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