10 Questions
Which organization defines risk as 'The possibility that events will occur and affect the achievement of a strategy and objectives'?
COSO
According to COSO, what does risk involve?
Uncertainty
When does risk begin according to the text?
After strategy formulation
What does the text say about the relationship between risks and organizations?
Different organizations face different risks
What is risk not?
A single point estimate
According to COSO, how does risk relate to strategy and objectives?
Risk affects the achievement of strategy and objectives
What does COSO refer to as 'The state of not knowing how potential events may or may not manifest'?
Uncertainty
What is the nature of risk according to the text?
Risk is a range of possible outcomes
In what areas of life do risks exist according to the text?
In all aspects of life
What is the focus of the book 'Internal Auditing: Assurance & Advisory Services, 4th Edition'?
Internal auditing
Test your knowledge on risk management and its definition according to the Committee of Sponsoring Organizations of the Treadway Commission (COSO). This quiz will assess your understanding of how risks can impact an organization's strategy and objectives.
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