Podcast
Questions and Answers
What is one way to reduce the complexity of a risk matrix?
What is one way to reduce the complexity of a risk matrix?
- Categorising risks and using one or more graphs for each category (correct)
- Using a single graph for all categories of risk
- Including only the most critical risks in the matrix
- Eliminating all IT risks from the matrix
What is a common challenge in managing risk?
What is a common challenge in managing risk?
- Subjective judgement in risk assessment (correct)
- Insufficient resources for risk management
- Lack of data for risk assessment
- Inadequate risk management policies
What is an example of a category of risk that may be plotted on a risk matrix?
What is an example of a category of risk that may be plotted on a risk matrix?
- Financial risk
- HR risks
- Structural risks
- All of the above (correct)
What is a way to categorise risks?
What is a way to categorise risks?
What does monitoring in risk management involve?
What does monitoring in risk management involve?
Why may historical data be limited in its usefulness for risk assessment?
Why may historical data be limited in its usefulness for risk assessment?
What is a crucial aspect of reviewing the control system?
What is a crucial aspect of reviewing the control system?
Why is it essential to have a defined mechanism for reporting control shortcomings?
Why is it essential to have a defined mechanism for reporting control shortcomings?
What should a control system cater for in terms of reporting channels?
What should a control system cater for in terms of reporting channels?
What is a key aspect of managing control-related problems?
What is a key aspect of managing control-related problems?
What type of evidence may be available to demonstrate review of the internal control system?
What type of evidence may be available to demonstrate review of the internal control system?
Why is it important to review the control system periodically?
Why is it important to review the control system periodically?
Who should ultimately be responsible for monitoring the internal control system?
Who should ultimately be responsible for monitoring the internal control system?
What is the ideal characteristic of the monitoring process?
What is the ideal characteristic of the monitoring process?
Who should be responsible for ongoing monitoring of operations and financial performance?
Who should be responsible for ongoing monitoring of operations and financial performance?
What is the role of the audit committee in monitoring?
What is the role of the audit committee in monitoring?
What is the primary role of the internal audit function in monitoring?
What is the primary role of the internal audit function in monitoring?
What should the board monitor in addition to the internal control system?
What should the board monitor in addition to the internal control system?
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