Risk Management and Training
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Questions and Answers

What does LILAC headings provide an indication of?

  • Components of a successful initiative to embed risk management in the organization (correct)
  • Components of a successful financial management plan
  • Components of a successful employee training program
  • Components of a successful marketing strategy

    • What is the key part of risk training according to the text?

  • Accountability and communication
  • Involvement and learning
  • Learning and communication (correct)
  • Involvement and accountability

    • What does Risk Culture refer to?

  • Collective values, beliefs, attitudes, and behaviors within an organization regarding risk and risk management (correct)
  • Employee training programs within an organization
  • Marketing strategies within an organization
  • Financial management plans within an organization

    • What is the process of exchanging information about risks, uncertainties, and potential hazards called?

    <p>Risk Communication</p> Signup and view all the answers

    What does Risk Training refer to?

    <p>The process of educating individuals within an organization about various aspects of risk, risk management, and how to effectively handle uncertainties that could impact the organization's objectives</p> Signup and view all the answers

    What does risk appetite refer to in the practice of risk management?

    <p>The level of risk that an organization is prepared to accept before action is deemed necessary to reduce the risk</p> Signup and view all the answers

    What is the relationship between risk appetite and risk criteria?

    <p>Risk appetite is sometimes considered to be defined by the risk criteria established by the organization</p> Signup and view all the answers

    What does risk exposure refer to in the context of risk management?

    <p>The cumulative total of all individual values at risk associated with the risks facing the organization</p> Signup and view all the answers

    What does risk capacity represent in the context of risk management?

    <p>The capability of the organization to take risk</p> Signup and view all the answers

    What is a risk appetite statement in the context of risk management?

    <p>A document stating an organization’s willingness and capacity to accept and manage risks</p> Signup and view all the answers

    What does a college with high risk appetite accept?

    <p>Opportunities with inherent high risk</p> Signup and view all the answers

    In the context of risk management, what does low risk appetite indicate for a college?

    <p>Unwillingness to accept risks in circumstances that may result in reputation damage</p> Signup and view all the answers

    What is the acceptable level of variation relative to achievement of a specific objective called in risk tolerance?

    <p>Risk tolerance</p> Signup and view all the answers

    What does moderate risk appetite indicate for a college in terms of accepting risks?

    <p>Willingness to accept some risks in certain circumstances</p> Signup and view all the answers

    What is the process of exchanging information about risks, uncertainties, and potential hazards called according to COSO (2004)?

    <p>Risk communication</p> Signup and view all the answers

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