to take in response to a risk.
Preventive Controls: The measures put in place to avoid a specific risk.
Contingency Plan: A backup plan in the event of risk escalation.

Escalation and Communication Plan

Escalation Protocol: Procedures used to notify necessary personnel regarding the risk.
Customer Communication: Procedures used in communicating with customers.
Lessons Learned & Long-term Measures: Strategies to improve the handling of future risks.

Team Member Roles

Definition of roles: Defining responsibilities for each team member in response to risk.

Risk Management Information System (RMIS)

Definition: A crucial tool for organizations in today's rapidly evolving business landscape, a comprehensive software that collects, analyzes, and manages risk and insurance data related to organizations.
Purpose: Real-time information enables organizations to make informed/timely decisions addressing risks, mitigating threats, and improving opportunities. Identifies potential pitfalls before financial impact.

Purpose of RMIS

Record risk details with priorities and changes.
Record risk treatments and related resource requirements.
Record incidents and lessons learned.
Track accountability for risks.
Track progress and record risk treatment actions.
Allow progress checks against risk plans.
Allow monitoring and assurance activity.

Expecting Risk

Key types of risk are listed.

Propose Risk Management

A flow chart illustrating processes to be followed in risk management.

Risk Management Performance System

Risk management and performance measurement must be linked in order to consider supply chain partners, define and guide the overall risk profile, and shape strategic direction.

Awareness

Risk management team must be aware of risks.
Stakeholders must be aware of risk management process requirements

Skills

Stakeholders need risk management skills.
Identify skills of indirectly connected personnel.

Culture

Risk management process must comply with the company culture and mission/vision.
No stakeholder should feel uncomfortable with the process.

Process

Whether the risk management method adheres to contractual, procurement, and management practices.

Confidence

Consider stakeholder confidence in risk management.
Gather feedback and incorporate ideas into the risk management system.

Applications

Evaluate the efficiency of the risk management system on daily operations.

Risk Review

The Group Risk Manager will manage the risk process, including the rollout of the risk management program (periodically).
Project Risk Management will be conducted similar to Corporate Risk Management, and the Project Manager is responsible for risk management

Analyzing the Risk Management System

Determine whether the system minimized risks and maximized efficiency.
How the system complied with the bank’s operations.
What solutions were employed to manage the risk.
Identify any necessary amendments or improvements for the system.
Prioritize any needed changes or modifications.
Evaluate emerging risks needing attention.
Identify necessary implementations to address new risks.

Recording the Monitoring Process

Record details from the Risk Monitoring process for easy reference and for spotting system defects, preparing for future risks.

Risk Management Communication Guidelines

Audience Dynamics: The subject experts and the general public play a key role in risk communication; it’s a two-way exchange of information and opinions.
Traditional vs. Current Practices: Traditional communication is a “tell” process; Current is more of a multi-directional/dynamic process which is key in crises.
Integration w/Company Culture: Know your stakeholders, make them partners in managing risk, foster two-way communication, listen to feedback, frequently assess stakeholder relationships, and determine lessons learned.
Return on Investment: Risk communication leads to better plans, greater goodwill, better stakeholder relations, fewer issues, less damaging rumors.
Identifying Our Audience – Frequency – Approvals: Considerations for identifying the target audience, frequency of communication, approval process for communications.
Presenting the Plan – Communication Approach: How to make the plan in terms of style and content
Risk Management Communication Plans (internal/external): Charts to guide process planning for both internal and external audiences involved.

Data for Stakeholders

A set of presentations detailing methods of storytelling with data, types of data visualizations and charts (line charts, bar charts, stacked bar charts, pie/doughnut charts, area charts, combination charts, scatter plot), the PESTLE model for analysis, the flow of goods & services, GDP (Gross Domestic Product) considerations, Benchmarking (including advantages, disadvantages, features), Competitive Strategy, and a thorough overview of Business & Strategy and Strategy Management. Includes slides for important topics such as The Flow of Goods and Services (Macroeconomic Indicators), Indicators of Country’s Aggregate Output (Macroeconomic Indicators), and sections on Setting up Risk Indicators, Keeping Track, Monitoring vs. Evaluation.

Methods In Horizon Scanning

Definition of Horizon Scanning: Reading a range of information (academic, news etc.) and identifying changes and trends, through interviews and workshops.
Different Frameworks: Using frameworks like PESTLE (Political, Economic, Societal, Technological, Environmental, Legal ) to identify signals of change in various domains.
Steps for Horizon Scanning: Identifying horizon scan hits, clustering themes, establishing relationships, and outlining analysis for further steps to be taken.
Benefits of Horizon Scanning: Identifying change drivers to be prepared, identify and test assumptions about the future.
Limitations of Horizon Scanning: Cognitive biases, interpretation required, and information may not be readily understandable.
Example of Horizon Scanning: JP Morgan’s use of economic indicators and geopolitical developments to advise clients.

Incident Response

Goals: Confirm whether an incident occurred, minimize disruption, promote accumulation of accurate information, project privacy rights, provide accurate reports, allow legal action against perpetrators, protect reputation, educate senior management.
Incident Prioritization: System for prioritizing incidents based on impact (people vs service) and severity (time).
Incident Severity Levels: Extreme, High, Medium, Low, Insignificant. Descriptions and impacts of each level are detailed.
Team Responsibilities: Outlines various roles (Incident Response Lead, Liaison, Legal, Investor Relations, Public Relations, IT Ops, IT Security, Loss Prevention) and their responsibilities and contact information.
Incident Management Communication Plan: Charts to outline communication strategies, channels, and timeframes based on incident severity.
Risk Matrix (Likelihood and Consequences): A matrix to map incident likelihood and consequences to various response levels (Insignificant, Minor, Moderate, Major, Critical).
Incident Management Process Flow: Diagram of how an incident progresses through identification, logging, categorization, notification, diagnosis, resolution, and closure.
Time Guidelines: Specifies the time limit for responding to incidents based on severity (3-low, 2-medium, 1-high).
Incident Management Best Practices: Covers areas like Accessibility, Communication, Automation, and Motivating Agents.
Plan of Action (Reaction, Recovery, and Reporting): Details steps for responding to critical incidents, recovery procedures, and reporting requirements.

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Description

Test your knowledge on the principles and practices of monitoring and evaluation. This quiz covers data visualization, the importance of stakeholder involvement, and key concepts required for effective evaluation. Assess your understanding of the critical steps in the monitoring process.