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Risk Management Governance and Culture Quiz

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Risk Management Governance and Culture Quiz

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Questions and Answers

What are the passive reasons for an organisation to engage in risk management?

Mandatory requirement by regulators, customers, or stakeholders; need to provide assurance regarding risk management procedures; need for risk management information for better business decisions

What are the proactive reasons for an organisation to engage in risk management?

Efficient and effective strategy and strategic decisions; tactics, project identification, and implementation; operations free from unplanned disruptions; compliance with rules and regulations

According to the risk management cube, what are the aspects an organization should consider when evaluating risk impacts?

Finances, infrastructure, reputation, marketplace

What is the significance of the risk agenda component in risk management?

It helps establish a clear understanding of why the organization undertakes risk management activities and outlines the main features of those activities. Signup and view all the answers

What does the risk assessment component in risk management involve?

Assessing potential impacts on finances, infrastructure, reputation, and marketplace; anticipating consequences for strategy, tactics, operations, and compliance Signup and view all the answers

Why is it important to evaluate a strategy in relation to the existing operations of an organization?

To develop tactics that will transition the organization towards delivering the strategy. Signup and view all the answers

What do tactics represent in the context of strategy implementation?

The means through which strategy will be implemented. Signup and view all the answers

What additional resources are recommended for reviewing in relation to risk management?

Youtube videos and journal articles uploaded in Blackboard. Signup and view all the answers

Why is operational risk management important?

Operational risk management is important for ensuring the stability and success of an organization. Signup and view all the answers

Who wrote the journal article 'Why is operational risk management important?' published in the Journal of Securities Operations & Custody in 2010?

Martin P. Signup and view all the answers

What is the title of the journal article written by Ryan in 2013 on risk management?

Risk management. Signup and view all the answers

According to Peter Hopkin's book 'Risk Management', what should organizations consider when evaluating risk impacts?

The risk management cube. Signup and view all the answers

What is the aim of evaluating risk impacts in risk management?

To understand the potential consequences of risks on the organization. Signup and view all the answers

What is the role of the risk agenda component in risk management?

To set the priorities and focus areas for managing risks. Signup and view all the answers

Why should organizations engage in risk management?

To proactively identify and mitigate potential risks. Signup and view all the answers