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Involves identifying, and mitigating risks to minimize potential losses and optimize decision-making in various domains such as finance, and insurance.
Business has many risks but it can't be avoided at all.
Project problems can be reduced as much as 90% by using risk analysis.
A reporting process should be in place to solicit input on potential fraud.
Find the expected value with the following: Choice A: P 300.00 Choice B: 70% chance of P300.00, 30% chance of P0.00 EV= ?
At an extreme level, the effects of fraud can even shut down a company.
If an organization gradually formalizes its risk management process and develops a risk culture, it will become more resistant to change.
Investors must be compensated for accepting greater risk with low expected returns.
A risk management process that is based on experience and internal history.
The following are components of Contingency Planning except:
_______________________ involves giving responsibility for any negative outcomes to another party, as is the case when an organization purchases insurance.
Which is not a tool used in risk management?
_________________ are smaller than bacteria and work by invading a cell and taking over its genetic machinery to copy themselves.
Decision trees are the less powerful analysis tool.
Good risk management doesn’t have to be resource intensive or difficult for organizations to undertake or insurance brokers to provide to their clients.
A ___________________ is the amount paid by a (risk averse) individual to avoid risk
The culture of a group arises from the repeated behaviour of its members.
Another category of risk that includes turnover and supplier failure.
Flexibility typically has value by acting as a way to lessen the negative impacts of uncertainty.
Fully configured computer facility with all services are called _____________________.
Enterprise Risk Management (ERM) replaced traditional risk management (TRM), it expands upon TRM’s practices and techniques to consider more risks and offer additional solutions to finance or manage them.
Diagram that describes a decision and probabilities associated with the choices is called quantitative risk analysis.
The best method of controlling a risk is to eliminate the hazard.
Thyroid disrupters cause growth, weight, brain, and behavioral disorders.
Find the expected value with the following: Choice A: P 500.00 Choice B: 60% chance of P500.00, 40% chance of P0.00 EV= ?
An effective system of internal controls should exist in all organizations to:
Separation of ownership and control implies agency relationships.
The hierarchy of controls is simply a list of the 5 best control measures, in order of priority.
Corporate Governance is a primary driver of firm specific and market risk in valuation approaches.
When assets are physically protected, they are more likely to be stolen.
When a bidder makes an offer for another, it will usually inform the board of the target beforehand. If the board feels that the value that the shareholders will get will be greatest by accepting the offer, it will recommend the offer be accepted by the shareholders, this is known as "Friendly Takeover".
Substitutions are usually fixed temporary or permanent controls.
All are information gathering techniques except for:
The following influences organizational culture except for:
A successful risk assessment must check existing controls, and assess if more should be done to prevent harm.
It is the transfer of live transactions to an off-site facility.
These are hazards such as unsafe working conditions, unsafe highways, criminal assault, and poverty.
A decision is “Pareto optimal” (or efficient solution) if it is not dominated by any other decision.
Business risk can be defined as uncertainties or unexpected events, which are beyond control.
The overall planning for unexpected events is called________________________________.
These are hazards such as fire, earthquakes, volcanic eruptions, floods, and storms.
_____________________ involves prevention (reducing the likelihood that the risk will occur) or mitigation, which is reducing the impact it will have if it does occur.
Gamble is defined as the relative variation of actual loss from expected loss can be statistically calculated by some measure of dispersion.
Fraud risk exposure should be assessed periodically to identify potential events the organization should mitigate.
}Corporate Governance is at the intersection of strategy, control and finance
Find the expected utility with the following:
The risks which can be recovered are called ______________________.
It is a general way of classifying risk preferences.
Timeshares are like an exclusive use site and are owned.
Risk is a consequence of uncertainty.
Business risk is the possibilities a company will have lower than anticipated profits or experience a loss rather than taking a profit.
Which of the following is not part of the policy?
Risk Premiums vary with specific issuers and issue characteristics including:
Actual outcomes for an event or situation often the same with that of expected outcomes.
Whether the risk is insurable or non-insurable, only the loss can be shared but the risk remains.
It is not necessary to have a written policy to convey the expectation of the board of directors and top management regarding managing fraud risk.
The amount of acceptable risk is called risk adverse.
A key question for any risk assessment is how exactly you are going to identify the risks.
Find the expected value with the following: Choice A: P 150.00 Choice B: 60% chance of P150.00, 40% chance of P0.00 EV= ?
Which of the following best describes the primary objective of a fraud investigation?
When a manager lacks perfect information or whenever an information asymmetry exists, risk arises.
The contingency plans should ensure that interfacing systems are identified and contingency/disaster planning coordinated.
Includes controls within IT processes support, such as program development and changes.
Those who fear loss and seek sureness.
Which of the following is not part of the economic organization?
Interests of agents (management) are the same with those of security holders, particularly from those of stockholders.
It is one of risk categories that includes fires of injuries.
Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment.
The process involved with identifying, analyzing, and responding to risk is called Operations Management.
Uncertainty means having only one potential outcome for an event or a situation
Categorize the risks to make them easier to handle.
A contingency plan includes the following except:
Find the expected value with the following: Choice A: P 250.00 Choice B: 60% chance of P250.00, 40% chance of P0.00 EV= ?
Which of the following is considered to be part of the external organization?
Which of the following is an example of neurotoxins?
Only rudimentary services and facilities kept in readiness.
Two key tasks of crisis management team:
Those that are indifferent to uncertainty.
Managers who follow utility theory analyze the size and nature of the risk involved in choosing a particular course of action.
What is the first phase in Project Management?
Fraud risk assessment is where techniques should be established to avoid fraud risk events and mitigate impact on the organization.
Crisis management team manages event through:
A pathogen is an organism that can cause disease in another organism.
The following are the core values of the OECD corporate governance framework except for:
.If there is a ready market for the resale of stolen goods (such as for most types of consumer electronics), this presents an increased temptation to engage in fraud.
Which of the following is not a type of hazards?
The business corporation is an instrument through which capital is assembled for the activities of producing and distributing goods and services and making investments.
The corporate governance framework should recognize the rights of stakeholders as established by law, and encourage active co-operation between corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises, it is known as fairness.
Another risk management process that will show you where to spend your time and money, and allow your team to prioritize their resources.
Business continuity planning ensures that critical business functions can continue if a disaster occurs.
It is the uncertainty about a consequence.
Risk response includes mitigation & contingency plans.
The value of any asset is the Present Value of all future cash flows it is expected to provide over the relevant time period.
All are part of the internal organization except:
Prevention techniques should be established to uncover fraud events when preventive measures fail or unmitigated risks are realized.
Embedded within business process applications, such as accounting software.
Fraud investigations are fact-finding missions.
The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the company, including its financial situation, performance, ownership, and governance structure, it is known as transparency.
Which of the following is not a purpose of a Corporation?
Any situation or circumstance in which a loss is possible, regardless of whether a loss occurs is called loss avoidance.
It is something that has the potential to cause harm to people, property or the environment.
Successive anonymous questionnaires on project risks with responses summarized for further analysis is known as root cause analysis.
Integrate RM into all phases of missions and activities is not one of the RM principles.
_____________________ the risk means deciding that some risks are inherent in doing business and that the benefits of an activity outweigh the potential risks.
These are rules and systems to carry out the work.
The following are causes of business risk except:
These are chemicals that cause harm or birth defects to a fetus or embryo.
Risk is anchored on a continuum of maximizing value and minimizing losses.
These are chemicals or forms of radiation that cause mutations, or changes, in the DNA molecules found in cells, or that increase the frequency of such changes.
Risk assessment is the process of using statistical methods to estimate how much harm a particular hazard can cause to human health or to the environment.
What is the last step in risk management process?
These are chemicals, types of radiation, or certain viruses that can cause or promote cancer.
Catastrophic, critical, moderate, and negligible describe in the risk assessment matrix as level of severity of an adverse event's effect.
Provides information about systems/threats and detailed scenarios for each potential attack.
Find the expected value with the following: Choice A: P 200.00 Choice B: 70% chance of P150.00, 30% chance of P0.00 EV= ?
Risk Management includes maximizing the results of positive risks and minimizing the consequences of negative events.
Immediate determination of the scope of the breach of confidentiality, integrity, and availability of information and information assets is called loss of confidence.
Affect overall control environment.
Hazard Management is the responsibility of both employees and management.
The corporate governance framework should protect shareholder rights and ensure the equitable treatment of all shareholders, including minority and foreign shareholders, is known as responsibility.
The cause and effect relationships are not known and the future is highly unpredictable under conditions of certainty.
Corporate structure is a system of relationships, defined by structures and process.
How can hazards be identified?
The interests of the various security holders are the same.
______________ are singe-cell organisms that are found everywhere.
The greatest risk from exposure to low levels of arsenic is brain damage in fetuses and young children.
Crisis management is a set of focused steps that deal primarily with the people involved taken during and after a disaster.
The best risk control measure is assessment.
To get any of these sites up and running quickly, the organization must be able to move data into the new site’s systems.
It is a bulk batch-transfer of data to an off-site facility.
Which of the following is not one of the characteristics if a corporate form of business organization?
Statistics—a mathematical statement about the likelihood that harm will be suffered from a hazard.
A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative.
If we have perfect certainty, we still have risk.
It is a measure of the individual's implicit preference, for each policy in the risk environment.
Corporate Governance is at the intersection of strategy, control and finance
Preference theory is based on the notion that individual attitudes towards risk vary.
It is the last line of defense against a hazard, so while it shouldn't be your first choice when controlling risks, it can give added protection for any remaining level of risk, or should other controls fail.
To _______________ a risk, the organization simply has to not participate in that activity.
Real Options theory provides a means of estimating financial value of flexibility.
A risk is the probability of suffering harm from a hazard that can cause the following except:
The risk of fraud declines dramatically if multiple employees are involved in different phases of a transaction, since fraud requires the collusion of at least two people.
Insufficient working capital results in
Corporate Governance structures include the following except:
Which of the following is the first step in risk management process?
___________________________ is the “set of encouraged and acceptable behaviors, discussions, decisions and attitudes toward taking and managing risk within an institution.
Strategic risk includes the following except:
A risk-adverse person leans away from risk, seeking as much security as possible.
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