Podcast
Questions and Answers
What is the primary source of external risks?
What is the primary source of external risks?
- Competitive environment and economic factors (correct)
- Internal culture and values
- Business processes and internal controls
- Relationships among employees and suppliers
What is the purpose of assigning an owner or owners to a risk?
What is the purpose of assigning an owner or owners to a risk?
- To delegate risk to other departments
- To establish clear accountability (correct)
- To ignore the risk
- To avoid accountability
What is the primary goal of assessing the impact of a risk?
What is the primary goal of assessing the impact of a risk?
- To identify the root cause of the risk
- To implement a mitigation strategy
- To determine the likelihood of the risk occurring
- To evaluate the potential loss or damage resulting from the risk (correct)
What is the purpose of evaluating mitigation options?
What is the purpose of evaluating mitigation options?
What is the next step after assessing the impact of a risk?
What is the next step after assessing the impact of a risk?
What is the purpose of monitoring the results of a mitigation strategy?
What is the purpose of monitoring the results of a mitigation strategy?
What is the primary goal of a risk management program?
What is the primary goal of a risk management program?
What type of risk arises from a lack of honesty or integrity?
What type of risk arises from a lack of honesty or integrity?
What is the primary focus of internal auditors?
What is the primary focus of internal auditors?
What is the primary purpose of internal control systems?
What is the primary purpose of internal control systems?
What type of risk is associated with natural disasters such as earthquakes and fires?
What type of risk is associated with natural disasters such as earthquakes and fires?
What is the primary goal of regulatory compliance?
What is the primary goal of regulatory compliance?
What is the primary difference between hazard risk and enterprise risk?
What is the primary difference between hazard risk and enterprise risk?
What are the two characteristics of risk in the context of enterprise risk?
What are the two characteristics of risk in the context of enterprise risk?
What is the level of risk that would cause a reduction of current year revenues or earnings that has a substantial impact on operations?
What is the level of risk that would cause a reduction of current year revenues or earnings that has a substantial impact on operations?
What is an example of a critical or major loss?
What is an example of a critical or major loss?
What is the primary focus of enterprise risk?
What is the primary focus of enterprise risk?
Why do actual results sometimes not match expected results?
Why do actual results sometimes not match expected results?
